European tech has delivered another strong year of IPOs

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Europe has had the most tech IPOs globally in 2017

Number of tech IPOs by region

There have been 6 $B+ tech IPOs from Europe in the first nine months of 2017

Number of tech IPOs by market cap at IPO by year and region

European tech companies have raised $6B+ via the public capital markets in the first nine months of 2017, exceeding proceeds raised in US tech IPOs

Proceeds raised ($B) by funding type and region

Europe is traditionally stronger for smaller listings, but since 2012 the region has also seen more large offerings of $500M+ than the US

Number of tech IPOs by proceeds raised at IPO by year and region

European markets better understand the importance of liquidity and so are more open to existing investors selling down their position at IPO. As a result, there is a much higher share of secondary share sales than in the US

Average share of primary versus secondary shares sold at IPO by region

European tech IPO vintages have often outperformed those in the US in aftermarket performance, including in 2017

Weighted aftermarket performance of European tech IPOs by vintage year

Europe still has a long way to go. Despite adding nearly $350B in total market value since 2012 and more than doubling the total market cap of public European tech companies to $657B, this has been eclipsed by value creation from US and China in that period

Total market cap ($B) of public tech companies by region

There are no tech companies in the top 10 most valuable companies in Europe, whereas the top five from the US and the top two from China are all tech companies

Most valuable public companies by region and type

Europe: CompanyEurope: Market cap ($B)Europe: Tech or non-tech
Royal Dutch Shell262Non-tech
Anheuser-Busch InBev236Non-tech
British American Tobacco148Non-tech

Europe's most valuable tech company is much more valuable than most people think

market cap of SAP, Europe's most valuable tech company