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August IPO Recap

We’ve been beating the drum about the IPO market’s late summer swoon for a while now, so it should come as no surprise that when we recap August, there simply isn’t a lot to recap.

The eighth month of the year welcomed eight issuers for proceeds of $1.4B, compared to the $3.2B raised across 16 new issuers in July. Even as things slowed to a crawl, the Healthcare sector crawled fastest, accounting for the majority of new deals with three debuts raising proceeds of $370.3M. The sector’s largest IPO was Aimmune Therapeutics, which raised $184.0M in its public debut. The month’s largest debut overall was Amplify Snack Brands, which raised $270.0M in Consumer Goods.

August was quiet in terms of debuts, but turbulent in just about every other possible way, and the IPOs that landed reflected that. August’s 8 IPOs saw an average first day gain of 19.6%, while the best first day performance for the month was seen from Global Blood Therapeutics which had a first day gain of 115.6% and is currently holding strong at 147.5% above offer price. On the opposite end, SunRun saw the largest first-day drop with a decline of 23.1% on its first of trading, and is currently sitting at 15.1% below its offer.

Looking ahead, the current six-month backlog stands at 65 issuers seeking to raise $7.6B, well below the prior-year period’s backlog of 91 issuers for $44.9B, which was bolstered by Alibaba’s IPO. Notable names currently in the backlog include Petco Holdings, SoulCylce, Neiman Marcus, and Univision, all hailing from the Consumer Services sector.

So far, August of this year has brought 8 issuers to market raising combined proceeds of $1.4B. Comparing this August to last year, the month pulled ahead in proceeds ($1.0B) but lower in deal count (10 deals).

When comparing the August-September period to the last two years, 2015 has some catching up to do. The August-September period in 2013 brought 37 IPOs to market raising $7.8B (September had 22 deals for $3.8B), and August-September 2014 brought 26 deals to market (for total proceeds of $31.8B; thanks, Alibaba!) Of course, 2014 was a big year, and even when taking Alibaba out of the equation, last year’s end of summer period brought 25 IPOs for $6.8B.

Again, August’s meager numbers are no surprise, even if they are slightly more meager than the past few years. But now that school is back in session, September needs to perk up.

The good news is that it usually does.

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