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December 19, 2016

By Joseph Fiorie

73% of US IPOs trading above offer price

Of the 111 US-listed IPOs that priced this year, 81 are trading higher than their offer price. The best performing IPO is Acacia Communications, an electronics-semiconductor company that is up 189% since it priced on May 12. Conversely the worst performing IPO is PhaseRX, a biomedical-genetics company that is trading 73% lower than it priced on May 17.

This year’s most active sectors for IPOs are healthcare with 35 deals averaging +18%, technology with 25 deals averaging +31%, and finance with 20 deals averaging +20%.

24 deals in the 180-day IPO backlog

There are currently 24 deals in the 180-day IPO backlog, totaling $2.4bn in expected deal value ready to come to market. The largest expected deal is for JBS Foods, a Brazilian meat processing company, which filed on December 5 with plans to raise $500m on the New York Stock Exchange.

Of the 24 deals in the backlog, the technology sector is the most active with six deals totaling $224m, followed by healthcare (four deals, $120m) and finance (three deals, $565m).

58 issuers have withdrawn IPOs this year

This year 58 issuers have withdrawn their IPOs, slightly fewer than in the same period last year (62 deals). The issuers were expecting to raise $10.1bn, 71% more than last YTD, and the highest since 2013 (42 deals, $10.5bn)

Citi tops US IPO ranking

Citi leads the US-listed IPO ranking in 2016 YTD with an 11.0% market share, followed by Goldman Sachs (10.1%), and Morgan Stanley (10.0%).