In the first half of 2012, NYSE Euronext (NYX) raised $17.1 billion in total global proceeds from Initial Public Offerings (IPO) on 66 IPOs. In the U.S., NYSE Euronext listed 62% of all U.S. IPOs bringing 56 new IPOs to the U.S. market, recently ending the quarter with the successful listing of ServiceNow, Inc. (NYSE: NOW). Additionally in the U.S., NYSE gained eight listing transfers. In Europe, NYSE Euronext had 16 new listings, with approximately €1.2 billion in proceeds.
"Despite global business, economic and political uncertainty in the first half of 2012, we completed a significant number of IPO capital market transactions," said Scott Cutler, EVP, Head of Global Listings at NYSE Euronext. "We saw fewer debuts of large IPOs than in the first half of 2011, but emerging growth companies from technology, financial services and energy were the most active sectors. If volatility remains low and economic contagion remains controlled, we expect selective IPO open windows to persist through the second half of 2012. Our biggest concerns remain trust, transparency and accountability in our public markets."
"We achieved significant milestones in the first half of the year supporting entrepreneurship, innovation and job growth,” Cutler added. “We were pleased to work with the NVCA and the IPO Taskforce on the JOBS Act, which was signed into U.S. law in April. We have already seen emerging growth companies from around the world file under the Act and expect many of these to come to market this year. We also announced an exciting initiative, the NYSE Big StartUp, designed to facilitate access to capital, partnerships, training, mentoring and business development between entrepreneurs and public corporations."
Leading in U.S. Technology Listings
In the first half of 2012, NYSE Euronext listed 53% of the technology IPOs in the U.S., bringing 16 new IPOs to the U.S. market, including the recent IPO of ServiceNow, Inc. (NYSE: NOW). NYSE Euronext’s continued support of the success of these emerging growth companies is reflected in the fact that leading technology companies continue to list on the exchange. Technology-based listings on NYSE in the first half of 2012 included Demandware Inc. (NYSE: DWRE), Exact Target Inc. (NYSE: ET), Guidewire Software Inc. (NYSE: GWRE), Infoblox Inc. (NYSE: BLOX), Millennial Media Inc. (NYSE: MM) and Yelp Inc. (NYSE: YELP). For the second half of 2012, the pipeline of technology deals looks strong and NYSE Euronext looks forward to welcoming future technology leaders into its community.
In addition to capturing high growth sectors, NYSE Euronext continued to attract listings from leading U.S. consumer brand names. Some of the U.S. consumer brand companies that listed on NYSE Euronext in the first half of 2012 included Annie’s Inc. (NYSE: BNNY), Burger King Corporation (NYSE: BKW), Tilly’s Inc. (NYSE: TLYS) and Tumi Holdings Inc. (NYSE: TUMI).
A Leader in U.S. Transfers
Companies continue to transfer to NYSE Euronext because they value the global listings venue, branding, visibility and tailored customer services the company offers. In the first half of 2012, eight companies transferred to the NYSE with three departures from the NYSE and one from NYSE MKT. Since 2000, NYSE has won 206 transfers representing a combined $509 billion in total market capitalization. Of the eight companies that moved to the NYSE in 2012, two were among the top 100 market cap companies listed on Nasdaq – Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) and TD Ameritrade Holding Corporation (NYSE: AMTD). Additional companies that transferred to NYSE in the first half of 2012 included Halcon Resources Corporation (NYSE: HK), Hercules Technology Growth Capital Inc. (NYSE: HTGC), Kaman Corporation (NYSE: KAMN) – the 200th transfer to the NYSE, and Team Inc. (NYSE: TISI).
Continued Global Success
NYSE Euronext’s global venues continued to attract leading companies from around the world in the first half of 2012. In Europe, Groupe Eurotunnel (ticker: GET) announced that it will become the first company to be admitted to trading on NYSE Euronext London, BTG Pactual (ticker: BTGP), Brazil’s largest investment bank, listed on NYSE Euronext Amsterdam and Solvay (ticker: SOLB), a leading global player in chemicals completed a secondary listing on NYSE Euronext in Paris. In the U.S., global industry leaders such as AVG Technologies NV (NYSE: AVG) from Czech Republic, Cementos Pacasmayo (NYSE: CPAC) from Peru and Cencosud S.A. (NYSE: CNCO) from Chile, all listed on NYSE.
“Issuers around the world increasingly list on NYSE Euronext because they value the quality of execution and access to the largest pool of capital,” said Cutler. “Issuers, investors and the trading community have relied on our unique high-touch, high-tech model for years. We appreciate the choice existing and new issuers are making to list on our marketplace and we continue to look for opportunities to unlock the potential of our community, the largest b2b network in the world, for our partners.”
Welcomed Top European Listings and saw increase in financing by SMEs
During the first six months of 2012, NYSE Euronext led the European capital markets in terms of offering value, with 16 listings from a variety of sectors including cable, biotech and technology raising a total of €1.2 billion for companies with an aggregate market capitalization of €21.3 billion.
The Dutch cable operator, Ziggo (ticker:ZIGGO), launched the largest IPO in Europe in 2012, which listed on NYSE Euronext Amsterdam raising €925 million. Other high profile listings included the international listings by CoreLabs (ticker: CLB) on NYSE Euronext Amsterdam and the large spin-off from D.E. MASTER BLENDERS 1753 (ticker: DE, ex- Sara Lee Corp) on NYSE Euronext Amsterdam.
In addition, four of the five IPOs on NYSE Euronext in Paris in the first quarter were from healthcare-related companies. NYSE Euronext Paris has become the market of choice for Biotech and Medtech companies in Europe with 16 IPOs and €400 million raised over the past 3 years.
NYSE Euronext’s European market continued to welcome SME listings in the first half of 2012, which represented 10 out of the 16 new listings this year, raising a total €234 million in new capital. These capital raisings highlight the important role that NYSE Euronext markets play in providing growth capital to SMEs as financing from more traditional sources is becoming more constrained.
“In the first six months of 2012, we saw some optimism return for IPOs with the listing of Ziggo and the amount of capital raised,” said Diederik Zandstra, Head of International Listings at NYSE Euronext. “While we expect market volatility to continue in 2012, we do expect periods when market conditions will be favorable for IPOs and hope companies will see the benefits of our state of the art pan-European trading platform, market infrastructure, visibility, investor relations support, index and derivatives product offering.”
Advocacy Efforts: Key Milestones
NYSE Euronext continues to be a strong advocate for clients and the industry on key issues such as job creation, tax reform, corporate governance and market structure. The company works to provide its clients around the world with an active voice on key policy and regulatory matters, access to decision makers and key leaders in government and timely and reliable information about events and issues impacting our global markets.
For more information on the various initiatives NYSE Euronext led on behalf of publicly-listed issuers in the first half of 2012, including participation in the review of MiFID 2 in Europe and the JOBS Act, the NYSE Big StartUp, the Discover America Partnership and Congressional testimony on Market Structure in the U.S., please visit the European Advocacy and U.S. Advocacy pages of the NYSE Euronext website.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets — the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca — represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more information, please visit: http://www.nyx.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext's 2011 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
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