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November IPO Recap

The 11th month of the year is traditionally one of fall weather, football, and giving thanks. We kicked it off being thankful that the IPO market, despite the tumult occurring across the global markets, had been able to maintain some consistency in October, all good things must come to an end.

November succumbed to the broader stock market’s volatility, and today we enter the home stretch of 2018 with a look back at last month’s activity, starting with the lowest amount of IPO proceeds since November of 2016.

Only six IPOs came to market, mustering up $351.9M in proceeds, which barely topped the aforementioned November 2016’s total of $348.7, which was achieved off of a mere two debuts. To put that in perspective, those six IPOs had an average size of $58.7M, the lowest mark during any month since February of 2008, when two IPOs priced for average proceeds of $56.4M.

Financials led the way in November with 3 debuts, followed by Healthcare’s pair and a sole offering from Consumer Services. Technology, despite coming into November second only to the Healthcare sector (66) with 40 IPOs, sat out this round. Bain Capital Specialty Finance, Inc.’s $151.9M was the month’s biggest number, and none of the rest topped $65.0M in proceeds.

Also suffering is the six-month backlog, where proceeds have plummeted by 67.9%, continuing the overall decrease in deal size we saw in November. December does have one highly anticipated debut in the Tencent Music Entertainment Group’s, as the Chinese music streaming powerhouse’s delayed IPO is finally expected to land with $1.2B in proceeds.

Get all the details on last month’s new issuance activity in the full November IPO Brief!

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