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  "documentTitle": "ey global ipo trends 2023 q4",
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  "notes": "The slide provides a narrative summary of technology sector IPO performance in 2023, focusing on geographic and sub-sector trends.",
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      "text": "Overall, 2023 proved to be another challenging year for technology IPOs with total deals declining 20% (to 264) and proceeds down 14% (to US$32.2b).",
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      "text": "China's wider push for self-reliance in technology was also apparent with companies focused on cloud software, cyber security, IoT, AI and cross-industry convergence technologies together achieving nearly US$5b in IPO value in 2023 - 15% of the total technology industry proceeds. Globally, internet and social commerce software and cross-industry convergence software and technologies were bright spots, with listings gaining momentum in the second half of 2023.",
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      "text": "Overall, 2023 proved to be another challenging year for technology IPOs with total deals declining 20% (to 264) and proceeds down 14% (to US$32.2b). That said, Q3 saw the first burst of significant Western market IPOs in nearly two years with the well-publicized listings of ARM Holdings, Instacart and Klaviyo in September, followed by the first large Chinese tech firm to go public outside the Mainland - Will Semiconductor's Switzerland IPO in November.",
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      "text": "AI is still in the VC stage with VC firms investing US$21.4b through Q3 - up from US$5.1b in 2022. Interestingly, there were no significant listings on Western exchanges, but four Chinese AI companies were in the top 50 technology IPOs for 2023. In addition, some of the largest technology companies - including Amazon, Baidu, IBM, Qualcomm and Salesforce - are setting up their own AI investment funds to deploy capital at a time when many are reviewing their ecosystem strategies, rather than making outright acquisitions of emerging GenAI startups.",
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      "text": "By geography, Mainland China once again dominated, accounting for 54% of IPO proceeds, followed by US (25%) and Europe (5%). Contrast this to 2022, when Europe and the US combined had less than 8% of global share.",
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      "text": "Semiconductor firms once again dominated 2023 with 58% of proceeds, up an impressive 30% YOY. While ARM Holdings' IPO captured headlines, Mainland China chip producers, primarily listing in Shanghai, again set the overall pace by grabbing 42% of global technology industry proceeds as part of Mainland China's quest to become self-sufficient in semiconductors.",
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      "text": "As we look to 2024, for VC-backed companies, private investors are unlikely to resume the pace of capital deployment seen in recent years, which kept companies private for longer than usual. However, that alone probably won't immediately push companies to the public markets. They have to deal with valuation issues brought about by the excesses of venture capital in past years, as well as economic headwinds that have shaped public markets, such as volatility, economic uncertainty, geopolitical events and interest rates. In the right situations, VCs should be enthusiastic about an IPO vs. another private round for their portfolio companies, as they need to return capital to their limited partners.",
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      "text": "IPO proceeds: US$32.2b",
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      "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023). Sources: EY analysis, Dealogic, PitchBook.",
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