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.
Volatile market conditions led to a slow for IPOs in September, welcoming seven issuers for total proceeds of $1.1B. Comparably, August featured eight new debuts for total proceeds of $1.4B, while 16 new issuers debuted in the year-ago period for total proceeds of $30.8B representing a year-over-year decrease of 96.5%, largely due to the presence of Alibaba’s historic debut. Separately, the U.S.-Based 25 Index underperformed the broader market in September, falling 13.3% relative to the S&P’s loss of 2.6% during the month, while the International 25 Index dropped 6.4% in a month that saw international markets playing a dramatic role in the performance of domestic markets. Finally, the current 6 month backlog stands at 65 issuers seeking to raise $13.7B, well below the prior-year period’s backlog of 101 issuers for $21.5B.
August, typically a slow month for new issuance, welcomed eight issuers for proceeds of $1.4B, compared to the $3.2B raised across 16 new issuers in July. The Healthcare sector (3) again accounted for the majority of new deals, raising proceeds of $370.3M, and led by Aimmune Therapeutics which raised $184.0M in its public debut. Additionally, the current 6 month backlog stands at 65 issuers seeking to raise $7.6B, well below the prior-year period’s backlog of 91 issuers for $44.9B which was bolstered by Alibaba’s IPO.
July marked a relatively slow month for IPOs, welcoming 16 issuers for $3.1B, following June’s 30 new issuances. By comparison, last year welcomed 30 IPOs for $8.9B in one of the strongest months in terms of proceeds for the year. The Healthcare sector (7) accounted for the majority of new deals, raising a total of $1.0B, while the largest deal came from Blue Buffalo Pet Products ($778.1M) of the Consumer Goods sector. Additionally, the current 6-month backlog stands at 55 issuers seeking to raise $6.4B, well below the prior-year periods backlog of 84 issuers for $40.1B which was bolstered by Alibaba’s IPO.
June marked another strong period for IPOs, welcoming 30 issuers for $6.6B and matching the prior-year period in terms of deal count but falling short of its proceeds total of $8.8B. The Healthcare sector (11) accounted for the majority of new deals, garnering $1.4B in proceeds, while the largest debut came from Basic Materials issuer Univar ($885.5M). Additionally, the current 6-month backlog stands at 58 issuers looking to raise $7.2B.
May welcomed 17 IPOs for $4.4B in proceeds in the most competitive year-over-year monthly performance so far; Last year welcomed 20 May debuts, leaving this month down just 3 issues from the prior-year period. The Healthcare sector (8) accounted for nearly half of all deals, while the largest debut came from Tallgrass Energy GP ($1.4B). Although May saw a slight drop in terms of companies going public year-over-year, those that did make their debut saw an average first-day rise of 6.4%. Elsewhere, the current six-month backlog stands at 50 issuers, a decrease of 41.8% over the same time last year. On a sector basis, Healthcare unsurprisingly leads the way, with 15 issuers awaiting their debuts to the tune of $1.4B.
April saw 15 IPOs price – the highest monthly total this year – to the tune of $2.7B as deal volume began to ramp up following a lackluster first quarter. Despite the uptick, the month nevertheless saw 42.3% fewer IPOs as compared to April last year. Of note, Party City priced its $427.7M in the largest debut of the month, while Brooklyn-based startup Etsy Inc. raised $306.7M in its premiere, the second-ever to emerge from Brooklyn. In continuance with the trend of the last year, Healthcare came out on top in terms of deal count, bringing six issuers to market, though none raised more than $146.6M.
9 IPOs priced during February, less than half the number from the year-ago period. Though short by deal-count standards, the month was not lacking in excitement as it welcomed the largest MLP IPO on record (Columbia Pipeline Partners, $1.2B). Meanwhile, February’s sparse deal volume appeared to have kept investors on the sidelines, with the average IPO this month posting a 0.4% loss on its first day of trade. Elsewhere, the current 6-month backlog stands at 58 issuers looking to raise $7.7B, well below the prior-year period’s backlog of 68 issuers slated to raise $15.0B.
13 IPOs priced for combined proceeds $1.6B in January, falling from the prior-year period’s 17 debuts which raised $5.8B. Deal size trended on the smaller side this month, with no IPO raising more than $529M (InfraREIT) and the average flotation taking home a modest $123.1M. Meanwhile, following a record-breaking 2014, the Healthcare sector appears to have maintained momentum, bringing 8 issues to public markets last month, with 4 each hailing from the Biotechnology and Medical Instruments and Supplies industries, respectively.
14 IPOs priced in December, generating combined proceeds of $3.5B as the IPO market began to slow down as the holidays and end of year came around. The largest IPO of the month came from LendingClub’s $1.0B offering, helping the Financials sector lead in total proceeds ($1.5B). Notably, December’s IPOs recorded sizable first day gains, averaging 22.5% on their first days of trading. Elsewhere, the current 6-month backlog stands at 67 issuers hoping to raise $8.9B in proceeds, led by the Energy sector with $2.7B in the pipeline.