9 IPOs priced in March, raising a combined $1.5B in proceeds as deal volumes remained markedly lower year-over-year. On a sector basis, Financials prevailed, bringing four new issues to market for $313.6M, including two banks and one BDC. Although March brought fewer companies to market year-over-year, those that did price noticed an average 3.5% gain on their first day of trading. Meanwhile, the current 6-month backlog stands at 59 issuers looking to raise $7.0B, a sharp decline from the prior-year period’s backlog of 75 issuers slated to raise $21.8B. By sector, Healthcare continues to lead in terms of deal count, with 21 deals seeking to raise $1.5B.
September appeared in full force, pricing 16 IPOs for $30.7B, well above the year ago period’s $4.0B from 22 debuts. Alibaba’s IPO accounted for the majority of the month’s proceeds, raising $25.0B and making it the largest IPO ever. Healthcare continued to dominate the market in terms of deal count, as eight deals raised $626.2M,led by Civitas Solutions ($198.9M). Meanwhile, the US-Based 25 Index outperformed broader markets in September, gaining 3.6% against the S&P 500’s 1.5% loss, as market participation picked up following a mostly quiet summer. Additionally, the International 25 Index advanced 4.9%, helped along by Alibaba’s 38.1% first-day pop.