As we suspected, after a disappointing October, November gave the new issuance market a lot to be thankful for. In fact, as we head into the final month of the year – a month that is traditionally pretty slow – we’re not seeing much indication of a slowdown, with fifteen IPOs already in the December pipeline.
Proceeds-wise, November’s plate was stacked high, stuffing it’s face with a triple-helping of $1B+ IPOs The month of homecomings and home-cooking featured three IPOs that cracked the $1B mark: Paramount Group’s largest REIT IPO of all time; Antero Midstream Partners big $1.2B MLP, which overtook Shell’s $1.1B MLP that priced a mere six days earlier; and Axalta Coating Systems second-largest debut ever for the previously sleepy Basic Materials sector.
In a year with a ton of competition – every month seems to bring new milestones in the new issuance market – November manages to stand out, thanks to its mountain of debuts and three servings of big billion dollar IPOs. Its $8.1B in total proceeds lands it as the second-biggest November since 2001 (and the fifth-biggest month of 2014) and it was also the third-most plentiful November on record, with 26 IPOs hitting the market – a big number which still only ranks it as the third-most plentiful month of 2014 alone.
And we didn’t even mention the gravy that is PRA Health Sciences’ debut as the second-largest Biotech IPO of all time, continuing Healthcare’s banner year.
Clearly, if December is going to see its post-Thanksgiving holiday slumber, November did all it could to keep us full until January. Check back next month to see what gifts Santa has in store for the last month of 2014.
For a detailed look at November’s IPO activity, visit Ipreo Ink.