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Industrials Gets Industrious

On Tuesday we took a look at how the U.S. IPO market fared in February, and it’s safe to say that we’re not exactly on last year’s record-setting pace, despite Healthcare’s steady flow of new issuances.

But, as always, there is some good news. And we’re not just talking about Etsy’s debut as the second-ever IPO out of Brooklyn (2014’s Everyday Health IPO, which came in at $100.1M last March, was the first).

No, it’s news of yet another sector with fortunes on the rise. This one doesn’t quite hold a candle to Healthcare’s hot streak or even Energy’s recent surge, but the Industrials sector just debuted its 11th IPO since the beginning of 2014, which is at least a little, ahem, industrious.

Making a recent splash is Summit Materials from the Building Materials micro industry, which priced at $400M on March 11th. It is the second Industrials IPO of 2015 and the largest from the sector since late 2013’s Aramark Holdings, which raised $833.6M. And there are more to come, as Industrials currently has three IPOs in the six-month backlog: Kornit Digital Ltd. ($115M), Tankships Investment Holdings Inc ($150M) and Costamare Partners LP ($100M), the latter two from the marine shipping micro industry.

Also of note, Industrials seems to be flexing its international muscles, with both Tankships Investment Holdings and Costamare hailing from Greece, and Kornit Digital from Israel. Only 11 other internationally-domiciled issuers sit in the current 6 month backlog (which stands at a total of 61 issuer) so the three Industrials IPO make up a decent chunk.

So despite what might uncharitably be called a slow-down, if one were to measure 2015 solely against 2014’s unprecedented pace, a variety of sectors are having noteworthy runs. This time around, it’s Industrials’ turn.

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