May IPO Recap

April was a good month for 2017’s IPO market. Its 17 debuts more than doubled March’s, and it ended the month on a high note, surging with seven new IPOs the week before May began.

Could May keep up that pace? Almost!

May welcomed 16 IPOs, falling short of April’s tally by just one, continuing 2017’s resurgence – at least when compared to last year.

The month’s biggest score – came out of the Energy sector, in the form of Antero Midstream GP LP bringing in $875.4M while Gardner Denver Holdings, LLC from the Industrials sector raked in $826.0M. Of note, Antero Midstream brought the Energy sector to 11 for the year, which ties it with Technology’s 11 IPOs for the year – three of which arrived last week. In terms of proceeds, however, Tech’s total ($5.7B) trumps Energy’s ($3.6B) by more than $2B.

Pre-Memorial Day IPOs brought 55 total deals for $18.1B in total proceeds, marking the largest total proceeds since pre-the same period in 2014, which saw 111 IPOs for $26.2B. At this point in their respective years, 2017 now has more than doubled 2016’s IPO output, which generated only 25 debuts through May. Unfortunately, May’s transition into June seems to be putting an end to the recent momentum, as no IPOS are expected until the middle of the month at the earliest, halting an eight-week streak of IPO debuts.

As for the backlog, there are 33 deals currently sitting there, 31 domestic and two international domiciled IPOs for total proceeds of $5.5B. The largest IPO in the backlog is Albertsons Companies, Inc., which hails from the Consumer Services sector and hopes to accumulate $1.6B in proceeds.

Hopefully, the official launch of summer in the back-end of June will get us back to where we were around Memorial Day’s “unofficial” launch. As usual, the Ipreo Blog will let you know as soon as we do.

Read the entire May IPO Brief.