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IPO WatchEurope

Review of the year 2006

2006

Contents

IPO Watch Europe – Review of the year 2006

Foreword 1

European IPOs by quarter 3

IPOs by Stock Exchange 4

EU-Regulated and Exchange-Regulated Markets 7

International IPOs 9

Major IPOs in 2006 11

IPOs in the last 5 years 12

Consolidation of the European Markets –Where is the liquidity? 13

Consolidation of the European Markets –Where is the value? 14

IPOs by sector 15

Investment Companies 17

Comparison with the US 18

Comparison with Greater China 20

Developments in European Capital Market Regulation 21

About IPO Watch Europe 22

London Capital Markets Group 23

1 IPO Watch Europe – Review of the year 2005

Foreword

IPO Watch Europe 2006

Welcome to the IPO WatchEurope review of the year 2006,the PricewaterhouseCooperssurvey that tracks the volumeand value of IPOs aroundEurope. 2006 was anotherrecord year for European IPOs,in terms of the number of IPOs,total offering value andinternational offerings.

The European capital markets raisedmore money than those in the US forthe second year running, and remainedahead of the rapidly expanding GreaterChina capital markets. Europe’scontinued success was underpinned byits attractiveness as a destination forinternational IPOs, particularly GDRofferings in London. London remainedEurope’s most successful market interms of offering value and number ofIPOs, although the strong growthobserved on London’s Main Marketwas offset to some extent by aslowdown on AIM. Across Europeexchange-regulated markets had astrong year.

The upward trend in European IPOs byvolume and value that we reported in2005 continued into 2006, with thenumber of IPOs increasing by 9% from598 in 2005 to 653 in 2006, andoffering value increasing by 27% fromm51.6bn to m65.4bn.

The relatively higher growth in offeringvalue than in volume of IPOs isunderpinned by the international activityon the European markets, ie non-European companies listing onEuropean capital markets. 2006 saw118 international companies raise

m16.8bn in Europe, a quarter of totalnew money raised. This corresponds toa 75% increase in money raised despitea 6% fall in the number of internationalIPOs. Two of the top five largest IPOsby value were international offerings:Rosneft and Lotte Shopping. Rosneft,the Russian oil and gas conglomerate,raised m5.2bn and was the largest IPOof the year in Europe. Lotte Shopping,a South Korean retail company, raisedm2.3bn. Both of these companiescompleted GDR offerings on London’sMain Market.

Driven by its attractiveness tointernational companies – 86 of the 118international offerings were on London’smarkets, raising m15.0bn – London hascontinued to dominate European IPOswith both the largest number of IPOsand the highest total offering value.London’s market share was 45% in2006 both in terms of offering value andnumber of IPOs. This represents anincrease in market share by offeringvalue from 36% in 2005, but a decreasein market share by number of IPOs from59% in 2005. This reflects the increasein higher offering value IPOs onLondon’s Main Market offset by areduction in the number of lower offeringvalue IPOs on AIM.

800

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Number of IPOsOffering value

2003 2004 2005 2006

IPOs and offering value

IPO Watch Europe – Review of the year 2006 2

In contrast to the reduction in volume onthe well-established AIM market,substantial growth has been seen onEurope’s major new exchange-regulatedmarkets: Euronext’s Alternext; theDeutsche Börse’s Entry Standard; andLuxembourg’s EuroMTF, which wereestablished during 2005. Indeed theEuroMTF, with 22 IPOs from India andthree from Taiwan, captured allLuxembourg IPOs in 2006, leaving theirEU-regulated market with no IPOactivity.

The US capital markets also showedsigns of growth in 2006, following aslow-down in 2005. The total offeringvalue of US IPOs increased by 31%from m27.5bn to m36.1bn, although theUS markets continue to lose out oninternational IPOs, with offering valuefrom international IPOs of m6.2bncompared to the m16.8bn raised inEurope by international IPOs. Thegrowth experienced by the US capitalmarkets was eclipsed by that enjoyedby the Greater China capital markets,which saw an increase in total offeringvalue of 172% from m17.5bn in 2005 tom47.6bn in 2006. Within these figures,Hong Kong alone accounted for a totaloffering value in the year of m34.0bn.With this level of growth, the GreaterChina capital markets are quicklycatching Europe and have overtakenthe US in 2006.

The growth in the European capitalmarkets has not been hindered by majorand ongoing changes to regulation, asdomestic issuers have taken thechanges in their strides; whileinternational issuers have beenincreasingly attracted to exchange-regulated markets and specialistsecurities offerings which avoid certainaspects of those regulations. Growth inIPO activity may indeed have beengreater had it not been for the high levelof private equity deals in the year, whichhas resulted in an environment withmany companies setting out on a “dualtrack” to achieve either IPO or privatesale. There has also been anincreasing trend towards public-to-private deals in Europe and particularlyin the US, although new money raisedby IPOs has comfortably exceeded theamount taken private. Indeed many ofthe investment companies making suchinvestments are themselves listed.

Overall in 2006, as we predicted lastyear, the European capital markets havecontinued to thrive and have proved tobe popular destinations for internationalIPOs. There has been some movementaway from smaller company IPOs infavour of those of larger, moreestablished businesses, with aconsequent rise in the average offeringvalue. The US capital markets haveshown some signs of recovery while theGreater China capital markets haveshown significant growth.

The pipeline for 2007 is encouragingand we should continue to see a steadystream of both domestic andinternational companies coming toEuropean markets to IPO. Investordemand is always difficult to predictgiven the many factors which canimpact international capital markets.However, we expect the IPO market tobe buoyant in 2007 provided there areno unexpected world events whichcould unsettle the markets moregenerally.

Tom Troubridge, Head of the LondonCapital Markets Group


European IPOs by quarter

The profile of IPOs by quarter in 2006 isconsistent with that seen in 2005, withan increase experienced in each quarterof 2006 relative to the equivalent quarterof 2005. The established trend is for asurge in activity in the second and finalquarter as IPOs are completed beforethe summer and the end of the year.Relatively fewer companies IPO in thefirst quarter as many are Decemberyear ends and as such they wait fortheir December results to be availablebefore marketing their shares, while thethird quarter is effectively shortened bythe summer holiday season. It isinteresting to note how closely theprofile established in 2005 is replicatedin 2006 despite the fact that the new EUcapital markets regulations went live on1 July 2005 and there was no equivalentevent in 2006.

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Number of IPOs

187

11,808

25,836

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0Q1

6,236

11,458

25,475

9,297

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Q2 Q32005 2006

Q4 Q1 Q2 Q3 Q4

Offering value of IPOs

18,449

8,448

The offering value of IPOs wassignificantly higher in each of the firstthree quarters of 2006 when comparedto the equivalent quarters of 2005. Thefourth quarter of 2005 enjoyed a recordoffering value for any quarter since oursurvey began, and even that recordlevel was exceeded by our new recordholder, quarter four of 2006. Theaverage offering value per IPO(excluding introductions) was m116m in2006 compared to m99m in 2005.Excluding the top ten IPOs each year aswell as introductions we can calculate a“normalised” average offering value perIPO. This has increased from m64m in2005 to m75m, indicating that thegeneral trend for IPOs towards a higheroffering value, which we identified in2005, has continued in 2006.


IPOs by Stock Exchange

Europe hosted 653 IPOs in 2006, anincrease of 9% from 598 in 2005. Thetotal offering value grew by 27%, fromm51.6bn in 2005 to m65.4bn in 2006.

London continues to lead the Europeancapital markets by number and offeringvalue, with 297 IPOs raising m29.7bnin 2006, compared to 354 IPOs raisingm18.6bn in 2005. London’s marketshare by offering value increased to45% from 36% in 2005, while itsmarket share by number fell to 45%from 59%. The 60% growth of offeringvalue experienced, despite a 16%reduction in the number of IPOs,reflects the number of high value IPOsLondon hosted on its Main Market,offset by a reduction in the number ofrelatively lower offering value IPOs onAIM. London hosted five of the top tenIPOs by offering value in 2006,including the largest IPO of the year inLondon and in Europe, Rosneft, whichraised m5.2bn on the Main Market.

IPOs per exchange

Company Offering value Company Offering value IPOs 2006 (mm) 2006 IPOs 2005 (mm) 2005

London 297 (1,2,3,4,5) 29,745 (1,2,3,4,5) 354 (7,8,9) 18,588 (7,8,9)

Euronext 116 12,427 64 16,319

Deutsche Börse 84 6,974 23 3,542

Borsa Italiana 21 4,330 15 2,400

BME (Spanish Exchanges) 10 2,969 1 157

OMX 35 2,228 27 2,148

Wiener Börse 6 1,465 7 (6) 1,162 (6)

Luxembourg 25 1,355 31 2,075

Oslo Børs 14 1,293 30 1,391

SWX 8 1,009 10 2,137

WSE 33 953 35 (6) 1,740 (6)

Athens Stock Exchange 1 612 2 29

ISE 8 (1,2,3,4,5) 597 (1,2,3,4,5) 3 (7,8,9) 12 (7,8,9)

Europe Total 653 65,390 598 51,617

(1) Agi Therapeutics dual listing (London (AIM) and ISE (IEX)) raising m43m(2) Amarin Corp dual listing (London (AIM) and ISE (IEX)) raising mnil(3) Petroneft Resources dual listing (London (AIM) and ISE (IEX)) raising m12m(4) Aer Lingus dual listing (London (Main) and ISE) raising m502m(5) Siteserv dual listing (London (AIM) and ISE (IEX)) raising m10m(6) SkyEurope dual listing (WSE and Wiener Börse) raising m71m(7) Irish Estate dual listing (London (AIM) and ISE (IEX)) raising mnil(8) Newcourt Group dual listing (London (AIM) and ISE (IEX)) raising m12m(9) Lapp Plats dual listing (London (AIM) and ISE (IEX)) raising mnil

Martin Graham, Director of Markets,London Stock Exchange:

“New companies from 26 countries, ofall sizes and from all sectors carriedout IPOs on the London StockExchange’s Main Market and AIMduring 2006, raising £29.4 billion1

(m43.2bn) between them. This made2006 a record year for IPOs on ourmarkets, with companies raising moremoney on our markets than on anyother Exchange in the world.”

Euronext was the second largestEuropean market in both volume andoffering value terms. With 116 IPOs in2006 compared to 64 IPOs in 2005,Euronext’s market share by number ofIPOs has increased from 11% in 2005to 18% in 2006. Euronext’s totaloffering value has decreased by 24%from m16.3bn in 2005 to m12.4bn in2006, which is largely due to the factthat the 2005 total was particularly highas it included both EDF and Gaz deFrance, which were Europe’s largestand second largest IPOs of 2005 withoffering values of m7.0bn and m3.5bnrespectively. In 2006 Euronextwelcomed the second largest IPO ofthe year, that of the French bankNatixis, which raised m4.2bn.

Martine Charbonnier, ExecutiveDirector Listing & Issuers, Euronext:

“In 2006, Euronext followed up whatwere already two record years withanother vigorous performance, takingfirst place for new listings in the eurozone. Total capital raised reached itshighest 2 since 2000 reflecting inparticular the listing of several privateequity and hedge funds in Amsterdam.More than one in three new listingswere on Alternext, the Euronext market

specialised in small and medium-sizedbusinesses, which is now in operationin Paris, Amsterdam and Brussels andshould be opening in Lisbon during thefirst half of this year. Looking ahead,Euronext will be building on its centralplace in the euro zone and its dynamicmarkets to make the most of healthytrends on primary markets, drawingnew strength from its planned mergerwith NYSE to become a focus ofattraction for international investors andforeign companies.”

The Deutsche Börse has maintained itsposition as the third most activeexchange in 2005 by offering value. Its84 IPOs in 2006 raised m7.0bn, whichrepresents a significant increase on theprevious year when 23 IPOs raisedm3.5bn. The Deutsche Börse hostedthe seventh largest IPO of 2006, thechemicals company Symrise, whichraised m1.2bn.

Rainer Riess, Managing Director ofStock Market Business Developmentat Deutsche Börse:

“IPOs have strongly increased in thelast year and this trend is likely to gainmomentum in 2007. The sentiment forIPOs continues to be positive andmany investors are seekingopportunities to sell off their stakes inunlisted companies. For example,many medium-sized companies who donot find a successor tend to look at apublic offering to open up theirgovernance and finance future growth.We also see a trend for large, welldiversified companies to spin off theirsubsidiaries through an IPO. Last butnot least German REITs – yet to beapproved by legislature – will be anaddition to the IPO market.”

Borsa Italiana ranked fourth by offeringvalue in 2006 as it did in 2005. Its 21IPOs raised m4.3bn compared with 15IPOs raising m2.4bn in 2005. Thisrepresents a 40% increase in volumeterms and an 80% growth in offeringvalue. Borsa Italiana hosted the fifthlargest IPO of 2006, that of Saras,which raised m2.1bn.

Raffaele Jerusalmi, ExecutiveDirector – Italian Exchange Markets,Borsa Italiana:

“The brilliant results for 2006, the bestyear for number of IPOs and capitalraised in Italy since 2000, and theencouraging pipeline of IPOs for 2007,testify the success of Borsa Italiana’snew initiatives in recent years. Thecombination of Blue Chip, STAR andStandard segments, together with theExpandi market, offers a highly flexibleenvironment for the listing of Italiancompanies”.

BME (Spanish Exchanges)3 saw asignificant turnaround in 2006, with thenumber of IPOs increasing to 10 fromjust one in 2005. Offering value wasalso up from m157m in 2005 to m3.0bnin 2006.

BME (Spanish Exchanges),Research Department:

“In 2006 the IPO market reachedrecord levels in Spain. During the year10 companies made their debut on theSpanish stock market, the highestnumber of new companies everrecorded by the market, exceeding the8 companies that were listed in 1997.The capital raised amounted to m3bn.


IPOs by Stock Exchange

1 Please note that the LSE figure for total offering value includes transaction types excluded from our analysis namely: investment company IPOs, re-admissions, transfers and reverse takeovers.2 Please note that Euronext’s comment is based on data which includes investment companies which are excluded from our analysis.3 Please note that BME (Spanish Exchanges) was previously referred to as Madrid Exchange.

The market value of new companiescame in at m16.92bn at year-end.

In terms of value of the shares floatedthe largest IPO in 2006 was that ofBolsas y Mercados Españoles (BME),the company that operates the marketsand settlement systems in Spain, whichraised m779.34 million.

In terms of the number of companiesfloated in 2006, real estate sectorcompanies singled themselves out; ofthe 10 companies listed, 4 belong tothis sector. The Spanish real estatesector enjoys good momentum, whichhas helped many business projects toreach a considerable size. The stockexchange represents a quantitative andqualitative step forward for theseprojects in terms of strategy,organisation, corporate governance,transparency of management andcapacity for raising capital to carry outinternational diversification projects.”

There was a 30% increase in thenumber of IPOs hosted by OMX; from27 in 2005 to 35 in 2006. The offeringvalue rose modestly from m2.1bn in2005 to m2.2bn in 2006. The IPO ofthe Swedish retailer KappAhl was thelargest on OMX in the year and raisedm447m.

The number of IPOs on Oslo Børsdropped from 30 in 2005 to 14 in 2006.Offering value fell only marginally fromm1.4bn to m1.3bn due to the impact ofthe largest IPO on this market during2006, Renewable Energy Corporation,raising m0.9bn.

Luxembourg, Switzerland and Warsawall saw similar activity levels but loweroffering values in 2006 compared to2005. Luxembourg continued to host ahigh volume of international GDRs,however with a lower average offeringvalue. For Switzerland and Warsawthe relatively lower 2006 offering valueis attributable to the 2005 figures ineach case including a single unusuallylarge IPO: on the SWX this was theIPO of EFG International which raisedm0.9bn while on Warsaw this was theIPO of PGNIG, which raised m0.7bnand was the second largest IPO (sinceour survey began) to take place on thatexchange.

GDRs – Global Depositary Receipts –are negotiable certificates issued bydepositary banks which representownership of a given number of acompany’s shares which can be listedand traded independently from theunderlying shares. These instrumentsare typically used by companies fromemerging markets. They are onlyoffered to sophisticated investors, thereis no retail offering and consequentlythe listing requirements and continuingobligations applied to GDRs differ from,and are lighter than, those applied toshares. In particular there is noSponsor associated with a GDRoffering in London, and consequentlyno need to commission many of thestandard due diligence reports whichare typical for a primary listing inLondon.


EU-Regulated and Exchange-Regulated Markets


IPOs per exchange

Company Offering value Company Offering value IPOs 2006 (mm) 2006 IPOs 2005 (mm) 2005

EU-Regulated

London (Main) 53 (4) 24,127 (4) 41 12,521 Euronext (Eurolist) 33 11,963 25 16,168 Deutsche Börse 37 6,278 19 3,515 Borsa Italiana 21 4,330 15 2,400 BME (Spanish Exchanges) 10 2,969 1 157 OMX 35 2,228 27 2,148 Wiener Börse 6 1,465 7 (6) 1,162 (6)

Oslo Børs 14 1,293 30 1,391 SWX 8 1,009 10 2,137 WSE 33 953 35 (6) 1,740 (6)

Athens Stock Exchange 1 612 2 29 ISE 1 (4) 502 (4) - - Luxembourg - - 18 1,459

EU regulated sub-total 251 57,227 229 44,756

Exchange-Regulated

London (AIM) 241 (1,2,3,5) 5,352 (1,2,3,5) 311 (7,8,9) 6,011 (7,8,9)

Luxembourg (EuroMTF) 25 1,355 13 616 Deutsche Börse (Entry Standard) 47 696 4 27 Euronext (Alternext) 52 443 14 83 London (PSM) 3 266 2 56 Ireland (IEX) 7 (1,2,3,5) 95 (1,2,3,5) 3 (7,8,9) 12 (7,8,9)

Euronext (Marche Libre) 31 21 25 68

Exchange regulated sub-total 402 8,163 369 6,861

Europe Total 653 65,390 598 51,617

(1) Agi Therapeutics dual listing (London (AIM) and ISE (IEX)) raising m43m(2) Amarin Corp dual listing (London (AIM) and ISE (IEX)) raising mnil(3) Petroneft Resources dual listing (London (AIM) and ISE (IEX)) raising m12m(4) Aer Lingus dual listing (London (Main) and ISE) raising m502m(5) Siteserv dual listing (London (AIM) and ISE (IEX)) raising m10m(6) SkyEurope dual listing (WSE and Wiener Börse) raising m71m(7) Irish Estate dual listing (London (AIM) and ISE (IEX)) raising mnil(8) Newcourt Group dual listing (London (AIM) and ISE (IEX)) raising m12m(9) Lapp Plats dual listing (London (AIM) and ISE (IEX)) raising mnil

EU-regulated markets had 251 IPOs intotal raising m57.2bn in 2006. Thisrepresents a 10% increase in the levelof activity and a 28% increase inoffering value compared to 2005. Involume terms, London’s Main Marketwas the most active and attracted 53IPOs. The second most active EU-regulated market was Deutsche Börsewith 37 IPOs, followed by Euronext’sEurolist with 33 IPOs. In offering valueLondon again led the way andgenerated m24.1bn, which represents42% of the money raised on the EU-regulated markets in 2006. The offeringvalue on Eurolist was m12.0bn, and onthe Deutsche Börse the offering valueamounted to m6.3bn.

Luxembourg saw the most dramaticshift in the year, with no IPOs on its EU-regulated market and all of its 25 IPOstaking place on its exchange-regulatedmarket, EuroMTF. 18 of Luxembourg’s31 IPOs in 2005 took place on the EU-regulated market, however the EuroMTFhas dominated since it commencedoperation in July 2005. In particular thisreflects the attractiveness of theexchange-regulated market to non-EUissuers, which made up 100% ofLuxembourg’s IPOs in 2006. Thesuccess of the EuroMTF contrasts withthe performance of London’s equivalentmarket, the PSM, which saw a numberof companies transfer their listings fromthe Main Market but which has failed tocapture a significant element of theinternational IPO market from the MainMarket.

Looking at the exchange-regulatedmarkets overall, 402 IPOs raised a totalof m8.2bn in 2006 compared to 369IPOs which raised total of m6.9bn in2005.

Activity continues to be dominated byLondon’s AIM, although its share hassignificantly decreased. AIM’s 241

IPOs in 2006 represent a fall of 23%compared to the 311 IPOs experiencedin 2005; while the offering value on AIMin 2006 of m5.4bn is 11% down on them6.0bn raised in 2005. In 2005 IPOson AIM accounted for 84% of allexchange-regulated IPOs and 52% ofall European IPOs; in 2006 this reducedto 60% and 37% respectively. AIMactivity in 2005 was at anunprecedented level and that continuedin the first half of 2006. In the secondhalf of 2006 however many of thesmaller, start-up or development stagecompanies that were seeking to IPO,found that investors in such companieshad at least temporarily lost theirappetite to invest.

Euronext’s Alternext was the secondmost active exchange-regulated marketby number of IPOs in 2006. The 52IPOs raised m443m in 2006 comparedwith 14 IPOs raising m83m in 2005.However, by offering valueLuxembourg’s EuroMTF was the secondlargest market in 2006, with its 25 IPOsraising m1.4bn.

The Deutsche Börse’s Entry Standardwas the third most active exchange-regulated market in 2006 with 47 IPOsraising m696m, compared to 4 IPOs andm27m in 2005.

Dr. Martin Steinbach, Head of IssuerRelations at Deutsche Börse:

“The last year saw a record with 194 4

new issuers listing on Deutsche Börse.Particularly the Entry Standard, whichDeutsche Börse launched in October2005, has since firmly established itselfas an alternative access to the EUcapital market for small and medium-sized companies.”


4 Please note that the Deutsche Börse figure for total number of IPOs includes transaction types excluded from our analysisnamely: investment company IPOs, re-admissions, transfers and reverse takeovers.


offering value generated byinternational IPOs and 15% of totaloffering value in 2006. All of the topfive international IPOs were GDRofferings, including Rosneft fromRussia and Lotte Shopping from SouthKorea, which were the largest andfourth largest European IPOs of theyear overall.

Martin Graham, Director of Markets,London Stock Exchange:

“This success underlined London’sposition as the market of choice forinternational issuers. We look forwardto helping more companies fromaround the globe to fund the growth oftheir businesses next year.”

International IPOs

Looking at the source of internationalIPOs, there has been a trend for largeEastern European businesses to raisefunds via GDRs on London’s MainMarket, while Indian companies havecontinued to favour Luxembourg.Canadian companies, particularly thosein mining and exploration, have found ahome on AIM, as have an increasingnumber of smaller US businesseswhich have been attracted by AIM’slighter touch regulation compared totheir domestic market.

European exchanges attracted 118international IPOs (that is, IPOs onEuropean exchanges by non-Europeanissuers) in 2006 compared with 126 in2005 which represents a modest 6%decrease in the international IPOactivity. However, continuing theoverall trend of higher value IPOs, theamount of money raised byinternational IPOs grew by 75% fromm9.6bn in 2005 to m16.8bn in 2006.

London attracted 75% of allinternational IPOs. AIM hosted 66international IPOs which raised m1.8bnand London’s Main Market saw 20international IPOs raising m13.2bn in2006. The five largest internationalIPOs in 2006 were all welcomed toLondon’s Main Market. Amongst themthe top five international IPOs raisedm9.9bn, which accounts for 59% of the

Country of incorporation by number

Cayman Islands 6%

Australia 11%

Canada 9%

Pakistan 2%

Other 16%

BVI 7%

South Korea 3%

Russia 6%

Kazakhstan 2%

India 20%

USA 15%

Taiwan 3%

m

Cayman Islands 4%

Australia 1%

Canada 2%

Pakistan 5%

Other 5%BVI 3%

South Korea 14%

Russia 48%

Kazakhstan 2%

India 6%

USA 3%

Taiwan 3%

Country of incorporation by value (mm)


Luxembourg’s EuroMTF was thesecond most attractive destination forinternational IPOs; with 22 IPOs fromIndia and three from Taiwan. Warsawhosted two non-European IPOs, onefrom the United States and one fromthe Ukraine, which raised m58m andm24m respectively. Oslo saw oneinternational IPO, that of a Canadian oil& gas company, Petrobank whichraised m24m. Also, the DeutscheBörse hosted an introduction by aCanadian mining company.

Top five largest international IPOs

Company Money raised Exchange Sector Country of(mm) incorporation

Rosneft 5,192 London Oil & Gas Russia

Lotte Shopping 2,316 London Retail South Korea

OAO Severstal 839 London Basic Resources Russia

Comstar 823 London Telecommunications Russia

Oil and Gas Development Co 687 London Oil & Gas Pakistan

International IPOs – by sector

Pharmaceuticals & Biotech 4%

Construction & Materials 5%

Financial Services 6%

Banks 6%

Telecommunications 3%

Other 13%

Travel & Leisure 4%

Oil & Gas 8%

Food & Beverage 8%

Basic Resources 7%Technology 7%

Industrial Goods & Services 17%

Mining 12%


Major IPOs in 2006

In 2006 all top ten largest IPOs of theyear raised over m1bn, compared withsix in 2005. The total new moneyraised by the top ten IPOs was up by23% from m18.8bn in 2005 to m23.1bnin 2006. London’s Main Market washome to five of the top ten IPOs in2006 compared with four in 2005.

Saras was notable in the year as anIPO raising significantly over m1bnwithout listing on London, Euronext orthe Deutsche Börse.

Ten largest IPOs (ranked by money raised)

2006

Company Money raised Exchange Sector Country ofmm listed on incorporation

Rosneft 5,192 London Oil & Gas RussiaNatixis 4,220 Euronext Banks FranceStandard Life 3,240 London Insurance UKLotte Shopping 2,316 London Retail South KoreaSaras 2,069 Borsa Italiana Industrial Goods & Services ItalyDebenhams 1,378 London Retail UKSymrise 1,215 Deutsche Börse Chemicals GermanyExperian 1,192 London Industrial Goods & Services UKSNS Reaal 1,190 Euronext Financial Services NetherlandsADP 1,117 Euronext Industrial Goods & Services France

2005

Company Money raised Exchange Sector Country ofmm listed on incorporation

EDF 7,000 Euronext Utilities FranceGaz de France 3,482 Euronext Oil & Gas FrancePartyGaming 1,356 London Travel & Leisure GibraltarTelenet Group Holding 1,060 Euronext Media BelgiumSistema 1,040 London Telecommunications RussiaPremiere 1,025 Deutsche Börse Media GermanyRHM 985 London Food & Beverage UKKazakhmys 971 London Basic Resources KazakhstanRaiffeisen International Bank 969 Wiener Börse Banks AustriaEFG Internationl 893 SWX Banks Switzerland


The graphs below show the level ofactivity on the most active Europeanmarkets over the last five years.

The five year period presentedcommences in the lull experienced bythe European exchanges after thedot.com boom of 2000, exacerbated byuncertainty following September 11thand the situation in Iraq.

After signs of growth towards the endof 2003, a significant recovery tookplace in 2004 and continued through2005 to 2006. Most particularly therewas a surge in growth on AIM inLondon up to 2005, and while AIM

continued to dominate the number ofEuropean IPOs in 2006, it was the onlymarket operated by the three largestEuropean exchanges to see a fall inthe number and offering value of IPOsin 2006 compared to 2005. Thisreduction in volume on AIM, coupledwith a record year for London’s MainMarket, helped to drive up the averageoffering value per IPO in the year.

IPOs in the last five years

35,000

30,000

25,000

20,000

15,000

10,000

5,000

02002 2003 2004 2005 2006

Offering value – over the last 5 years

mm

EuronextLondon

Deutsche Börse

400

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Number of IPOs over past 5 years

Num

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EuronextLondon

Deutsche Börse


As seen in previous years, the relativeproportions of the total value of equitytrading have remained broadly constantbetween 2005 and 2006. London andEuronext continue to contribute overhalf of the equity trading in each year.The overall value of equity trading hascontinued its upward trend andincreased by a third from m12,637bn in2005 to m16,771bn in 2006. .

Consolidation of the EuropeanMarkets – Where is the liquidity?

Value of equity trading 2006 (total trading was m16,771 billion)

Borsa Italiana 8%

BME Spanish Exchanges 9%

Deutsche Börse 13%

Other 3%OMX 6%

SWX 7%

Euronext 18%

London 36%

m

m

Value of equity trading 2005 (total trading was m12,637 billion)

Borsa Italiana 8%

Spain 10%

Deutsche Börse 12%

Other 3%Switzerland 6%

OMX 6%

Euronext 18%

London 36%

Note:

1) No data available for individual exchanges within OMX from WFE; OMX Exchanges include Copenhagen, Helsinki, Stockholm, Iceland, Tallinn, Riga and Vilnius Stock Exchanges

2) No data available for individual exchanges within BME from WFE; BME (Spanish Exchanges) comprises Madrid, Barcelona, Bilbao and Valencia stock exchanges, MF Mercados Financieros,Iberclear and BME Consulting.

3) Swiss Exchange’s turnover includes also shares traded on Virt-x

Source: WFE

Source: WFE


The market capitalisation of theEuropean exchanges increased by31% from m9,002bn in 2005 tom11,823bn in 2006. The majority ofexchanges saw increases in excess of30% and it is interesting to note thatLondon experienced the smallestincrease, in percentage terms, of 23%from m2,457bn in 2005 to m3,011bn in2006. The movement in total marketcapitalisation is impacted by manyfactors; however it is worth noting thatLondon has seen a relatively high levelof public-to-private deals and London’smain share indices saw lower growth in2006 than those of its main rivals.

Consolidation of the EuropeanMarkets – Where is the value?

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

2006 2005

mbi

llion

Market capitalisation of exchanges

Other

OMX

Borsa Italiana

Swiss Exchange

BME (Spanish Exchanges)

Deutsche Börse

Euronext

London Stock Exchange

Source: WFE

Note:

1) No data available for individual exchanges within OMX from WFE; OMX Exchanges include Copenhagen, Helsinki, Stockholm, Iceland, Tallinn, Riga and Vilnius Stock Exchanges

2) No data available for individual exchanges within BME from WFE; BME (Spanish Exchanges) comprises Madrid, Barcelona, Bilbao and Valencia stock exchanges, MF Mercados Financieros,Iberclear and BME Consulting.


The top five sectors which experiencedthe most IPO activity in 2006 were: theIndustrial Goods & Services sector with130 IPOs; the Technology sector with87 IPOs; the Financial Services sectorwith 42 IPOs; and the Mining andMedia sectors with 37 IPOs each.

The Industrial Goods & Services sectorsaw a 34% increase in the number ofIPOs. The 130 IPOs in this sectorraised m13.2bn in 2006. The largestIPO in this sector was that of Saras onBorsa Italiana, which raised m2.1bn.

James F. McDonnell, PwC StrategyPartner:

“A review of European IPOs in theIndustrial sector reveals a number ofinteresting insights... Firstly, the IPOmarket for Industrials demonstratedcontinued strength, despite ongoingpressure on European industrialcompanies due to global competition.The number of Industrial IPOs in 2006grew about 30% from the previous yearto about 130 companies listing,generating m13.2bn in new capital.

Secondly, the importance of energy –in particular environmentally friendlyenergy – was evident in 2006. Energyrelated companies represented a largecomponent of the 2006 Industrial IPOactivity with a plethora of companiesfocussing on biofuels, solar, wind, fuelcells and clean air technology on thelist, in addition to traditional energyprocessing, services and distribution.

Thirdly, the activity in 2006 was trulypan-European as companies from 16European countries sought capitalthrough European listings.

Finally, the importance of Europe as asource of capital for companies outsidethe EU was apparent as 21 companiesfrom 10 non European nations choseEuropean markets for their listings.”

The number of Technology sector IPOsincreased by 26% in 2006. London andEuronext attracted the majority of theseIPOs with 26 and 23 respectively. The87 Technology sector IPOs raisedm2.6bn in 2006. The largest IPO in thissector was that of the Norwegian solargrade silicon and wafers for solarapplications producer, RenewableEnergy Corporation, which raisedm0.9bn.

Andy Morgan, PwC Partner,Technology Sector Leader CorporateFinance:

“IPO activity levels in the Technologysector were up more than 26% involume terms in 2006, with total fundsraising m2.6bn. This was dominated bythe m0.9bn raised by RenewableEnergy Corporation in Oslo, howeverthere was a strong pipeline of midmarket activity with 18 companiesraising in excess of m30m, a 50%

IPOs by sector

Sector Company Movement in IPOsIPOs 2006 the table IPOs 2005

Industrial Goods & Services 130 - 97

Technology 87 - 69

Financial Services 42 (+2) 48

Mining 37 (-1) 54

Media 37 (+1) 35

Pharmaceuticals & Biotech 32 35

Real Estate 32 22

Oil & Gas 30 50

Travel & Leisure 29 26

Construction & Materials 26 7

Health Care 22 19

Retail 22 11

Telecommunications 22 21

Personal & Household Goods 20 12

Basic Resources 19 9

Food & Beverage 19 26

Banks 14 15

Chemicals 11 15

Utilities 8 16

Automobiles & Parts 7 6

Insurance 7 5

Total 653 598


The Mining sector was the fourth mostactive in 2006. AIM hosted 34 of the37 IPOs. The total amount raised byMining sector IPOs was m312m, withm222m of that raised on AIM.

Jason Burkitt, PwC Director, MiningGroup:

“Continued surging commodity pricesoff the back of demand from Chinacreated ideal conditions for raisingfunds for mining companies during2006. However, like the underlyingcommodities markets, 2006 witnessedpeaks and troughs in IPO activity. Thesofter commodity markets in Q2impacted the flotation plans of anumber of companies and, after somerespite, as the year closed, pricescontinued to decline. While this mayhave contributed to the reduction in thenumber of listings from the record yearof 2005 (54), there was a largeincrease in the average deal size ofm36m (2005: m8m) due to twoparticularly large offerings in thesecond half of the year.

Once again AIM saw the majority of theactivity, but the admission of someinternational medium sized producersto the London’s Main Market towardsthe end of the year may signal thebeginning of a new trend for companiesof a certain scale. Both AIM and theMain Market maintained their recordsof being attractive places forinternational companies to raise fundsfor projects in the more remote andhigher risk locations.”

There was a modest increase in thenumber of Media sector IPOs in 2006;37 IPOs compared with 35 IPOs in2005.

Phil Stokes, PwC Partner, UKEntertainment and Media Leader:

“The number of IPOs in the Mediasector increased from 35 in 2005 to 37in 2006 but the money raised wassharply lower at m1.5bn versus them3.8bn raised the previous year. Only4 IPOs raised in excess of m100m: thelargest Media IPO by money raisedwas Trader Media East in London,raising just under m462m, followed byVocento in Madrid, Multimedia Polskain Warsaw and Rightmove, again inLondon.

The reduced value of money raised inMedia IPOs contrasted with ourresearch into European Media M&Adeal values which rose 75% to m43bnin 2006. Excluding the UK which wassubdued in M&A activity, deal valuesrose 123% to m37bn returning thesector to levels not seen since theboom of 2000.”

increase on 2005. AIM has continuedto thrive as the market of choice foryoung, fast growing technologycompanies and to attract moreattention internationally, althoughactivity levels cooled markedly in thesecond half of 2006.

2006 also saw a strong M&A market inthe Technology sector, and a notablestep up in Private Equity appetite fortechnology stocks. M&A and PrivateEquity may become increasinglyattractive alternatives to the publicmarkets in 2007 as shareholders lookat alternate means of achieving theirobjectives.”

The Financial Services sector has seena decline of 13% in the number of IPOsin 2006.

Nick Page, PwC Partner, TransactionServices – Financial Services:

“The Financial Services sectorcontinues to account for a largenumber of European IPOs. In 2006, asin 2005, Financial Services ranked asthe third most active sector (by numberof IPOs) in Europe with 42 announcedlistings (rising to 63 with the inclusionof Banking and Insurance). Londonhas further cemented its reputation asthe financial centre of Europe, with 38of these 63 Financial Services listingsoccurring on either the LSE, PSM orAIM. The largest listing (by moneyraised) in the sector resulted fromBanque Populaire’s €10bn merger withCaisse d`Epargne, to form Natixis,which raised m4,220m on Euronext. Inthe UK, demutualisation and listing oflife assurer Standard Life raisedm3,240m, and the Dutch bancassurerSNS Reaal listed on Euronext raisingm1,190m. These transactions confirmthe attractiveness of the public marketsto a full range of larger Europeanfinancial services organisations.”


Investment Companies

To date we have excluded investmentcompanies from our IPO statistics. Thereason for this exclusion was that inmost cases companies classified asinvestment companies were notconsidered to give a true measure ofIPO activity as they are generallyraising money to invest in listed orunlisted securities or property. Due toan increasing number of investmentcompanies coming to the Europeancapital markets, in order to be in linewith other IPO surveys and to show amore complete picture of activity, wehave decided to include investmentcompanies in our analysis presentedhere and in our future definition of an“IPO”. This change will be effectivefrom the Q1 2007 IPO Watch survey.The 2006 figures have been presentedon a restated basis below, to takeaccount of this change.

Most of the investment companieschose London’s AIM as theirdestination in 2006; where 84investment companies’ IPOs raisedm8.3bn. London’s Main Market saw 44investment IPOs raising m3.6bn andone company raised m0.6bn on PSM.

Eurolist saw 16 of the 18 investmentIPOs on Euronext in 2006 including thethree largest investment companyIPOs in 2006: KKR Private EquityInvestors (which raised m3.9bn), APAlternative Assets (which raisedm1.6bn) and MW Tops (which raisedm1.5bn). All three of these companiesare Guernsey based, and both KKRPrivate Equity Investors and APAlternative Assets are examples of theincreasing number of public investmentcompanies that are being establishedby private equity.

The following graphs illustrate thequarterly number and offering value ofIPOs for 2006 restated to includeinvestment company IPOs. The impactis to increase the number of IPOsreported by 25%, and to raise the totaloffering value reported by 34%.

300

250

200

150

100

50

0Q1

37

127

43

187

25126

61

213

Q2 Q3 Q4

Number of IPOs restatedto include investmentcompanies

IPOs excluding investment companies

Investment companies

40,000

30,000

20,000

10,000

0Q1

mm

2,832

6,708

9,297

4,540

11,808

7,942

25,836

18,449

Q2 Q3 Q4

Offering value of IPOsrestated to includeinvestment companies

IPOs excluding investment companies

Investment companies

Investment Company IPOs in 2006

Number Offering Valueof IPOs (mm)

London 129 12,437

Euronext 18 8860

OMX 10 275

Other 9 450

Totals 166 22,022


Comparison with the US

300

200

100

0

40,000

30,000

20,000

10,000

02002

Num

ber o

f IPO

s

Offe

ring

valu

e (m

m)

Number of IPOsOffering value

2003 2004 2005 2006

IPOs and offering value

30,000

25,000

20,000

15,000

10,000

5,000

0

Offe

ring

Valu

e m

m

Q1 Q2

2005 2006

Q3 Q4 Q1

US

Europe

US v Europe quarter on quarter

Q2 Q3 Q4

After a slowdown in 2005, the USexchanges enjoyed an increase in IPOactivity in 2006. The total number ofIPOs in the US increased from 205 in2005 to 217 in 2006. The total offeringvalue also grew by 31% from m27.5bnin 2005 to m36.1bn in 2006.

Comparison with the US


The European exchanges continue tooutperform their US counterparts inboth volume of IPO activity as well asthe amounts of new money raised.While the average offering value in theUS is higher, the volume oftransactions in Europe results inEuropean IPOs raising 81% more thanUS IPOs in 2006. If we restate theEuropean figures as stated on page 17to include investment company IPOsand restate the US figures similarly,the European total offering valuebecomes m87bn compared to US totaloffering value of m40bn.

The top three largest US IPOs tookplace on NYSE. The largest of thesewas Mastercard, which raised m1.9bn;followed by Owens Corning whichraised m1.3bn; and Spirit Aerosystemswhich raised m1.1bn.

The US exchanges attracted 28international IPOs which raised m6.2bnin 2006. There were seven IPOs fromChina, three from Greece, two eachfrom Argentina, Bermuda, Canada andIsrael and one each from Brazil,Germany, India, Ireland, South Korea,Mexico, Russia, UK, Singapore andTaiwan. This compares to the 118international IPOs raising m16.8bn inEurope, illustrating that Europeremains the preferred destination forinternational IPOs.

140

120

100

80

60

40

20

0US

2005Europe2005

International IPOs by numberEurope v US

US2006

Europe2006

118125

23 28

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0US

2005Europe2005

International IPOs by offeringvalue Europe v US

US2006

Europe2006

3,029

9,600

6,222

16,775

mm

Stock Exchange IPOs Offering value IPOs Offering value2006 (mm) 2006 2005 (mm) 2005

Europe total 653 65,390 598 51,617

Nasdaq 140 13,798 132 10,554

NYSE 64 21,371 61 16,540

AMEX 13 960 12 390

Total 217 36,129 205 27,484


The ‘Greater China’ region comprisesHong Kong (Main Board plus GEM);Shanghai (A plus B); Shenzhen (A plusB); and Taiwan.

In 2006, the number of IPOs in GreaterChina increased by 47% from 94 in2005 to 138 in 2006. The total offeringvalue increased from m17.5bn in 2005to m47.6bn in 2006; this represents agrowth of 172%.

Many large Chinese companies raisedfunds in Hong Kong during 2006,continuing the trend established in2005 and leading to a significantincrease in the total offering value to arecord high of m34.0bn. This wasmainly driven by the listing of theIndustrial and Commercial Bank ofChina and the Bank of China(respectively the largest and thesecond largest banks in China) on theHong Kong Stock Exchange, whichaccounted for m21.6bn of the totaloffering value. The listing of Industrialand Commercial Bank of China alsomarked the first successful concurrentdual listing on the Hong Kong andShanghai Stock Exchanges.

The Chinese government’s year longsuspension of fund raising activities onShanghai and Shenzhen stockexchanges was lifted in mid 2006 andthe activity soared towards the end ofthe year as issuers were finally able tocomplete their IPOs.

Comparison with Greater China

150

100

50

0

55

45

35

25

15

5

Num

ber o

f IPO

s

Offe

ring

valu

e (m

bn)

Number of IPOs

Offering value

2005 2006

IPOs and Offering Value

Stock Exchange IPOs Offering value IPOs Offering value2006 (mm) 2006 2005 (mm) 2005

Europe total 653 65,390 598 51,617

Hong Kong 62 34,012 67 16,869

Shanghai 13 11,359 3 281

Shenzhen 52 1,638 12 286

Taiwan 11 595 12 96

Total 138 47,604 94 17,532


With the Transparency Directivedue to be effective in memberstates in January 2007, theimplementation of the EUCommissions Financial ServicesAction Plan is nearly complete.The next few years shouldtherefore see a period ofconsolidation and refinement inthe capital markets space.

Transparency

The Transparency Directive is aminimum harmonisation directive andsupersedes the existing Interimreporting and Major ShareholdingsDirectives. As well as setting outperiodic financial reportingrequirements it also deals with majorshareholding disclosures anddissemination and storage of regulatedinformation. The directive introduces arequirement for issuer responsibilitystatements in both annual and half-yearly reports and also a newrequirement for the production ofInterim Management Statements (IMS).IMS are narrative statements requiredon a quarterly basis that must explainthe effect of material events andtransactions as well as the financialposition and performance of the issuerduring the period.

2006 has seen some fine tuningof existing legislation, firstly onthe issue of equivalence andsecondly in the area of complexfinancial histories.

Equivalence

Under the Transparency Directive, theProspectus Directive and ProspectusRegulation there is a presumption thatall financial information will bepresented in accordance with IFRS asadopted by the EU for listedcompanies. When the directives andregulation were being negotiated, andin response to market pressures,provisions were included allowing non-EU incorporated companies to useeither IFRS, as adopted in the EU, oran equivalent GAAP. Precisely what ismeant by “an equivalent GAAP” wasnot specified in the legislation.

With the publication of regulation1787/2006 in the Official Journal, theCommission has now officially delayedthe assessment of equivalencerequirements until 2009 – when theSEC has said it will be in a position totake a view on the acceptability ofIFRS on a stand alone basis withoutthe need for reconciliation with USGAAP. This regulation amends andextends the transitional provisionscontained within the ProspectusRegulation for a further period of twoyears to allow time for discussion andfor countries to progress convergenceof national standards with IFRS.

Complex financial histories

Recognising the importance ofensuring that the financial historypresented in a prospectus appropriatelyreflects the substance of an issuer’soperations, the European Commissionbrought forward an amendment to theProspectus Directive implementingRegulation (809/2004) which shouldtake effect in early 2007. The new lawdefines two new terms, namely a‘complex financial history’ and a‘significant financial commitment’,which if applicable will require an issuerto consider including additionalhistorical financial information to that ofits own, in a prospectus.

Developments in European CapitalMarket RegulationJames Anderson, PwC Director, London Capital Markets Group


IPO Watch Europe surveys all newprimary market listings on Europe’sprincipal stock markets and marketsegments (including exchanges in theEU member states plus Switzerland andNorway) on a quarterly basis.Investment-related companies’ listings,movements between markets on thesame exchange, re-admissions, reversetakeovers and greenshoe offerings areexcluded. The IPO Watch Europe –Review of the year 2006 collates datafrom the quarterly surveys conductedbetween 1 January and 31 December2006 capturing new market listingsbased on their listing date.

With effect from the first quarter of2007, our definition of “IPO” will beamended to include investment-relatedcompanies, however we will continueto exclude movements betweenmarkets on the same exchange, re-admissions, reverse takeovers andgreenshoe offerings.

IPO Watch Europe – Review of the year 2006 was compiled by

Tom TroubridgeDavid SmailesJohanna CaveKinga Lodge

Should you have any questions regarding this publication please contact:

Kinga Lodge (Research) tel: +44 (0) 207 213 5452 [email protected]

Derek Nash (Public Relations) tel : + 44 (0) 207 804 [email protected]

All of the graphs, tables, and data used within this publication have been collatedby the London Capital Markets Group research team.

In collating this information, we rely upon data provided directly by variousexchanges. We do not carry out any confirmation procedures on that information.

The figures stated herein for Oslo Børs differ from those stated in our quarterly IPOWatch Europe press releases, as Oslo Børs has revised its data for the full year.

Further copies of this publication are available from the PricewaterhouseCooperspublications department on +44 (0) 207 212 4999.

About IPO Watch Europe


The London Capital Markets Group ispart of the Assurance practice ofPricewaterhouseCoopers LLP. Itcomprises a core team of specialistswho provide a broad range of servicesto companies and investment banks inconnection with London capital markettransactions. These includepreparations for becoming a publiccompany, selecting the right market and

advisory team, assisting with reviewingaccounting policies and GAAPconversion projects, advising onregulatory issues and undertakingfinancial and business due diligenceinvestigations. The London CapitalMarkets Group is part of thePricewaterhouseCoopers global networkof capital markets specialist. For moreinformation visit www.pwc.com/uk/lcmg

London Capital Markets Group

Key Contacts

Tom Troubridge +44 (0) 207 804 4723 [email protected]

Richard Weaver +44 (0) 207 804 3791 [email protected]

Clifford Tompsett +44 (0) 207 804 4703 [email protected]

Ursula Newton +44 (0) 207 212 6308 [email protected]

Richard Spilsbury +44 (0) 207 212 3887 [email protected]

Capital Markets European NetworkKey Contacts

Austria Aslan Milla +43 (1) 501 88 1700 [email protected]

Belgium Peter D’Hondt +32 (0) 2 710 7227 [email protected]

Cyprus Nicos Theodoulou +357 (0) 22555587 [email protected]

Denmark Jens Otto Damgaard +45 (0) 3945 3410 [email protected]

Finland Tomi Seppälä +358 (9) 2280 1365 [email protected]

France Thierry Charron +33 (1) 56 57 12 33 [email protected]

Germany Armin Slotta +49 (69) 9585 1220 [email protected]

Greece Nicholas Peyiotis +30 (210) 6874 452 [email protected]

Ireland John Loughlin +353 (1) 704 8551 [email protected]

Italy Gabriele Matrone +39 (06) 57025 2397 [email protected]

Luxembourg Laurent Marx +352 (0) 49 48 48 2117 [email protected]

Netherlands Ad van Gils +31 (10) 407 6442 [email protected]

Norway Knut Olav Berg +47 (0) 95 26 13 90 [email protected]

Poland Tomasz Konieczny +48 (22) 523 4285 [email protected]

Spain Rocio Fernandez Funcia +34 (0) 915 685 052 [email protected]

Sweden Lennart Danielsson +46 (8) 555 333 35 [email protected]

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services for public and private clients. More than120,000 people in 139 countries connect their thinking, experience and solutions to build public trust and enhance value for clients and their stakeholders.

©2007 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a limited liability partnershipin the United Kingdom) or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate andindependent legal entity.

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