Welcome to Taking stock, the third report in Reed Smith’s Deal Dimensions series

Taking stock assesses the recent volatility in the capital markets, how companies are preparing themselves to launch IPOs when markets become receptive to new issues, and the challenges they may face post-launch.

Key findings include:

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In the first half (H1) of 2016, Mergermarket questioned 125 respondents employed by privately held companies with the job titles CEO, CFO or Head of Strategy, from Europe, North America and Asia. It included 100 respondents whose companies are likely to consider undertaking an IPO within the next three years and 25 respondents whose companies are not likely to consider undertaking an IPO within the next three years. The 100 respondents who had indicated that their company was likely to consider undertaking an IPO within the next three years continued to answer the full set of survey questions.

For the 25 companies that were not likely to consider an IPO within the next three years, we surveyed the alternatives to an IPO that are being considered by the respondents in this group, and two follow-up questions about the advantages and disadvantages – compared with an IPO – of these respondents’ most important alternative.

The full-length survey respondent pool was comprised of the 100 respondents. They were split by geographical region in the following proportions: Europe 40%, North America 40% and Asia 20%. The respondent industry sector breakdown for each region mirrors the prevalence of the top three sectors for IPO activity during the period 2013-2016 in that region with the remaining respondents drawn from a variety of sectors. The breakdown is as follows:

Healthcare (15%), industrials and chemicals (15%), technology, media and telecommunications (TMT), (15%), other (55%) (comprised of consumer/retail (27.5%), energy, power & utilities (15%), financial services (7.5%), construction (2.5%) and transportation (2.5%))

North America
Healthcare (35%), TMT (20%), financial services (12.5%), other (32.5%) (comprised of industrials and chemicals (15%), consumer/retail (10%), transportation (5%) and leisure/hospitality (2.5%))

Industrials and chemicals (25%), TMT (15%), consumer/retail (10%), other (50%) (comprised of leisure/hospitality (20%), construction (10%), transportation (10%), aerospace & defence (5%) and energy, power & utilities (5%).

Both surveys included a combination of qualitative and quantitative questions and all interviews were conducted over the telephone. Results were analysed and collated by Mergermarket and all responses are anonymised and presented in the aggregate.