US-listed IPOs accelerated in February as deal volume more than doubled y/y to sixteen from seven. Activity, however, was heavily concentrated in the first half of the month, as only one IPO priced in the last two weeks of February. Total proceeds for the month rose to $4.3B, from the year-ago $1.2B, on the back of Kinder Morgan’s $2.9B offering. Excluding Kinder Morgan, IPOs are trending smaller, with proceeds averaging $93mm compared with $170mm in the year-ago.
US-listed IPOs recorded a strong opening to the new year. On a year-over-year basis, eight deals priced to last year’s five as proceeds rose five-fold to $3.9B from $732.6M. While the large Nielsen offering ($1.9B) accounted for the lion’s share of total proceeds, even without the deal, US-domiciled issuance rose 87% from the prior year. Meanwhile, proceeds from international issuers listing in the US rose sharply off a smaller comparable.