{
  "docId": "019dd923-5e88-73ef-bd58-4cd5904d1686",
  "docSlug": "008f4cca08621057",
  "documentTitle": "ey q2 2020 global ipo trends report v1",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 24,
  "pageCount": 32,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "market_landscape",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 14,
  "notes": "Includes a combination of bulleted analysis and a dashboard of YTD 2020 IPO metrics.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "bar_chart_vertical",
    "line_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd58-4cd5904d1686/24",
  "deckHref": "/decks/019dd923-5e88-73ef-bd58-4cd5904d1686",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-4cd5904d1686.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-4cd5904d1686#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.44,
        "x": 0.52,
        "y": 0.78
      },
      "kind": "callout",
      "text": "During current market volatility, IPO candidates will need to demonstrate business resilience to increasingly discerning investors and ensure they understand your equity story in advance of roadshows.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9bf6613-bb08-4988-81fd-7817a6a300bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.25,
        "x": 0.52,
        "y": 0.48
      },
      "kind": "chart",
      "text": "YTD 2020 activity chart",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca3aa05a-3627-464a-9d07-51ce2aec64e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "All values are US$ unless otherwise noted. | YTD 2020 and YTD 20 refers to the first six months of 2020 and cover priced IPOs from 1 January 2020 to 23 June 2020 plus expected IPOs by the end of June. Q2 2020 and Q2 20 refer to the second quarter of 2020 and cover priced IPOs from 1 April 2020 to 23 June 2020 plus expected IPOs by the end of June.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34f86b37-7502-4fce-9121-374daf578e69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "list",
      "text": "UK elections in the latter part of 2019 provided a clear mandate for Brexit. In response, IPO activity picked up in the early part of 2020 - until the pandemic crisis emerged. Since March, IPO activity ceased as companies pivoted to focus on the safety of their people and maintaining liquidity.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31bc52e6-e68a-4a16-bbf0-0d1f008c7b4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "list",
      "text": "Instead, publicly listed companies are conducting follow-on deals to raise money. Between March and 19 June, US$17.9b was raised via 222 follow-on issuances. Of the capital raised in follow-on deals in Europe, London was the primary exchange, accounting for 39% (51% of deal numbers).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6bb991aa-b4d4-49e0-9d3c-092d8033e12b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "list",
      "text": "IPO candidates continue to prepare, but it remains a wait-and-see game. Although Q3 is usually a quiet quarter, given the pent-up demand, we expect Q3 2020 to be active. Equity markets are rebounding and IPOs that were expected to be postponed until 2021 are now more optimistic about listing in the second half of 2020. Technology, consumer goods, and health and personal care should see a rise in activity. However, we expect more market volatility in the lead up to the US election in November. And the window could close entirely if there is a second pandemic wave. The keys for success for IPO candidates are to be prepared, be nimble, demonstrate financial resilience and be able to market to investors in a virtual world.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0173d62-5558-4a01-b948-a94b93ea9506",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "list",
      "text": "In June 2020, China Pacific Insurance Group became the second Chinese company to list on the London Main Market under the Shanghai-London Connect program (which was launched in June 2019). This company is now listed on the Hong Kong, London and Shanghai stock exchanges. This demonstrated the diversity of issuers available to investors on the London Market.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc915dd0-490c-4f16-82ba-f3103f219ac9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IPO proceeds: $3.0b",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-2e39-7343-a581-edf05db3ba66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.2,
        "x": 0.76,
        "y": 0.16
      },
      "kind": "table",
      "text": "Sectors and IPOs by proceeds table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6cf2d79-4717-44c1-9fcd-0607c17c2d3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "EMEIA – UK IPO market highlights",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b0362d3-6f1f-4796-ba94-a19ca15d1989",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.08,
        "x": 0.04,
        "y": 0.51
      },
      "kind": "title",
      "text": "Outlook",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ed1a8db-04c5-4028-bec3-50385398f6b6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 24,
      "from": 5,
      "beatId": "7458744d-20f5-42ae-a15f-f2b38a71652c",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document provides various data and insights on IPO market performance across regions (p5-24).",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}