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April IPO Recap

It’s officially May!

Despite April’s gloomy reputation, it actually proved to be 2015’s best month-to-date in terms of the numbers of IPOs that hit the market. The month saw 15 debuts, totaling $2.7B, which was a definite improvement over the first three months of the year. Not all the news is great: in what shouldn’t be a shock, due to 2015’s slower pace in general, April’s 15 IPOs amounted to more than 40% fewer than the market saw last year. But after a slow first quarter, the increase in deals is a positive sign.

The two biggest debuts of the month, which we discussed and priced out a few weeks ago, landed at the top of their filed ranges. Party City priced at $17 per share (the peak of its $15-17 range) and then rose 21.8% in its opening session and then rose 21.8% in its opening session. Similarly, Etsy – just the second IPO ever to emerge from Brooklyn – priced at $16 per share, at the top end of its $14-$16 per share range. Further, Etsy shot up 87.5% in its first day of trade, which currently stands as the 7th-biggest first day pop of the past twelve months.

Also, and I know you’re waiting on bated breath for this update: in continuance with the trend of the last year, Healthcare came out on top in terms of deal count, bringing six issuers to market, though none raised more than $146.6M.

Healthcare also leads the backlog, with 20 deals seeking to raise $1.4B, while Energy leads on a total proceeds basis with 7 deals aiming to generate $2.2B. Interestingly, despite 2015’s slower pace, Financials is the only sector in the backlog that currently has a decrease in number of deals through April compared to 2014, while proceeds are down a hefty 86.7%.

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