November IPO Recap

2014 was always going to be a tough year to match.

With its record IPO numbers, the largest debut in history, etc., it probably wasn’t realistic to expect a repeat, even after 2015’s second quarter showed some signs of life.

But that’s okay; you don’t need to break records to have a good year. Unfortunately, 2015’s promise dwindled as soon as the summer heated up.

This November welcomed 11 IPOs, which is not only fewer than half of last November’s 26, it’s two fewer than the 13 we saw last month. Of the 11 November market debuts, none of them priced about their filing ranges, following course from October when not one of the 13 IPOs price above their filing range. November’s backlog fell as well, from 71 in October down to 61, despite the expected proceeds climbing (from $8.3B up to $8.8B).

Not even Healthcare could be counted on this moth, as the sector’s typical dominance faltered, bringing in only four IPOs to Technology’s five. The Tech sector also laid claim to the month’s largest debut, the Match Group, which saw proceeds of $460.0M. Healthcare does remain atop the backlog, with 18 expected over the next six months, for a total of $2.3B in proceeds, with Tech and Consumer Services falling in behind it 13 and 9 deals respectively.

Momentum has been hard to come by in the latter half of the year, and at this point it’s safe to say that whatever promise the spring and early summer offered, it fizzled when the August swoon extended into fall. Unless December provides a big boost, the new issuance market won’t be all that unhappy to say goodbye to 2015.

See the full November 2015 IPO Brief.