March is the month that often gets compared to a lion, but this spring, it was April that roared.
March made some noise, thanks to the Snap IPO and Technology’s late surge that helped 2017’s first quarter outperform last year’s, but April took the ball and ran with it, more than doubling the previous month’s output with 17 IPOs to March’s 8.
Last week alone saw seven debuts, with the Technology sector’s Emerald Expositions Events, Inc. taking the top spot proceeds-wise at $303.0M. The largest operator of B2B trade shows in the U.S., the IPO was the seventh from the Tech Sector, which had filed just one this time last year. Also outperforming last year is the Energy sector, which already has eight IPOs after none came to market in 2016.
April 2017 also saw a few interesting firsts, with the first Chinese domiciled IPO of the year in China Rapid Finance Ltd. coming in at $60.0m from the Finance sector, and Australia’s first IPO of 2017, Cloudera, Inc., which came out of Tech and priced at a solid $258.8M. Cloudera is also the second IPO from Down Under to price in the U.S. markets since 2005, after 2015’s Atlassian, the last Tech IPO of that year – and a fairly hefty one that debuted at $531.3M.
The Energy sector leads the six-month backlog in terms of proceed amount ($1.2B), and is tied with Healthcare with the highest deal amount (6) in the pipeline. The largest IPO in the backlog is Antero Midstream GP LP at $875.4M, which would be just the second Utilities IPO of the year and the largest Utilities PO since Abengoa Yield, plc’s $828.7M offering in June 2014. With that IPO, the sector will have already matched last year’s output; 2016 ended with a total of two IPOs, and the first didn’t arrive until October.
Continuing the look ahead, May seeks to maintain April’s momentum, as seven IPOs are expected just this week, including the aforementioned Antero Midstream and Healthcare’s sixth and seventh debuts of the year, a far cry from the sector’s recent prolific output. Both the potentially upcoming Biohaven Pharmaceutical Holding Company Ltd. ($125.0M) and UroGen Pharma Ltd. ($45.0M) are clinical stage biopharmaceutical companies.