The presentation analyses global tech IPOs by geography, stock exchange, and subsector, It also takes a look at cross-border IPOs and summarizes the technology IPOs from the last four years with $10 billion plus market valuation. Learn more at www.pwc.com/globaltechipo Watch the video of the presentation here: youtube.com/watch?v=fveSLWPQUWI *Deal size greater than US$40 million

1. pwc.com
Global Technology IPO
Trends 2010 - 2014
December 5, 2014
Raman Chitkara,
Global Technology Industry
Leader
Technology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

2. PwC
Agenda
• Global technology IPOs 2010-2014
• Cross border IPOs
• Geographic distribution
• Stock exchange distribution
• Sub-sector distribution
• $10 billion+ technology IPOs
December 2014
2

3. PwC
Global Technology IPO Trends
December 2014
3
$17,952
$15,857
$23,152
$11,446
$43,740
109
87
69 64
84
0
20
40
60
80
100
120
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC

4. PwC
US Technology IPO Trends
December 2014
4
$2,150
$5,104
$20,310
$7,591
$6,134
19
24
32
35
28
0
5
10
15
20
25
30
35
40
0
5,000
10,000
15,000
20,000
25,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC

5. PwC
China Technology IPO Trends
December 2014
5
$9,249
$8,215
$2,440
$1,026
$27,62870
50
33
8
34
0
10
20
30
40
50
60
70
80
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC

6. PwC
ROW Technology IPO Trends
December 2014
6
$6,553
$2,538
$400
$2,829
$9,978
20
13
4
21
22
0
5
10
15
20
25
0
5,000
10,000
15,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC

7. pwc.com
Global Technology IPO
Trends
Cross Border IPOsTechnology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

8. PwC
Cross Border IPOs
December 2014
8
$4,227
$3,542
$343
$1,829
$27,82820
14
3
13
18
0
5
10
15
20
25
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
Source: Dealogic with analysis by PwC

9. PwC
Cross Border IPOs by Origination Country 2010-2014
US
1
China
38
ROW
29
December 2014
9
Source: Dealogic with analysis by PwC

10. PwC
Cross Border IPOs by Destination Country
US
58
China
2 ROW
8
December 2014
10
Source: Dealogic with analysis by PwC

11. pwc.com
Global Technology IPO
Trends
Geographical Distribution
Technology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

12. PwC
Geographic Distribution 2010-2014 – Number of IPOs
US
138
China
including
Hong Kong
195
ROW
80
December 2014
12
Source: Dealogic with analysis by PwC

13. PwC LLP
Geographic Distribution 2010-2014
December 2014
US
75
China*
153
ROW
37
US
35
China*
8
ROW
21
US
28
China*
34
ROW
22
2010 - 2012 2013 9 mos 2014
13
* Including Hong Kong
Source: Dealogic with analysis by PwC

14. pwc.com
Global Technology IPO
Trends
Stock Exchange DistributionTechnology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

15. PwC
Stock Exchange Distribution 2010-2014 – Number of IPOs
December 2014
US
197
China
Including
Hong Kong
159
ROW
57
15
Source: Dealogic with analysis by PwC
Shenzhen
133
Hong Kong
18
Shanghai
8
NYSE
103
NASDAQ
94

16. PwC LLP
Stock Exchange Distribution 2010-2014
December 2014
US
108
China*
130
ROW
27
US
45China*
5
ROW
14
US
44
China*
24
ROW
16
2010 - 2012 2013 9 mos 2014
16
* Including Hong Kong
Source: Dealogic with analysis by PwC

17. PwC
Stock Exchange Distribution 2010-2014 - Money Raised $B
December 2014
US
$77.4
China
$19.2
ROW
$15.5
17
Source: Dealogic with analysis by PwC

18. pwc.com
Global Technology IPO
Trends
Sub-sector Distribution
Technology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

19. PwC
Sub-sector Distribution 2010-2014 – Number of IPOs
Computers &
Peripherals
30
Internet
Software &
Services
109
Semiconductor
and Alternate
Energy
84
Software
86
Comms
Equipment
32
Electronics
9
IT Consulting &
Services
45 Other
18
December 2014
19
Source: Dealogic with analysis by PwC

20. PwC
US Tech Companies IPOs Sub-sector Distribution 2010-2014
Computers &
Peripherals
11
Internet
Software &
Services
58
Semiconductor
11
Software
35
Comms
Equipment
9
Electronics
2
IT Consulting &
Services
6
Other
6
December 2014
20
Source: Dealogic with analysis by PwC

21. PwC
China Tech Companies IPOs Sub-sector Distribution
2010-2014
Computers &
Peripherals
11
Internet
Software &
Services
34
Semiconductor
and Alternate
Energy
57
Software
30
Comms
Equipment
15
Electronics
5
IT Consulting &
Services
32
Other
11
December 2014
21
Source: Dealogic with analysis by PwC

22. PwC
ROW Tech Companies IPOs Sub-sector Distribution
2010-2014
Computers &
Peripherals
8
Internet
Software &
Services
17
Semiconductor
16
Software
20
Comms
Equipment
8
Electronics
2
IT Consulting &
Services
7
Other
2
December 2014
22
Source: Dealogic with analysis by PwC

23. pwc.com
Global Technology IPO
Trends
Ten Billion Plus Technology IPOsTechnology and
Changing Capital
Markets
NYU Center
on U.S.-China
Relations

24. PwC
$16.2B
$10B+ Market Cap Technology IPOs 2010-2014
December 2014
$275.2B
$28.1B
$30.7B
$32.0B
$216.6B
$17.7B
$18.0B
$26.5B
$9.4B
$9.5B
$9.8B
26
Market cap as of November 28, 2014 close

25. PwC
$10B+ market cap technology IPOs – Country
December 2014
25
IPO 7
IPO 1
Population
Growth rate
2000-2050
<0%
0-1%
1-2%
2% +
IPO 2
IPO 1
IPO 1

26. PwC
$10B+ Market Cap Technology IPOs - Segment
December 2014
26
Semi
Software
Wearables

27. PwC
23.0
Market Cap/Revenue Multiple
December 2014
27
77.7
26.5
22.1
19.3
15.6
14.1
10.6
8.9
3.9
3.3
2.2
3.8
5.4
1.8
Market cap as of November 28 and revenue TTM

28. PwC
Thank you
pwc.com/globaltechipo
pwc.com/technology