New issuance activity in Q3 saw proceeds advance 20.1% year-over-year (excluding AIG’s multibillion dollar offerings) and soar 35.3% in terms of deal count. Meanwhile, the S&P 500 climbed 4.7% over the period, generating a healthy capital-raising environment, while market participants anxiously awaited a definitive timeline for Fed tapering. Notably, IPO deal volume nearly doubled year-over-year, leaping to 57 debuts in Q3 and raising 203.7% more capital. Overall, total year-to-date deal count and proceeds jumped 37.6% and 6.8% from the previous year, respectively, as 2013 continues to flex its deal market strength.
New issuance activity ticked up from Q1 as equity markets surged to all-time highs in May. Despite a volatile market pullback in June, issuers continued to push deals to market as fears mounted that a taper in the Fed’s bond-buying program could close the capital-raising window. Q2 was also stronger than the year-ago period, with deal count up 62% year-over-year as proceeds climbed 18%, despite Facebook’s inclusion in Q2 2012. On the IPO front, an impressive 55 issuers debuted in Q2, up from 32 in both Q1 and the year-ago period and marking the highest total since Q4 2010, when 56 IPOs priced.