Global IPO Watch Q1 2021

A PwC Global IPO Centre publication Q1 2021 in review and outlook for the remainder of 2021

Q1 2021 in review Outlook for the remainder of 2021 Global indices end the first quarter with gains Cyclical stocks expected to continue momentum The S&P 500 index ended the first quarter with a record close, whilst in Europe, the Stoxx 600 ended the Cyclical stocks continued to build on their outperformance further in Q1 2021 that started last year following quarter near an all-time high. Overall, these positive global market conditions were driven by continued global vaccine rollouts. We expect the strength of the cyclical stocks to continue in the second quarter and government stimulus programmes, post-pandemic optimism fuelled by vaccine rollouts and improved beyond as macroeconomic indicators point to recovery. macroeconomic indicators. However, as global indices have delivered solid performance in Q1 2021, the theme of sector rotation from tech and lockdown winners into cyclical stocks has continued, presenting Factors to watch out for in Q2 performance challenges for some investors. In particular, some of the biggest tech stocks saw valuations Equity markets have already priced in positive news around vaccine rollouts and any delay in vaccine trimmed, whilst autos, travel and leisure, and banking stocks saw notable gains. progress may trigger spikes in market volatility. Extensive talks regarding inflationary trends since January have put the focus back on interest rates, however, policymakers continue to support their respective Macroeconomic indicators supportive for the recovery stimulus programmes keeping interest rates lower for longer. Global macroeconomic indicators provided positive momentum to equity capital markets with a solid economic recovery narrative. March PMI data across the US, Europe and Mainland China all exhibited ESG strategy is no longer optional significant improvement compared to prior months, indicating an expansion of business activity in all regions Global shifts in investors’ attitude towards ESG across all markets has made it one of the top priorities for and overall confidence. IPO candidates, as investors are now focusing on sustainability issues when making their investment decisions. ESG strategy is increasingly a critical pillar of the equity story for companies looking to go public. Strongest first quarter for global IPO activity in recent history In particular, we see investors focusing not only on the coherent communication of the strategy, but also Global IPO issuance in Q1 2021 was US$202.9bn from 727 IPOs, fuelled by the significant SPAC IPO robust reporting of ESG metrics. activity in the US (#298 / US$96.0bn). Technology and Consumer Discretionary (including e-commerce) have been driving the global IPO issuance this quarter with the largest IPO being video-sharing mobile app IPO pipeline is strong, sector representation to broaden Kuaishou Technology, raising US$6.2bn on the Hong Kong Stock Exchange. The US market has dominated Whilst there is no shortage of IPO candidates and the upcoming quarter is looking very busy across sectors, IPO and FO issuance, accounting for 68% and 50% of the global proceeds raised through IPOs and FOs the abundance of investment opportunities is likely to make investors more selective and price sensitive, respectively. reflecting on recent aftermarket performance.

130 We expect the IPO pipeline to broaden in terms of the sector representation including more of the recovery themed sectors in addition to Technology and Consumer Discretionary. 120 110 100 S&P 500 90 STOXX 600 80 FTSE 100 Ross Hunter Nadja Picard 70 SSE Composite PwC IPO Centre Leader PwC Europe Capital Markets Leader

Index Rebased to to IndexRebased 100 60 PwC United Kingdom PwC Germany Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 PwC | Global IPO Watch Q1 2021 2 IPO and Further Offer (FO) Q1 2021 highlights. IPOs • Globally, there were 727 IPOs in Q1 2021, raising a total of $202.9bn. Q1 2021 highlights • 2021 YTD proceeds are already Polish e-commerce delivery service more than 60% of full year 2020 Iconic shoemaker Dr Martens InPost raised $3.9bn on the Euronext proceeds and the number of IPOs priced its $2.0bn London IPO Amsterdam Stock Exchange - the completed is more than 50% of the in January 2021 with strong largest EMEA IPO in the first total number of IPOs taking place in cornerstone support and quarter. 2020. enjoyed solid aftermarket performance. • The Americas accounted for 58% of global IPO transactions and 71% ($143.9bn) of global proceeds. • Whilst Asia-Pacific IPO activity continued to trend downwards in Q1 2021 from Q4 2020, first quarter activity was strong with 217 IPOs raised $31.5bn. • EMEA is off to a strong start to the year, Q1 IPO proceeds ($27.5bn) were just $0.6bn below the total 2020 Bumble IPO was the largest proceeds – an unremarkable year for IPO in the US in Q1 2021 IPO activity. raising $2.5bn on Nasdaq. Vantage Towers FOs $2.4bn IPO was the largest IPO on the • 1,285 FOs raised $247.9bn in Q1 Frankfurt Stock 2021 with prominent issuance across Israel based digital Exchange in Q1 the Financials and Health Care entertainment company, . The largest IPO globally in Q1 2021. Playtika, raised $2.2bn in 2021 was Kuaishou sectors. January 2021 on NASDAQ, Technology which raised • Q1 2021 FO activity levels were high $6.2bn on the Hong Kong the first of many Israel as compared to the first quarter of based tech companies Stock Exchange. Its share price 2019 and 2020 - there were more expected to go public in jumped by 160% on the first 2021. day of trading and remained than double the number of FOs in Q1 stable afterwards. 2021 as compared to Q1 2020.

PwC | Global IPO Watch Q1 2021 3 Global money raised via IPOs and FOs Q1 has seen exceptionally high levels of IPO and FO issuance. Q1 global IPO proceeds were higher than Q1, Q2 and Q3 2020 proceeds combined. The US has dominated the market once again, accounting for 68% and 50% of global IPO and FO proceeds respectively. Global money raised via IPOs and FOs (10-year overview) Top countries 2021 1,523 1,415 Other, 13% 1,167 1,185 1,198 Netherlan $331.3bn ds, 3% 1,013 1,040 # of deals United 865 $274.3bn Kingdom, 728 $223.6bn 727 4% $195.6bn $206.9bn $209.0bn $199.2bn Hong $142.5bn $142.5bn Kong, 5% $202.9bn Mainland China, 6% United 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021YTD States,

IPO money raised & 68% IPO - Q1 IPO - Q2 IPO - Q3 IPO - Q4 IPO - # % of total 3,571 3,689 money raised 3,323 3,178 3,186 3,046 Other, 2,839 2,783 24% $734.3bn 2,508 $685.8bn $613.5bn $620.8bn # of deals $588.2bn $551.1bn $509.3bn $462.6bn $457.8bn 1,285 United Germany, States, 3% 50% United $247.9bn Kingdom, 5%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021YTD Mainland China, 9% Hong FO money raised & FO - Q1 FO - Q2 FO - Q3 FO - Q4 FO - # Kong, 10% % of total Note: Top countries have been selected based on money raised in 2021YTD. Source: Dealogic as of 31 March 2021. money raised

PwC | Global IPO Watch Q1 2021 4 Overview of global IPO and FO activity The upward trend seen in Q3 and Q4 2020 continued into Q1 2021, as did the appetite for SPAC IPOs - 303 SPAC IPOs accounted for 48% of total global proceeds in the quarter. FO momentum was also carried through to Q1 2021 - 1,285 FOs raised $247.9bn. Global IPO and FO activity IPOs FOs 250 727 800 • 727 IPOs raised $202.9bn 300 1,285 1,400 • Support for FO activity 700 in Q1 2020, 48% ($97.7bn) continued in Q1, the number 200 528 250 1,082 1,020 1,200 481 600 of proceeds were 977 of deals and proceeds were 1,000 150 500 attributable to SPAC IPOs. 200 higher than the midst of the 800 pandemic in Q2 2020. 400 150 610 100 • Other than SPACs 210 196 300 600 • The Financials and Health (classified as Financials), 100 200 400 Care sectors dominated Q1 Number of FOs 50 Number of IPOs the Consumer Discretionary

Money raised ($bn) raised Money 100 50 200 FO issuance: $36.4 $43.6 $122.3 $129.0 $202.9 and Technology sectors led ($bn) raised Money $95.0 $243.5 $203.0 $192.8 $247.9 - issuance in the quarter with - • Financials: 226 FOs Q1 Q2 Q3 Q4 Q1 IPOs raising $25.6bn and Q1 Q2 Q3 Q4 Q1 raised $71.9bn 2020 2020 2020 2020 2021 $25.5bn respectively. 2020 2020 2020 2020 2021 • Health Care: 316 FOs Money raised ($bn) Number of IPOs Money raised ($bn) Number of FOs raised $38.5bn

IPO pricing dynamics Index performance

• Notwithstanding elevated • The S&P 500 index ended 6% 9% 6% 130 14% market volatility continuing the first quarter with a 24% 19% 120 in Q1 2021, an increasing 110 record close. proportion of IPOs have 100 • Whilst the Hang Seng been in range as compared 90 42% suffered losses throughout 56% 71% to 2019 and 2020. 80 70 the quarter, it closed the 60 quarter close to pre 23% 12% 6% pandemic levels. 6% 3% 3% Jul 20 Oct 20 Apr 20 • The FTSE 100 saw Jun 20 Jan 21 Jan 20 Mar 21 Mar Mar 20 Mar Feb 21 Feb Feb 20 Feb Nov 20 Nov 20 Dec Aug 20 Aug 20 Sep 2019 2020 2021 May 20 marginal gains in Q1. Below range Bottom of range In range Top of range Above range Index Rebased to 100 FTSE 100 Hang Seng S&P 500 MSC World Index Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 5 IPO and FO activity per region Q1 EMEA IPO proceeds were just $0.6bn below the total 2020 proceeds reflective of a buoyant IPO market. Similarly, Q1 US IPO proceeds were advancing three-quarters of the way towards 2020 full year proceeds, 419 IPOs raised $143.9bn. Whilst Q1 Asia-Pacific IPO activity was higher than Q1 of the previous four years, proceeds were 28% of full year 2020.

Americas EMEA Asia-Pacific 952 513 419 735 653 660 309 271 251 300 $113.1bn $190.1bn $143.9bn 238 129 167 $99.7bn 91 $86.1bn 217 $76.6bn $74.1bn $71.7bn $67.5bn $55.4bn $53.3bn $47.4bn $31.5bn $28.1bn $27.5bn IPO money raised & # of deals

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

1,484 1,395 1,240 1,245 1,127 1,048 1,043 946 975 926 759 740 $317.7bn 650 $254.2bn # of deals $215.1bn $216.3bn 280 $216.8bn 360 $190.3bn $189.9bn $164.7bn $162.9bn $133.0bn $145.0bn $109.8bn $97.9bn $69.3bn $46.0bn FO money raised &

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

PwC | Global IPO Watch Q1 2021 Source: Dealogic, Bloomberg as of 31 March 2021. 6 Volatility background to IPO and FO activity Whilst market volatility remained elevated in Q1 2021, IPO and FO activity continued to surge, supported by an abundance of liquidity as governments roll out post pandemic recovery stimulus packages.

Money raised via IPOs and FOs versus volatility

Global money raised via IPOs Global money raised via FOs VIX (average per quarter)

$300bn 34.5 31.2 $250bn 25.8 25.6 23.2 $200bn 20.5 21.3 15.6 17.2 15.3 16.6 15.1 16.0 $150bn 13.2 14.0 12.9 13.9 11.7 11.5 10.9 10.3 $100bn $50bn $0bn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021

Number of IPOs and FOs versus volatility

Number of IPOs globally Number of FOs globally VIX (average per quarter)

$1,400 34.5 31.2 $1,200 25.8 25.6 $1,000 23.2 20.5 21.3 $800 15.6 17.2 16.6 16.0 14.0 15.3 15.1 13.9 $600 13.2 12.9 11.7 11.5 10.9 10.3 $400 $200 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021

Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 7 Q1 2021 overview Americas

$2tn plan to rebuild infrastructure and reshape the economy In an effort to reshape the US economy, the US government has unveiled the plans to spend an additional $2tn in infrastructure investments and manufacturing subsidies, largely funded by corporate tax increases. The plan includes several ESG initiatives which were expected by the market and provided additional boost to renewables stocks in the US and Europe. The stimulus plan also proposed to invest in the semiconductor industry, helping technology stocks in both the US and Europe. What may have been under appreciated in Q1 due to the focus on the SPAC Another outstanding quarter for SPACs in the US phenomenon is Q1 2021 US IPO issuance SPAC IPO activity in the US has seen another unprecedented quarter, already was the strongest in over 20 years for surpassing full year 2020 SPAC issuance. SPAC IPOs represented $96.0bn (71%) of US IPO proceeds in the first quarter. Notably, what has previously been largely a operating companies. US phenomenon is now beginning to feature in other markets, particularly in Europe, where we have seen a number of SPAC IPOs pricing this quarter. Michael Bellin David Ethridge IPO Services Co-Leader IPO Services Co-Leader Retail investors are transforming the equity markets PwC US PwC US Retail investors globally are becoming a more prominent feature of the equity markets and should not be considered a lockdown-phenomenon. With the ease of technology and reduced costs of trading, retail investors contribute to a significant volume of the secondary market trading in the US. Retail demand particularly around large consumer focused brands can no longer be ignored and may provide additional momentum to the IPO markets going forward.

PwC | Global IPO Watch Q1 2021 8 Overview of IPO and FO activity in the Americas Q1 has seen unprecedented levels of IPO activity in the Americas, over 400 IPOs raised $143.9bn. Excluding the $97.7bn raised from SPAC IPOs, Q1 2021 proceeds were still more than double that of Q1 2020 and three times higher than Q1 2019. IPO and FO activity in the Americas IPOs FOs 650 160 419 450 • SPACs continue to be the 140 700 • Q1 2021 FO activity 140 400 hottest IPO structure in the 120 600 levels were abnormally 350 high as compared to the 120 Americas, with 298 IPOs 100 444 500 382 390 100 300 raising $96.0bn in the first quarter of prior 214 250 80 400 80 183 quarter – 67% of total 268 years, there were more 200 60 300 60 region proceeds. than double the number 150 40 200 of FOs in Q1 2021 as 40 50 66

100 • Several high profile IPOs , Number of FOs Number of IPOs 20 100 compared to Q1 2020.

20 Money raised ($bn) Money Money raised ($bn) $72.7 $75.2 $143.9 50 including Coupang and $42.1 $123.2 $66.5 $85.9 $133.0 $15.9 $26.2 - Bumble, took place in Q1. - • In January 2021, Zoom Q1 Q2 Q3 Q4 Q1 These IPOs raised $4.6bn Q1 Q2 Q3 Q4 Q1 raised $2.0bn at c.10x its 2020 2020 2020 2020 2021 2020 2020 2020 2020 2021 and $2.5bn respectively. IPO price. Money raised ($bn) Number of IPOs Money raised ($bn) Number of FOs

IPO pricing dynamics Index performance

8% 180 • The Dow Jones and S&P 15% 17% 6% • Whilst the proportion of 9% 8% IPOs pricing at the top or 160 500 continued a steady above range has declined, ascent in Q1. 140 an increasing number IPOs 47% • The NASDAQ lost 77% have priced in range in Q1. 120 62% ground in February 2021, 100 showing signs of 18% 80 Index Index rebased to 100 recovery towards the end 11% 7% 6% of the quarter. 6% 4% 60 2019 2020 2021

Below range Bottom of range In range Top of range Above range Jul 20 Oct 20 Apr 20 Jun 20 Jan 21 Jan 20 Mar 21 Mar Mar 20 Mar Feb 21 Feb Feb 20 Feb Nov 20 Nov 20 Dec Aug 20 Aug 20 Sep May 20 Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Dow Jones NASDAQ 100 S&P 500 Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 9 Top countries in the Americas – IPOs Outside of the US, the Canadian and Brazilian IPO markets had a strong start to the year. At the end of Q1 2021, the number of IPOs in Brazil was already over half of the total number of IPOs taking place in 2020 (28).

Q1 2021 By number of IPOs By proceeds

Ranking Country Number of deals % of region deals % of global deals Ranking Country Proceeds ($bn) % of region proceeds % of global proceeds 1 United States 399 95% 55% 1 United States 139.8 97% 69% 2 Brazil 15 4% 2% 2 Brazil 3.4 2% 2% 3 Canada 5 1% 1% 3 Canada 0.7 1% 0% 4 N/A - - - 4 N/A - - - 5 N/A - - - 5 N/A - - - Total – top 5 countries 419 100% 58% Total – top 5 countries 143.9 100% 71%

Note: Top countries have been selected based on money raised in 2021. For IPOs which take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. Source: Dealogic as of 31 March 2021

PwC | Global IPO Watch Q1 2021 10 Top countries in the Americas – FOs Chile makes the top five in Q1 2021 as a result of Sociedad Química y Minera’s FO in February. There were no FOs in Mexico this quarter.

Q1 2021 By number of FOs By proceeds

Ranking Country Number of deals % of region deals % of global deals Ranking Country Proceeds ($bn) % of region proceeds % of global deals 1 United States 559 86% 44% 1 United States 123.7 93% 50% 2 Canada 80 12% 6% 2 Canada 6.3 5% 3% 3 Brazil 10 2% 1% 3 Brazil 2.8 2% 1% 4 Chile 1 0% 0% 4 Chile 0.2 0% 0% 5 Mexico - - - 5 Mexico - - - Total – top 5 countries 650 100% 51% Total – top 5 countries 133.0 100% 54%

Initial secondary listings included in 2021 FO data includes 10 deals ($1.3bn proceeds). Note: Top countries have been selected based on money raised in 2021. For IPOs which take place on two or more exchanges, the full amount of money raised is The top 10 largest Initial secondary listings are included on page 32. attributed to all exchanges. Source: Dealogic as of 31 March 2021.

PwC | Global IPO Watch Q1 2021 11 Q1 2021 overview EMEA

EMEA IPO market revival in 2021 The IPO volumes in Europe in Q1 has been the highest in years, reflecting the significant scale of investor demand as global investors are drawn to Europe's compelling relative value. Towards the end of the quarter investors' portfolio re- This has been a strong start to the year for balancing appears to be driven by fundamental concerns of slower vaccine IPOs in Europe, with Q1 2021 delivering the deployment, COVID 3rd wave and postponed recovery into the second half of the strongest first quarter since 2000. Improved year. market confidence driven in part by the ongoing vaccination programmes across European SPACs continue to gain momentum Europe, continued government support In Amsterdam, European Fintech SPAC, EFIC1, priced it's €415m IPO after running programmes and supportive a 4 day bookbuild. In Frankfurt, technology-focused Lakestar SPAC concluded its €275m IPO in February, after a short two-day bookbuilding. A growing pipeline of macroeconomic data provided a positive European SPACs is expected to list in either Amsterdam or Frankfurt in the coming backdrop. months. There are positive signs that momentum in ESG and decarbonisation of portfolios remains a priority topic for investors the IPO market will continue throughout Norway’s sovereign wealth fund Norges Bank, announced that it intends to 2021. Given that backdrop, concerns accelerate divestments from companies that fall short of key ESG metrics. Notably, around the pace of economic recovery and the investment manager calculated that companies performing poorly on sustainability metrics, are increasingly exhibiting lower returns. a hot IPO market in Q1, we anticipate that investors will focus on differentiated equity stories and challenge the overall quality of Cornerstone investors indicate quality of issuers and willingness to support early issuers. In Germany, Vantage Towers IPO pricing was supported by cornerstone investment Mark Hughes Carsten Stäcker of €950m which enabled an increase in size. Notably, cornerstones took 41% of the Partner, Capital Markets Partner, Equity Advisory offering. In the UK, Trustpilot was upsized and covered in 90 minutes supported by six cornerstone investors with a total order of US$240m. PwC United Kingdom PwC Germany

PwC | Global IPO Watch Q1 2021 12 Overview of IPO and FO activity in EMEA Q1 2021 delivered the strongest first quarter since 2000 for the EMEA region, 91 IPOs raised $27.5bn representing 98% of 2020 full year proceeds. A marginal decline in FO activity was seen in Q1 2021 from Q4 2020, however, issuance remained elevated. IPO and FO activity in EMEA IPOs FOs 91 30 100 • Previous unicorn • A marginal decline in FO 83 90 60 350 companies Deliveroo, 293 286 280 activity took place in Q1, 25 80 300 Trustpilot and Moonpig 50 however, issuance levels 70 20 went public in Q1 2021, 213 250 remained elevated. 60 40 183 41 accounting for $3.5bn of 200 15 50 30 • A number of large scale 40 total EMEA proceeds. 150 $48.2 $49.4 $46.0 FOs took place in Q1, 10 23 20 20 30 • Leading sectors in the $40.0 100 including Scandinavian Number of IPOs 20 $27.1 Number of FOs Money raised ($bn) raised Money 5 10 insurance company, Tryg, region included ($bn) raised Money 10 50 $2.2 $4.9 $7.8 $13.2 $27.5 Consumer Discretionary raising $5.9bn. There were - - ($9.1bn), Industrials eight other $1bn+ FOs. Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2020 2020 2020 2020 2021 ($6.0bn) and Technology 2020 2020 2020 2020 2021 ($4.4bn). Money raised ($bn) Number of IPOs Money raised ($bn) Number of FOs

IPO pricing dynamics Index performance 2% 4% 0% 120 • The FTSE 100 recovery 6% 9% 14% • Whilst there were no IPOs pricing above range 110 continued to lag behind the in Q1, EMEA IPOs 100 other major European 61% continued to price indices following on from a 72% 90 79% favourable in the quarter. turbulent 2020. 80 • The DAX and STOXX 600 • There were no IPOs 70 25% priced below range in Q1. Index rebased to 100 reached pre pandemic 60 13% levels in January 2021, the 7% 7% 2% DAX performed particularly 2019 2020 2021 Jul 20 Oct 20 Apr 20 Jun 20 Jan 21 Jan 20 Mar 21 Mar Mar 20 Mar Feb 21 Feb Feb 20 Feb Nov 20 Nov 20 Dec Aug 20 Aug 20 Sep well. Below range Bottom of range In range Top of range Above range May 20 Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price STOXX 600 DAX FTSE 100 range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 13 Top countries in EMEA – IPOs Whilst the UK continued to top the rankings in terms of IPO proceeds, Norway held the number one position for the number of issuances in Q1 2021. Despite a large number of deals in Sweden in Q1, proceeds did not match. The Netherlands had a strong quarter with 4 deals and $5.6bn raised. Q1 2021 By number of IPOs By proceeds

Ranking Country Number of deals % of region deals % of global deals Ranking Country Proceeds ($bn) % of region proceeds % of global proceeds 1 Norway 27 30% 4% 1 United Kingdom 8.3 30% 4% 2 United Kingdom 21 23% 3% 2 Netherlands 5.6 21% 3% 3 Sweden 14 15% 2% 3 Germany 5.4 20% 3% 4 Netherlands 4 5% 1% 4 Norway 2.6 9% 1% 5 Germany 4 4% 0% 5 Sweden 2.2 8% 1% Total – top 5 countries 70 77% 10% Total – top 5 countries 24.2 88% 12%

PwC | Global IPO Watch Q1 2021 14 Top countries in EMEA – FOs Europe dominated FO activity in the EMEA region, similar to 2020, whilst FO activity across the Middle East and Africa remained relatively minimal.

Q1 2021 By number of FOs By proceeds

Ranking Country Number of deals % of region deals % of global deals Ranking Country Proceeds ($bn) % of regional proceeds % of global proceeds 1 United Kingdom 104 37% 8% 1 United Kingdom 11.6 25% 5% 2 Sweden 39 14% 3% 2 Germany 8.1 18% 3% 3 Norway 32 11% 3% 3 Denmark 7.5 16% 3% 4 Germany 27 10% 2% 4 Sweden 3.8 8% 2% 5 France 17 6% 1% 5 Portugal 2.5 5% 1% Total – top 5 countries 224 78% 17% Total – top 5 countries 33.5 73% 14%

Note: Top countries have been selected based on money raised in 2021. For IPOs Initial secondary listings included in 2021 FO data includes 3 deals (<$0.1bn proceeds). which take place on two or more exchanges, the full amount of money raised is The top 10 largest Initial secondary listings are included on page 32. attributed to all exchanges. Source: Dealogic as of 31 March 2021

PwC | Global IPO Watch Q1 2021 15 Q1 2021 overview Asia-Pacific

Mainland China announced above 6 percent growth GDP target rate In March the 2021 growth target rate for the Chinese economy was set to be at least 6% at this year’s National People’s Congress. However, current forecasts from the IMF already suggest a higher growth rate for this year amounting to well above 8% while still taking into account ongoing geopolitical tensions. Other Asian economies, such as India, are expected to expand at double-digit levels. Two Asia tech IPOs topped the Strong debut into the new year for Asian IPOs global IPO league table in Q1 2021. The best-ever first quarter for new Asian listings was driven by the constructive Other sizable tech listings and global market environment of high liquidity, low interest rates and rallying stock markets. Globally the two largest IPOs this quarter are coming from the Asia-Pacific “returnee” listings in Shanghai and region raising more than $10bn combined. Year-to-date performance is staggering Hong Kong continued to drive as Kuaishou Technology (Mainland China) is up by 148% and Coupang Inc (South growth. Looking ahead, mergers Korea) is up by 31%. with SPACs as a route to public markets are increasingly being Outlook remains uncertain as the pipeline is focused on tech and growth stocks considered by Asia-Pacific issuers Driven by high valuations, many technology companies were seeking to be listed in including some of the region’s tech the first three months of the year to take advantage of high investor demand unicorns. throughout the region. However, more recently early warning signals become apparent making opportunistic issuances more challenging. In particular, large Kennedy Liu Geoffrey Tang Mainland China IPO candidates, which are considered to be of monopolistic character, are under high scrutiny by the government. Head of Capital Markets Director, Capital Markets PwC China PwC China

PwC | Global IPO Watch Q1 2021 16 Overview of IPO and FO activity in Asia-Pacific Whilst IPO activity continued to trend downwards in Q1 2021, first quarter activity was strong and notably higher than Q1 2019 (see page 23) and Q1 2020. The majority of Asia-Pacific IPOs priced at the top of range.

IPO and FO activity in Asia-Pacific IPOs FOs 45 300 • Asia-Pacific FO activity 257 • There was a marginal 120 385 450 40 231 decline in IPO activity 348 347 360 400 continues to be elevated 217 250 100 35 from Q4 2020 to Q1 350 above normal levels. 30 200 2021, however, activity 80 300 25 137 • Two of the top ten FOs 150 remained strong, helped 250 20 110 60 165 were South Korean issuers. by Kuaishou’s $6.2bn 200 Korean Air Lines, raised 15 100 IPO in January 2021. 40 150 10 $2.9bn in March 2021. Number of IPOs 50 100 Number of FOs Money Money raised ($bn) • The Technology sector 20 5 $18.3 $12.5 $41.7 $40.6 $31.5 Money raised ($bn) 50 • The Consumer accounted for over 30% $26.1 $73.9 $96.6 $57.6 $69.3 - - Discretionary and Health Q1 Q2 Q3 Q4 Q1 of Asia-Pacific IPO Q1 Q2 Q3 Q4 Q1 Care sectors were most 2020 2020 2020 2020 2021 proceeds in Q1. IPO 2020 2020 2020 2020 2021 prominent in Q1, FO activity was seen across proceeds were $17.2bn and Money raised ($bn) Number of IPOs Money raised ($bn) Number of FOs most other sectors. $9.3bn respectively. IPO pricing dynamics Index performance 2% 140 • Q1 2021 pricing was • The SSE Composite and 37% 40% favourable as compared 53% 120 Nikkei 225 ended Q1 above with 2020 and 2019 with pre pandemic levels, the majority of IPOs pricing 100 whereas the Hang Seng is 34% at the top of range. 41% marginally behind despite a 80 41% strong start to the year.

24% Index Rebased to 100 19% 60 3% 6% 2019 2020 2021 Jul 20 Oct 20 Apr 20 Jan 20 Jun 20 Jan 21 Mar 20 Mar 21 Mar Feb 20 Feb 21 Feb Nov 20 Nov 20 Dec Aug 20 Aug 20 Sep Below range Bottom of range In range Top of range Above range May 20 Hang Seng Nikkei 225 SSE Composite Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 17 Top locations in Asia-Pacific – IPOs Mainland China tops the charts for number of IPOs and proceeds raised in Q1. Whilst Thailand and South Korea did not make the top five in terms number of IPOs, a handful of large scale offerings secured their places in the top five countries by proceeds in Q1 2021. Q1 2021 By number of IPOs By proceeds

Ranking Location Number of deals % of region deals % of global deals Ranking Location Proceeds ($bn) % of region proceeds % of global proceeds 1 Mainland China 116 54% 16% 1 Mainland China 12.6 40% 6% 2 Hong Kong 27 12% 4% 2 Hong Kong 10.8 34% 5% 3 Japan 24 11% 3% 3 India 2.6 8% 1% 4 India 18 8% 3% 4 Thailand 1.6 5% 1% 5 Australia 17 8% 2% 5 South Korea 1.3 4% 1% Total – top 5 locations 202 93% 28% Total – top 5 locations 28.9 92% 14%

PwC | Global IPO Watch Q1 2021 18 Top locations in Asia-Pacific – FOs Hong Kong and Mainland China account for 66% of total Asia-Pacific FO proceeds raised from 54% of the FOs taking place in the region. Whilst 30% of the FOs in the region took place in Australia, these transactions contributed just 8% of total region proceeds. Q1 2021 By number of FOs By proceeds

Ranking Location Number of deals % of region deals % of global deals Ranking Location Proceeds ($bn) % of region proceeds % of global proceeds 1 Australia 107 30% 8% 1 Hong Kong 23.9 35% 10% 2 Mainland China 86 24% 7% 2 Mainland China 21.2 31% 9% 3 Hong Kong 77 21% 6% 3 India 6.6 10% 3% 4 Japan 27 8% 2% 4 Australia 5.2 8% 2% 5 India 26 7% 2% 5 South Korea 4.6 7% 2% Total – top 5 locations 323 90% 25% Total – top 5 locations 61.6 89% 26%

Note: Top countries have been selected based on money raised in 2021. For IPOs Initial secondary listings included in 2021 FO data includes 5 deals ($7.2bn proceeds). which take place on two or more exchanges, the full amount of money raised is The top 10 largest Initial secondary listings are included on page 32. attributed to all exchanges. Source: Dealogic as of 31 March 2021

PwC | Global IPO Watch Q1 2021 19 Basis of preparation

• The Global IPO Watch analyses IPO and FO trends on a quarterly basis, both at a global and regional level. • It is based on data extracted from Dealogic, whereby only transactions with a minimum of $5 million money raised have been included. • Transaction proceeds include the overallotment option (if exercised). • The data excludes PIPOs and transactions on Over-The-Counter exchanges. • In case IPOs or FOs take place on two or more exchanges, the full amount of money raised is attributed to all exchanges. The same applies to countries and regions. This does not apply to two exchanges within the same country or two countries within the same region. • Secondary listings (“Initial secondary listings”) are classified as FOs. A footnote has been added to the relevant analysis to highlight secondary listing transactions. The top 10 largest Initial secondary listings are included on page 32. • Country indicates the company’s country of domicile. • Industry classification is based on the FTSE Russell Industry Classification Benchmark. • Index performance is based on pricing data extracted from Bloomberg.

PwC | Global IPO Watch Q1 2021 20 Contacts

Ross Hunter David Ethridge PwC Global IPO Centre Leader – PwC UK IPO Services Co-Leader - PwC US [email protected] [email protected]

Mark Hughes Michael Bellin Partner, Capital Markets – PwC UK IPO Services Co-Leader - PwC US [email protected] [email protected]

Stuart Newman Kennedy Liu Partner, Capital Markets – PwC UK Head of Capital Markets - PwC China

[email protected] [email protected] Nadja Picard Geoffrey Tang PwC Europe Capital Markets Leader – PwC Germany Director, Capital Markets - PwC China [email protected] [email protected]

Carsten Stäcker Partner, Equity Advisory – PwC Germany [email protected]

PwC | Global IPO Watch Q1 2021 21 Appendices

• IPO and FO activity statistics • Leading transactions 2021 • IPO and FO activity per sector

PwC | Global IPO Watch Q1 2021 22 IPO and FO activity statistics

Global IPO and FO activity IPO and FO activity in the Americas 2019 2020 2021 Q1 2019 Q1 2020 Q1 2021 2019 2020 2021 Q1 2019 Q1 2020 Q1 2021 IPO activity IPO activity Number of IPOs 1040 1415 727 179 210 727 Number of IPOs 251 513 419 43 50 419 % sponsor-backed 6.6% 9.4% 12.2% 2.8% 6.2% 12.2% % sponsor-backed 15.1% 19.9% 16.9% 7.0% 18.0% 16.9% Money raised $199.2bn $331.3bn $202.9bn $20.0bn $36.4bn $202.9bn Money raised $74.1bn $190.1bn $143.9bn $10.5bn $15.9bn $143.9bn % sponsor-backed 18.2% 24.5% 22.4% 7.4% 22.7% 22.4% % sponsor-backed 24.8% 33.3% 24.3% 7.4% 39.3% 24.3%

Advanced metrics Advanced metrics Free float % 31.1% 37.7% 52.6% 31.6% 32.4% 52.6% Free float % 40.0% 56.7% 68.8% 49.4% 53.2% 68.8% Overallotment exercised (%) 32.0% 34.6% 40.8% 40.2% 28.1% 40.8% Overallotment exercised (%) 74.8% 72.3% 63.6% 80.6% 80.0% 63.6% % secondary shares 12.3% 9.7% 9.9% 10.1% 10.7% 9.9% % secondary shares 4.9% 4.2% 3.2% 3.1% 2.6% 3.2%

FO activity FO activity Number of FOs 2783 3689 1285 626 610 1285 Number of FOs 1127 1484 650 289 268 650 Money raised $457.8bn $734.3bn $247.9bn $98.3bn $95.0bn $247.9bn Money raised $216.3bn $317.7bn $133.0bn $52.1bn $42.1bn $133.0bn IPO and FO activity in EMEA IPO and FO activity in Asia-Pacific 2019 2020 2021 Q1 2019 Q1 2020 Q1 2021 2019 2020 2021 Q1 2019 Q1 2020 Q1 2021 IPO activity IPO activity Number of IPOs 129 167 91 16 23 91 Number of IPOs 660 735 217 120 137 217 % sponsor-backed 14.7% 9.0% 13.2% 6.3% 13.0% 13.2% % sponsor-backed 1.8% 2.2% 2.8% 0.8% 0.7% 2.8% Money raised $53.3bn $28.1bn $27.5bn $0.9bn $2.2bn $27.5bn Money raised $71.7bn $113.1bn $31.5bn $8.6bn $18.3bn $31.5bn % sponsor-backed 23.9% 33.4% 33.9% 1.0% 28.8% 33.9% % sponsor-backed 7.1% 7.5% 3.8% 8.0% 7.6% 3.8% Advanced metrics Advanced metrics Free float % 38.1% 37.9% 42.3% 34.0% 32.7% 42.3% Free float % 26.6% 24.8% 25.6% 26.0% 25.5% 25.6% Overallotment exercised (%) 25.8% 17.0% 16.7% 14.3% 14.3% 16.7% Overallotment exercised (%) 18.0% 12.8% 6.9% 31.1% 13.1% 6.9% % secondary shares 34.3% 23.9% 33.9% 15.0% 26.4% 33.9% % secondary shares 10.8% 10.3% 12.7% 12.0% 11.1% 12.7% FO activity FO activity Number of FOs 740 975 280 158 183 280 Number of FOs 926 1245 360 180 165 360 Money raised $97.9bn $164.7bn $46.0bn $23.2bn $27.1bn $46.0bn Money raised $145.0bn $254.2bn $69.3bn $23.0bn $26.1bn $69.3bn PwC | Global IPO Watch Q1 2021 23 Leading transactions 2021 Global

Top 10 largest IPOs 2021 Performance (% change)

Pricing date Issuer name Issuer country Sector Exchange Pricing Money raised 1-day 1-month Current 29-Jan-21 Kuaishou Technology Mainland China Technology HKEX Top of range $6.2bn 160.9% 160.5% 147.8% 10-Mar-21 Coupang Inc South Korea Consumer Discretionary NYSE Above range $4.6bn 40.7% N/A 31.3% 27-Jan-21 InPost SA Poland Industrials Euronext Amsterdam Top of range $3.9bn 15.1% 13.5% -5.5% 10-Feb-21 Bumble Inc United States Technology NASDAQ Above range $2.5bn 63.5% 46.3% 48.8% 17-Mar-21 Vantage Towers AG Germany Telecommunications Deutsche Börse Bottom of range $2.4bn 1.5% N/A 0.0% 2-Feb-21 AUTO1 Group SE Germany Consumer Discretionary Deutsche Börse Top of range $2.2bn 39.5% 17.1% 27.6% 14-Jan-21 Playtika Holding Corp Israel Consumer Discretionary NASDAQ Above range $2.2bn 17.1% 25.2% -0.8% 26-Jan-21 Shoals Technologies Group Inc United States Utilities NASDAQ Above range $2.2bn 23.9% 30.5% 40.3% 31-Mar-21 Deliveroo plc United Kingdom Technology London Stock Exchange Bottom of range $2.1bn -26.3% N/A -27.7% 29-Jan-21 Dr Martens plc United Kingdom Consumer Discretionary London Stock Exchange Above range $2.0bn 21.6% 33.4% 23.0%

Top 10 largest FOs 2021 Performance (% change)

Pricing date Issuer name Issuer country Sector Exchange Deal type Money raised 1-day 1-month Current 23-Mar-21 Tryg A/S Denmark Financials NASDAQ Copenhagen FO - Rights Offer $5.9bn 38.5% N/A 42.5% 17-Mar-21 BYD Co Ltd China Consumer Discretionary HKEX FO - Accelerated Bookbuild $3.9bn 10.4% 10.7% -21.1% 8-Mar-21 Baidu Inc China Technology HKEX FO - Fully Marketed $3.1bn 0.0% N/A -13.4% 24-Mar-21 Korean Air Lines South Korea Consumer Discretionary Korea Exchange FO - Rights Offer $2.9bn 41.9% N/A 41.6% 23-Mar-21 Siemens Healthineers AG Germany Health Care Deutsche Börse FO - Accelerated Bookbuild $2.8bn 4.5% N/A 4.9% 22-Feb-21 Bilibili Inc China Consumer Discretionary HKEX FO - Fully Marketed $2.6bn -1.0% N/A 7.7% 4-Mar-21 Churchill Capital Corp IV United States Financials NYSE FO - PIPE $2.5bn -1.4% N/A -3.7% 18-Feb-21 Lens Technology Co Ltd China Industrials Shenzhen SE FO - Cash Placing $2.3bn 45.4% 29.1% 4.2% 3-Mar-21 Plug Power Inc United States Utilities NASDAQ FO - Bought Deal $2.1bn -0.9% -25.6% -48.6% 24-Mar-21 Uber Technologies Inc United States Consumer Discretionary NYSE FO - Bought Deal $2.0bn -1.2% 8.7% 6.5%

Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Source: Dealogic, Bloomberg as of 31 March 2021. PwC | Global IPO Watch Q1 2021 24 Leading transactions 2021 Americas

Top 10 largest IPOs 2021 in the Americas Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Pricing Money raised 1-day 1-month Current 10-Mar-21 Coupang Inc South Korea Consumer Discretionary NYSE Above range $4.6bn 40.7% N/A 31.3% 10-Feb-21 Bumble Inc United States Technology NASDAQ Above range $2.5bn 63.5% 46.3% 48.8% 14-Jan-21 Playtika Holding Corp Israel Consumer Discretionary NASDAQ Above range $2.2bn 17.1% 25.2% -0.8% 26-Jan-21 Shoals Technologies Group Inc United States Utilities NASDAQ Above range $2.2bn 23.9% 30.5% 40.3% 27-Jan-21 PIMCO Dynamic Income Opportunities Fund United States Financials NYSE In range $2.0bn 0.0% N/A -0.1% 28-Jan-21 Qualtrics International Inc United States Technology NASDAQ Above range $1.8bn 51.7% 26.7% 5.2% 23-Feb-21 Soaring Eagle Acquisition Corp United States Financials NASDAQ In range $1.7bn 8.8% 1.7% 1.7% 27-Jan-21 Ortho Clinical Diagnostics Holdings plc United States Health Care NASDAQ Below range $1.5bn -5.3% 1.8% 11.7% 2-Mar-21 Oscar Health Inc United States Financials NYSE Above range $1.4bn -10.8% -33.4% -35.5% 21-Jan-21 RLX Technology Inc China Consumer Staples NYSE Above range $1.4bn 145.9% 75.3% -15.6%

Top 10 largest FOs 2021 in the Americas Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Deal type Money raised 1-day 1-month Current 22-Feb-21 Churchill Capital Corp IV United States Financials NYSE FO - PIPE $2.5bn -1.4% N/A -3.7% 26-Jan-21 Plug Power Inc United States Utilities NASDAQ FO - Bought Deal $2.1bn -0.9% -25.6% -48.6% 7-Jan-21 Uber Technologies Inc United States Consumer Discretionary NYSE FO - Bought Deal $2.0bn -1.2% 8.7% 6.5% 4-Mar-21 VICI Properties Inc United States Financials NYSE FO - Accelerated Bookbuild $2.0bn -1.2% -0.6% -0.1% 12-Jan-21 Zoom Video Communications Inc United States Technology NASDAQ FO - Accelerated Bookbuild $2.0bn 7.2% 27.4% -4.7% 18-Feb-21 Twilio Inc United States Technology NYSE FO - Bought Deal $1.8bn 0.1% -17.2% -18.0% 24-Mar-21 ViacomCBS Inc United States Consumer Discretionary NASDAQ FO - Accelerated Bookbuild $1.7bn -17.5% N/A -49.5% 5-Mar-21 Norwegian Cruise Line Holdings Ltd United States Consumer Discretionary NYSE FO - Bought Deal $1.6bn -3.8% -7.6% -1.0% 23-Feb-21 Shopify Inc Canada Technology NYSE FO - Bought Deal $1.6bn -1.1% -11.8% -12.9% 25-Jan-21 Foley Trasimene Acquisition Corp United States Financials NYSE FO - PIPE $1.6bn 0.2% -1.28% 0.2%

Top 10 largest IPOs 2021 in EMEA Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Pricing Money raised 1-day 1-month Current 27-Jan-21 InPost SA Poland Industrials Euronext Amsterdam Top of range $3.9bn 15.1% 13.5% -5.5% 17-Mar-21 Vantage Towers AG Germany Telecommunications Deutsche Börse Bottom of range $2.4bn 1.5% N/A 0.0% 2-Feb-21 AUTO1 Group SE Germany Consumer Discretionary Deutsche Börse Top of range $2.2bn 39.5% 17.1% 27.6% 31-Mar-21 Deliveroo plc United Kingdom Technology London Stock Exchange Bottom of range $2.1bn -26.3% N/A -27.7% 29-Jan-21 Dr Martens plc United Kingdom Consumer Discretionary London Stock Exchange Above range $2.0bn 21.6% 33.4% 23.0% London Stock Exchange 5-Mar-21 Fix Price Group Ltd Russian Federation Consumer Discretionary Top of range $1.7bn 0.0% 0.1% 0.1% Moscow Exchange 25-Mar-21 CTP BV Czech Republic Industrials Euronext Amsterdam Bottom of range $1.0bn 0.0% N/A 11.1% 2-Feb-21 Moonpig Group plc United Kingdom Consumer Discretionary London Stock Exchange Top of range $0.7bn 17.1% 28.6% 22.1% 19-Feb-21 Cint Group AB Sweden Technology NASDAQ Stockholm Top of range $0.7bn 38.9% 2.8% 18.1% 23-Mar-21 Trustpilot Group Plc Denmark Technology LSE Top of range $0.7bn 0.0% N/A 0.0%

Top 10 largest FOs 2021 in EMEA Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Deal type Money raised 1-day 1-month Current 23-Mar-21 Tryg A/S Denmark Financials NASDAQ Copenhagen FO - Rights Offer $5.9bn 38.5% N/A 42.5% 24-Mar-21 Siemens Healthineers AG Germany Health Care Deutsche Börse FO - Accelerated Bookbuild $2.8bn 4.5% N/A 4.9% 3-Mar-21 EDP Renovaveis SA Spain Utilities Euronext Lisbon FO - Accelerated Bookbuild $1.8bn -0.7% N/A 10.2% 6-Jan-21 Delivery Hero SE Germany Consumer Discretionary Deutsche Börse FO - Accelerated Bookbuild $1.5bn 1.8% -0.2% -13.1% 12-Mar-21 Daimler AG Germany Consumer Discretionary Deutsche Börse FO - Accelerated Bookbuild $1.4bn 1.8% N/A 8.4% 17-Mar-21 Allegro.eu SA Poland Consumer Discretionary Warsaw SE FO - Accelerated Bookbuild $1.2bn -0.4% N/A -6.6% 4-Mar-21 Tryg A/S Denmark Financials NASDAQ Copenhagen FO - Accelerated Bookbuild $1.1bn 2.4% N/A 12.5% 23-Feb-21 Adyen NV Netherlands Industrials Euronext Amsterdam FO - Accelerated Bookbuild $1.1bn -4.7% -7.6% -4.6% 19-Mar-21 London Stock Exchange Group plc United Kingdom Financials London Stock Exchange FO - Accelerated Bookbuild $1.0bn 1.0% N/A 1.2% 18-Mar-21 Embracer Group AB Sweden Consumer Discretionary NASDAQ Stockholm FO - Accelerated Bookbuild $0.9bn 5.4% N/A 16.9%

Top 10 largest IPOs 2021 in Asia-Pacific Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Pricing Money raised 1-day 1-month Current 29-Jan-21 Kuaishou Technology China Technology HKEX Top of range $6.2bn 160.9% 160.5% 147.8% 2-Feb-21 PTT Oil & Retail Business pcl Thailand Utilities Thailand SE Top of range $1.6bn 62.5% 69.4% 76.4% 8-Mar-21 SK Biosciences Co Ltd South Korea Health Care Korea Exchange Top of range $1.3bn 4.7% N/A -3.2% 31-Mar-21 Linklogis Inc China Financials HKEX In range $1.0bn N/A** N/A N/A** 4-Jan-21 Tianneng Battery Group Co Ltd China Consumer Discretionary STAR Market N/A* $0.8bn 47.1% 7.0% 12.3% 22-Jan-21 Indian Railway Finance Corp Ltd India Industrials BSE; NSE Top of range $0.6bn -4.4% -5.2% -13.5% 8-Jan-21 Yidu Tech Inc China Health Care HKEX Top of range $0.6bn 147.9% 120.7% 43.7% 9-Feb-21 Brookfield India Real Estate Trust India Financials BSE; NSE Top of range $0.5bn -1.8% -14.5% -15.7% 25-Mar-21 Bairong Inc China Financials HKEX Top of range $0.5bn -16.0% N/A -15.9% 15-Mar-21 Yunnan Botanee Bio-Technology Group Co Ltd China Consumer Staples Shenzhen SE N/A* $0.5bn 244.0% N/A 272.9%

Top 10 largest FOs 2021 in Asia-Pacific Performance (% change) Pricing date Issuer name Issuer country Sector Exchange Deal type Money raised 1-day 1-month Current 20-Jan-21 BYD Co Ltd China Consumer Discretionary HKEX FO - Accelerated Bookbuild $3.9bn 10.4% 10.7% -21.1% 17-Mar-21 Baidu Inc China Technology HKEX FO - Fully Marketed $3.1bn 0.0% N/A -13.4% 8-Mar-21 Korean Air Lines South Korea Consumer Discretionary Korea Exchange FO - Rights Offer $2.9bn 41.9% N/A 41.6% 23-Mar-21 Bilibili Inc China Consumer Discretionary HKEX FO - Fully Marketed $2.6bn -1.0% N/A 7.7% 8-Jan-21 Lens Technology Co Ltd China Industrials Shenzhen SE FO - Cash Placing $2.3bn 45.4% 29.1% 4.2% 2-Feb-21 WuXi Biologics (Cayman) Inc China Health Care HKEX FO - Accelerated Bookbuild $1.7bn 5.0% -10.9% -6.2% 4-Jan-21 WuXi Biologics (Cayman) Inc China Health Care HKEX FO - Accelerated Bookbuild $1.3bn 5.6% 21.2% 8.9% 5-Jan-21 China National Nuclear Power Co Ltd China Utilities Shanghai SE FO - Cash Placing $1.2bn 24.6% 16.9% 32.3% 18-Jan-21 Western Securities Co Ltd China Financials Shenzhen SE FO - Cash Placing $1.2bn 38.7% 18.2% 13.9% 23-Feb-21 SK Biopharmaceuticals Co Ltd South Korea Health Care Korea Exchange FO - Accelerated Bookbuild $1.0bn -6.0% -19.1% -20.3% Note: IPOs are classified as ‘In Range’ if the IPO is priced in the middle 50% of the price range. The top and bottom 25% are classified as ‘Top of Range’ and ‘Bottom of Range’. Source: Dealogic, Bloomberg as of 31 March 2021. * No pricing data available as at 31/03/2021 ** No performance data as at 31/03/2021 due to deferred trading PwC | Global IPO Watch Q1 2021 27 IPO and FO activity per sector In Q1 2021, the FTSE Russell Industry Classification Benchmark (ICB) was revised: - the “Oil and gas” sector was renamed to “Energy”; and - the “Consumer Goods” and “Consumer Services” sectors were replaced with “Consumer Discretionary” Global and “Consumer Staples”. These new consumer categories are not direct replacements, therefore we are unable to show historical data on a like-for-like basis using the new ICB classifications.

Money raised and number of IPOs and FOs per sector 2019-2021

Basic Materials Consumer Consumer Financials Health Care Industrials Energy Technology Telecommunication Utilities Discretionary Staples 394 131.3 328 242 268

# of deals 195 210 105.5 153 142 171 87 74 73 74 80 40 36 25 17 24 0 6 9 8 11 22 29

52.5 44.8 34.5 38.0 28.2 25.6 22.3 25.7 25.5 14.6 14.8 19.7 9.7 6.6 3.9 2.8 4.1 2.0 - 2.0 1.2 3.4 2.1 3.4

IPO money raised & '19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD 911 763 603 559 423 471 # of deals 316 341 336 258 226 157 209 143 143 134 135 136 81 101 37 1 29 34 25 64 158.7 153.8 120.5

71.9 77.3 79.7 51.5 58.6 46.3 38.5 45.8 27.9 24.7 25.6 30.4 27.5 28.3 28.0 16.4 13.2 21.0 14.3 16.6 4.7 0.4 4.2 FO money raised & '19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

PwC | Global IPO Watch Q1 2021 28 IPO and FO activity per sector Americas

Money raised and number of IPOs and FOs per sector 2019 – 2021

Consumer Basic Materials Consumer Financials Health Care Industrials Energy Technology Telecommunication Utilities Staples Discretionary 287 308

100.0 # deals of 100.4 102 105 71 43 45 27 21 29 17 2 4 4 4 9 8 4 3 0 1 1 1 3 1 6

25.6 28.7 22.2 13.6 13.5 9.7 8.9 10.9

IPO money & raised money IPO 7.3 3.7 0.1 0.6 1.0 1.9 3.0 1.4 0.5 - 0.9 0.0 0.2 1.2 1.2 2.8

'19 '20 '21 YTD '21 YTD '21 YTD '19 '20 '21 YTD '19 '20593'21 YTD '19 '20 '21 YTD '19 '20 '21 YTD '19 '20 '21 YTD '19 '20 '21 YTD '19 '20 '21 YTD 83.0 369 263

# deals of 62.3 219 154 163 151 134 130 80 93 88 47 48 52 45 49 73 39 12 1 4 2 8 31 32 55.6 36.1 50.3 33.5 22.8 20.1 20.8 18.1 17.0 16.1 13.3 15.7 14.3 24.3 10.8 8.6 6.6 9.3 8.0 3.0 1.1 0.4 1.3 1.3 FO money & raised FO money

'19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

PwC | Global IPO Watch Q1 2021 29 IPO and FO activity per sector EMEA

Money raised and number of IPOs and FOs per sector 2019 – 2021

Consumer Basic Materials Consumer Financials Health Care Industrials Energy Technology Telecommunication Utilities Discretionary Staples

39 28 29 31 26 21 16 # of deals 14 13 12 4 7 11 6 11 6 10 10 4 11 2 2 25.7 0 2 3 3

9.1 7.9 9.4 6.1 5.2 6.0 5.1 2.9 3.1 4.4 2.9 0.1 0.8 0.3 0.3 1.0 1.4 0.3 0.6 - 1.1 0.8 0.1 1.0 1.4

'19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD IPO money raised & 224 198 187 157 116 114 81 53 50 46 50 56 56 37 26 39 40 27 29 36 12 8 19 15 # of deals 0 4

34.1 29.8 33.5 15.8 19.2 17.0 12.9 13.4 10.4 5.0 7.6 8.4 4.8 5.2 4.6 5.5 5.5 8.1 0.9 1.2 3.3 - 2.6 1.0 3.2 3.9

'19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 FO money raised & YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

PwC | Global IPO Watch Q1 2021 30 IPO and FO activity per sector Asia-Pacific

Money raised and number of IPOs and FOs per sector 2019 – 2021

Consumer Technology Basic Materials Consumer Financials Health Care Industrials Energy Telecommunication Utilities Discretionary Staples 216 172 112 103 100 # deals of 81 68 68 77 36 55 47 27 26 14 9 24 7 11 0 3 4 4 5 10 11

20.9 23.0 22.0 14.7 13.3 10.8 8.3 7.7 7.7 10.2 3.7 2.9 2.6 4.6 5.1 1.5 1.9 1.1 0.8 - 0.1 0.4 0.3 0.8 1.2 2.4

'19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21

IPO money & raised money IPO YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

277 242 219 180 142 135 134 125 72 79 # deals of 65 59 68.4 51 52 41 62.3 36 38 36 20 28 13 0 17 13 13 18

29.2 23.0 23.7 17.2 16.6 18.4 12.6 8.5 8.2 7.9 9.3 10.6 10.4 9.2 5.7 4.4 6.8 7.6 4.3 5.6 4.7 2.4 - 1.9 FO money & raised FO money '19 '20 '21 '21 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 '19 '20 '21 YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD

PwC | Global IPO Watch Q1 2021 31 Leading initial secondary listings 2021 Global

Top 10 largest initial secondary listings 2021

# Pricing date Issuer name Issuer Country Sector Exchange Other Exchange Money raised $bn 1 17-Mar-21 Baidu Inc Mainland China Computers & Electronics Hong Kong Exchange-Main Board NASDAQ 3.1 2 23-Mar-21 Bilibili Inc Mainland China Computers & Electronics Hong Kong Exchange-Main Board NASDAQ 2.6 3 19-Feb-21 JOINN Laboratories (China) Co Ltd Mainland China Healthcare Hong Kong Exchange-Main Board Shanghai Stock Exchange 0.8 4 09-Mar-21 Autohome Inc Mainland China Computers & Electronics Hong Kong Exchange-Main Board NYSE 0.7 5 24-Feb-21 Score Media & Gaming Inc Canada Publishing NASDAQ-US TSE 0.2 6 11-Feb-21 urban-gro Inc United States Professional Services NASDAQ-US OTCQX 0.1 7 17-Feb-21 GreenBox POS United States Computers & Electronics NASDAQ-US OTCQB 0.1 8 11-Feb-21 GT Biopharma Inc United States Healthcare NASDAQ-US OTCQB <0.1 9 10-Feb-21 Biophytis SA France Healthcare NASDAQ-US EPA <0.1 10 21-Jan-21 ComSovereign Holding Corp United States Telecommunications NASDAQ-US OTCQX <0.1

PwC | Global IPO Watch Q1 2021 32