Monthly IPO Brief

Following a sluggish first half of the year compared to recent years, July kicked off the year’s second half by welcoming 10 IPOs for total combined proceeds of $2.3B. Elsewhere, the US-Based 25 Index continued its streak as it posted a gain for the fifth straight month, growing 4.9%, while the S&P’s surged 5.0% during the month. Meanwhile, the current 6-month IPO backlog stands at 22 issuers seeking to raise $2.6B, a considerable tumble from the prior-year period’s 58 issuers that secured $15.5B.

Following last month’s jump in deal count (12), which is the largest year-to-date, the month of June settled back to just seven issuers marking their public debuts, a significant decline when compared to the prior-year period’s 30 new issuers. Elsewhere, the US-Based 25 Index continued its streak as it posted a gain for the fourth straight month. Finally, the current 6-month IPO backlog stands at 28 issuers seeking to raise $3.5B, a sizable descent from the prior-year period’s 62 issuers for $10.2B.

Coming off a struggling first four months that saw a meager 13 new issuers debut, the month of May marked a notable jump as 12 IPOs priced for total proceeds of $2.6B. Additionally, the U.S.-Based 25 Index posted a gain for the third straight month, ascending 12.2% in May. Finally, the current 6-month backlog consists of 29 issuers looking to raise $2.7B, falling sharply from last year’s 49 issuers seeking to raise $8.6B.

Coming off the heels of a quarter that saw just six new issuers debut, the month of April marked a notable jump as seven IPOs priced for total proceeds of $2.5B. Meanwhile, the U.S.-Based 25 Index posted a gain for the second consecutive month, rising 5.61% and outperforming the S&P’s increase of 0.27% during the month. Finally, the current 6-month backlog stands at 34 issuers seeking to raise $2.9B, a substantial decline compared to the prior year period’s 57 issuers for $9.4B.

The IPO market continued to struggle in March with just two new issuers coming to market for combined proceeds of $123.3M. Elsewhere, the U.S.-Based 25 Index jumped 14.6% during the month, coming in well ahead of the S&P 500’s 6.6% monthly gain. Finally, the current 6-month backlog stands at 41 issuers hoping to raise $6.5B, down from the prior-year’s 59 issuers for $10.1B.

The IPO market’s hibernation finally ended in February as the second month of the year brought four new issuers to the market for aggregate proceeds of $435.7M. Elsewhere, the U.S.-Based 25 Index continued to struggle in February, posting a loss of 3.33% while the S&P posted a marginal loss of 0.41% during the month. Finally, the current 6-month IPO backlog stands at 50 issuers seeking to raise $7.3B, slightly below the 61 deals for $8.9B in the prior-year period.

For only the third time since 2001, the new issuance market remained dormant during the month of January. While there was no shortage of IPOs expected to price in the first month of the year, large-scale global selloffs and volatile commodity markets kept the new issuance market largely at bay. Separately, the U.S. based 25 Index widely underperformed against the broader markets in January with a decline of 18.0%, while the International 25 Index dropped 16.0%. Finally, the current 6-month IPO backlog stands at 67 issuers looking to raise $9.9B.

Representing the slowest month for the new issuance market in what was the slowest year since 2012, December brought only two debuts to the market for combined proceeds of $606.3M. Separately, the U.S.-Based 25 Index outperformed the broader market in December, posting a gain of 1.72% relative to the S&P’s loss of 1.75%during the month, while the International 25 Index gained 1.67%. Finally, the current IPO backlog rose marginally from 61 deals in November to 64 in December, but left the total expected proceeds relatively unchanged from the prior month with a current tally of $8.8B.

Despite the markets continuing to build upon October’s gains in November, new issuance remained relatively quiet with only 11 debuts occurring during the month. Comparably, the year-ago period brought 26 new deals to the market. Meanwhile, the U.S.-Based 25 Index outperformed the broader market in November, gaining 17.95% relative to the S&P’s rise of just 0.05% during the month, while the International 25 Index grew 3.06%. Finally, the current IPO backlog fell from 71 deals in October to 61 issuers in November despite the total expected proceeds climb from $8.3B to $8.8B.

As market conditions settled down in October after an unstable August and September, the IPO market saw thirteen new issuers enter the fray for total proceeds of $5.3B. Elsewhere, the U.S.-Based 25 Index underperformed the broader market in October, gaining 2.23% relative to the S&P’s rise of 8.30% during the month, while the International 25 Index jumped 2.35%, reversing course from the declines in September. Finally, the current IPO backlog climbed to 71 deals from the prior month’s 65 issuers, but dwindled in terms of proceeds as it looks to raise a mere total of $8.3B compared to the $13.7B seen in last month’s backlog.