L’étude « IPO Watch Europe» analyse chaque trimestre les introductions en bourse sur les principaux marchés et segments de marchés en Europe ainsi que la Suisse et la Norvège. Les mouvements entre segments de marché d’une même bourse et les offres de type « greenshoe » (rallonge) sont exclus. Cette étude, qui a été menée entre le 1er janvier et le 31 mars 2012, analyse les introductions en bourse d'après leur date d'admission à la cote. Toutes les données de marché proviennent des bourses elles-mêmes ; PwC n’a pas procédé à une vérification indépendante de ces données. Retrouvez toutes nos publications : http://www.pwc.fr/publications

1. www.pwc.com
IPO Watch Europe
Survey
Q1 2012

2. Contents European IPO activity by value and volume 3
IPO offering value 4
IPO volume 5
Top five IPOs 6
IPOs by sector and value 7
US activity 8
Offering value of IPOs by month 9
Volume of IPOs by month 10
EU- versus exchange-regulated markets 11
IPOs by market 12
About IPO Watch Europe 13
PwC Q1 2012 IPO Watch Europe Survey 2

3. 58 IPOs raised €2.3bn in the first quarter of 2012. After a sustained period of
uncertainty, volatility and shelved floats, the IPO market is starting to fight its way back
to health, with average transaction values on the rise.
European IPO activity by value and volume
Q1 2012 Q1 2011 Q4 2011
160 16,000
Total European listings comprise those with:
140 14,000
13,376 No money raised 12 20 28
120 12,000 Money raised 46 75 50
Value of IPOs (€m)
Volume of IPOs
100 10,000 Average offering value (€m) * 50 39 17
9,370
80 8,000
60 6,000
40 4,000
2,299
20 2,959 2,000
866
- -
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
IPOs Value €m
* Average offering value has been calculated based on total offering value over the
number of listings raising money.
PwC Q1 2012 IPO Watch Europe Survey 3

4. The quarter’s two largest IPOs took place on Euronext and the SIX Swiss Exchange –
capturing 63% of funds. SIX Swiss hosted only one transaction, raising €681m.
IPO offering value Average offering value *
1% 0%
Average offering Average offering
value value
Stock exchange (€m) Q1 2012 (€m) Q4 2011
SIX Swiss 681 -
27% NYSE Euronext
NYSE Euronext 163 2
42% SIX Swiss Exchange London Stock Exchange 44 89
London Stock Exchange Group NASDAQ OMX 2 31
BME (Spanish Exchange) 2 -
Warsaw
Warsaw 1 -
Others Deutsche Börse - 5
30%
Oslo Børs & Oslo Axess - 4
Borsa Italiana - 3
* Average offering value has been calculated based on total offering value over the
number of listings raising money.
PwC Q1 2012 IPO Watch Europe Survey 4

5. Two-thirds of activity took place on exchange-regulated markets, though 97% of funds
were raised on EU-regulated markets
IPO volume
Q1 2012
Offering
5% Stock exchange IPOs value (€m)
5%
5% EU-REGULATED
Warsaw NYSE Euronext (Euronext) 6 972
43% SIX Swiss Exchange 1 681
London Stock Exchange Group
London Stock Exchange Group (London Main) 7 569
14%
NYSE Euronext Warsaw (Main) 4 8
NASDAQ OMX (Main) 1 -
NASDAQ OMX Deutsche Börse (Prime and General Standard) - -
BME (Spanish Exchange) Wiener Börse - -
Oslo Børs - -
Others London Stock Exchange Group (Borsa Italiana Main) - -
28%
BME (Spanish Exchange) (Main) - -
Luxembourg 1 -
EU-regulated sub-total * 20 2,230
EXCHANGE-REGULATED
London Stock Exchange Group (London AIM) 9 52
Warsaw (NewConnect) 21 6
BME (Spanish Exchange) (MAB) 3 6
NYSE Euronext (Alternext) 2 3
NASDAQ OMX (First North) 2 2
London Stock Exchange Group (London SFM) - -
Oslo Axess - -
London Stock Exchange Group (Borsa Italiana AIM) - -
Luxembourg (EuroMTF) - -
Deutsche Börse (Entry Standard) 1 -
Exchange-regulated sub-totall * 38 69
Europe total 58 2,299
* IPOs by market are shown gross of dual listings; however these are netted off in the
Europe total number and offering values.
PwC Q1 2012 IPO Watch Europe Survey 5

6. London hosted three out of the top five IPOs in Q1 2012 though their combined total
(€491m) was eclipsed by the quarter’s two largest IPOs that raised a total of €1.48bn
Top five IPOs The top five IPOs accounted for 86% of all value raised
€m Country of
Five largest IPOs of Q1 2012 raised Sector Market Segment Origin
14% Ziggo 804 Telecommunications Euronext Euronext Netherlands
DKSH Holding 681 Industrial Goods & Services SIX Swiss Main Thailand
Bluecrest Bluetrend 198 Investment Company London Main Guernsey
Ruspetro 196 Oil & Gas London Main Russia
Alcentra European Floating Rate Income Fund 97 Investment Company London Main Guernsey
Total 1,976
€m Country of
Five largest IPOs of Q1 2011 raised Sector Market Segment Origin
86% Justice Holdings 1,063 Investment Company London Main UK
Aker Drilling 455 Oil & Gas Oslo Børs Norway
HMS Hydraulic Machines & Systems Group 264 Industrial Goods & Services London Main Russia
Farglory Land Development Co 157 Real Estate London Main Taiwan
Italy1 Investment 150 Investment Company Borsa Italiana Main Italy
Top 5 IPOs Others Total 2,089
€m Country of
Five largest IPOs of Q4 2011 raised Sector Market Segment Origin
Polymetal International 421 Mining London Main Russia
Bilfinger Berger Global Infrastructure SICAV 251 Investment Company London Main UK
Damille Investment II 63 Investment Company London SFM Guernsey
Hagar 31 Retail OMX Main Iceland
Secure Trust Bank 21 Banks London AIM UK
Total 787
PwC Q1 2012 IPO Watch Europe Survey 6

7. Technology IPOs were mainly hosted on Warsaw NewConnect, raising a combined
total of €2m on this exchange. The quarter’s largest IPO, Ziggo, a company in the
telecommunications sector, raised €804m on Euronext.
IPO sectors by value
3% Company Company Company
3% IPOs IPOs IPOs
3%
Sector Q1 2012 Q1 2011 Q4 2011
10% Telecommunications
35% Technology 13 5 12
Industrial Goods & Services Industrial Goods & Services 8 18 19
Investment Companies Real Estate 6 5 1
Investment Companies 5 13 3
16% Oil & Gas
Mining 4 1 4
Technology Pharmaceuticals & Biotech 4 5 3
Pharmaceuticals & Biotech Media 4 2 2
30% Others Financial Services 3 6 7
Oil & Gas 3 8 4
Telecommunications 3 1 1
Health Care 1 4 4
Construction & Materials 1 3 1
Banks 1 1 1
Chemicals 1 - -
Retail 1 2 2
Personal & Household Goods - 4 4
Travel & Leisure - 5 3
Basic Resources - 1 3
Utilities - 5 2
Automobiles & Parts - 3 1
Food & Beverage - 3 1
Insurance - - -
Total 58 95 78
PwC Q1 2012 IPO Watch Europe Survey 7

8. Building on momentum carried over from the fourth quarter of 2011, the US IPO
market showed significant strength in the first quarter of 2012, resulting in the highest
first quarter volume since 2007
US activity
Q1 2012 Q1 2011 Q4 2011
Offering value Offering value Offering value
Stock exchange IPOs (€m) IPOs (€m) IPOs (€m)
NYSE 25 3,338 16 8,617 15 2,659
NASDAQ 19 1,030 17 892 13 2,174
US total 44 4,368 33 9,509 28 4,833
PwC Q1 2012 IPO Watch Europe Survey 8

9. The quarter’s largest IPOs were held towards the end of March, significantly boosting
money raised in Q1 2012
Offering value of IPOs by month
2,500
2,113
1,949
2,000
Value of IPOs (€m)
1,500
1,000
458
500 389
198 152
0
January February March
2011 2012
PwC Q1 2012 IPO Watch Europe Survey 9

10. The quarter experienced a steady increase in IPO activity as it progressed
Volume of IPOs by month
45
40
40
35
29
30
Volume of IPOs
26
24
25
21
20
15 13
10
5
0
January February March
2011 2012
PwC Q1 2012 IPO Watch Europe Survey 10

11. March’s large transactions were held on EU-regulated exchanges
EU- versus exchange-regulated markets
2,250
2,000 42
1,750
1,500
Value of IPOs (€m)
1,250
1,000 1,998 1,907
750
500
250 2 271
356 25
33 196 115 127 187
0
Jan 2011 Jan 2012 Feb 2011 Feb 2012 Mar 2011 Mar 2012
Exchange EU
PwC Q1 2012 IPO Watch Europe Survey 11

12. IPOs by market Q1 2012 Q1 2011 Q4 2011
Offering value Offering Offering
Stock exchange IPOs (€m) IPOs value (€m) IPOs value (€m)
TOTAL
NYSE Euronext 8 975 6 43 1 2
SIX Swiss Exchange 1 681 - - - -
London Stock Exchange Group (1) 16 621 25 1,971 17 806
Warsaw 25 14 45 121 42 15
BME (Spanish Exchange) 3 6 2 - - -
NASDAQ OMX 3 2 3 3 11 31
Deutsche Börse 1 - 4 244 3 5
Luxembourg 1 - 7 110 1 -
Oslo Børs & Oslo Axess - - 4 468 2 7
Wiener Börse - - - - 1 -
Europe total (3) 58 2,299 95 2,960 78 866
EU-REGULATED
NYSE Euronext (Euronext) 6 972 1 - - -
SIX Swiss Exchange 1 681 - - - -
London Stock Exchange Group (London Main) 7 569 13 1,742 4 672
Warsaw (Main) 4 8 7 73 4 -
NASDAQ OMX (Main) 1 - - - 4 31
Deutsche Börse (Prime and General Standard) - - 2 192 2 5
Wiener Börse - - - - 1 -
Oslo Børs - - 2 468 - -
London Stock Exchange Group (Borsa Italiana Main) - - 2 150 - -
BME (Spanish Exchange) (Main) - - 1 - - -
Luxembourg 1 - - - - -
EU-regulated sub-total (3) 20 2,230 27 2,625 15 708
EXCHANGE-REGULATED
London Stock Exchange Group (London AIM) 9 52 9 76 10 65
Warsaw (NewConnect) (2) 21 6 38 48 38 15
BME (Spanish Exchange) (MAB) 3 6 1 - - -
NYSE Euronext (Alternext) 2 3 5 43 1 2
NASDAQ OMX (First North) 2 2 3 3 7 -
London Stock Exchange Group (London SFM) - - - - 1 63
Oslo Axess - - 2 - 2 7
London Stock Exchange Group (Borsa Italiana AIM) - - 1 3 2 6
Luxembourg (EuroMTF) - - 7 110 1 -
Deutsche Börse (Entry Standard) 1 - 2 52 1 -
Exchange-regulated sub-total (3) 38 69 68 335 63 158
Europe total 58 2,299 95 2,960 78 866
(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.
(2) Cumulatively the WSE NewConnect raised €7m in Q1 2012. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.
(3) IPOs by market are shown gross of dual listings; however these are netted off in the Europe total number and offering val ues.
PwC Q1 2012 IPO Watch Europe Survey 12

13. About IPO Watch Europe
IPO Watch Europe surveys all new primary
market equity IPOs on Europe’s principal stock
markets and market segments (including
exchanges in Austria, Belgium, Denmark, France,
Germany, Greece, Holland, Ireland, Italy,
Luxembourg, Norway, Poland, Portugal, Spain,
Sweden, Switzerland and the UK) on a quarterly
basis. Movements between markets on the same
exchange and greenshoe offerings are excluded.
This survey was conducted between 1 January
and March 31 2012 and captures new market
IPOs based on their transaction date. All market
data is sourced from the stock markets
themselves and has not been independently
verified by PricewaterhouseCoopers LLP.
PwC Q1 2012 IPO Watch Europe Survey 13

14. This publication has been prepared for general guidance on matters of interest only, and does
not constitute professional advice. You should not act upon the information contained in this
publication without obtaining specific professional advice. No representation or warranty
(express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its
members, employees and agents do not accept or assume any liability, responsibility or duty of
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information contained in this publication or for any decision based on it.
© 2012 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to
PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers
International Limited, each member firm of which is a separate legal entity.