2011 Global IPO Market
December 16, 2011

2011 Global IPO Market Hit by Euro Crisis
It looks like 2011 will close with a total global IPO deal count of 336 (deal size greater than $100 million), down 30% from 478 in 2010. Global IPOs raised a total of $138 billion in proceeds this year, down 41% from $235 billion in 2010. Average deal size was down 16% to $411 million.

Global IPOs
2005 2006 2007 2008 2009 2010 2011
No. of Deals 345 457 555 118 177 478 336
Total Proceeds (billions) $149 $221 $265 $81 $106 $235 $138
Global IPOs include all with deal size greater than US$100mm.

125 US IPOs priced in 2011, down 19% from 154 in 2010. They raised a total of $36.3 billion in proceeds, down only 6% from $38.7 billion in 2010 as a number of significant private equity and Internet IPOs more than offset the impact of General Motor’s (GM) $16 billion offering in December 2010. Average deal size for 2011 was up 16% to $290 million.

2005 2006 2007 2008 2009 2010 2011
No. of Deals 192 196 214 31 63 154 125
Total Proceeds (billions) $33.7 $42.2 $49.0 $24.5 $21.9 $38.7 $36.3
Average Deal Size (millions) $176 $215 $229 $790 $348 $251 $290

The average US IPO has returned -13% this year. 66% of the 125 IPOs priced this year are currently trading below their offer prices. Despite the weak performance, however, the US IPO pipeline remains strong, with 195 deals looking to raise $45.8 billion in proceeds.

Largest IPOs

Largest Non-US IPOs
Company Exchange Industry Deal Size (US $mm) Return
Glencore (GLEN.LN) London Capital Goods $10,049 -27.0%
Hutchison Port (HPHT.SP) Singapore Transportation $5,454 -41.1%
Bankia (BKIA.SM) Madrid Financial $4,364 -4.3%
Prada (1913.HK) Hong Kong Consumer $2,146 -16.8%
Sinohydro (601669.CH) Shanghai Capital Goods $2,111 -9.1%
Largest US IPOs
Company Offer Date Industry Deal Size (mm) Return
HCA Holdings (HCA) 03/09/11 Health Care $3,786 -28.5%
Kinder Morgan (KMI) 02/10/11 Oil & Gas $2,865 -3.3%
Nielsen (NLSN) 01/25/11 Media $1,643 20.5%
Yandex (YNDX) 05/23/11 Technology $1,304 -31.4%
Arcos Dorados (ARCO) 04/13/11 Travel & Leisure $1,249 18.5%

Best and Worst US Performers

Company Offer Date Industry Deal Size (mm) Return
GNC Holdings (GNC) 03/31/11 Retail $360 69.4%
Tesoro Logistics LP (TLLP) 04/19/11 Oil & Gas $273 58.6%
LinkedIn (LNKD) 05/18/11 Technology $353 44.3%
Tangoe (TNGO) 07/26/11 Technology $88 44.9%
CVR Partners LP (UAN) 04/07/11 Chemicals $307 43.8%
Bottom US IPOs
Company Offer Date Industry Deal Size (mm) Return
FriendFinder Networks (FFN) 05/10/11 Technology $50 -93.9%
Imperial Holdings (IFT) 02/07/11 Financial Services $179 -82.1%
Kips Bay Medical (KIPS) 02/10/11 Health Care $17 -78.3%
Renren (RENN) 05/03/11 Technology $743 -75.5%
Sequans Communications (SQNS) 04/14/11 Technology $77 -77.0%

IPO Pipeline
The backlog includes a number of large PE-backed companies, including global asset manager The Carlyle Group (CARL), leading toy retailer Toys R Us (TOYS) and auto finance company Ally Financial (ALLY). Others looking to go public in 2012 include technology companies such as online reviews site Yelp (YELP), travel search engine Kayak (KYAK) and email marketing software provider ExactTarget (EXTG), and consumer names such as luxury luggage company Tumi (TUMI), restaurant chain Dave & Buster's (PLAY) and party supplies retailer Party City (PRTY).
IPOs in the Pipeline
Company Industry Estimated Deal Size (mm)
The Carlyle Group (CARL) Financial Services $1000
Toys R Us (TOYS) Retail $800
Ally Financial (ALLY) Financial Services $5000
Yelp (YELP) Technology $100
Kayak Software (KYAK) Technology $50
ExactTarget (EXTG.RC) Technology $100
Tumi (TUMI) Retail $300
Dave & Buster's (PLAY) Travel & Leisure $150
Party City (PRTY) Retail $350
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