The Road to IPO: Legal and Regulatory Insights into Going Public

  • Q3 2017 IPO Market Review

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    September 7, 2017

    The IPO market produced 27 IPOs in the third quarter of 2017, down from the 45 IPOs in the second quarter but bringing the total over the first three quarters of the year to 92 IPOs. Despite the dip in deal flow in the third quarter, the tally for the first three quarters of 2017 was one‑third above the 69 IPOs over the first three quarters of 2016 and only two IPOs shy of the corresponding average of 94 IPOs over the ten-year period preceding 2016.

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  • Q2 2017 IPO Market Review

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    July 7, 2017

    The IPO market produced 45 IPOs in the second quarter of 2017, more than doubling the first quarter figure of 20 IPOs and bringing the total over the first half of 2017 to 65 IPOs. While the 2017 tally handily surpassed the 38 IPOs over the first half of 2016, it lagged the corresponding figures of 91 in 2015 and 132 in 2014, but was only two less than the median first‑half figure of 67 IPOs over the ten-year period preceding 2014.

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  • Q1 2017 IPO Market Review

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    April 7, 2017

    The IPO market produced 20 IPOs in the first quarter of 2017, an increase from the eight during the first quarter of 2016 but well below the first quarter average of 35 IPOs over the five-year period of 2011 through 2015.

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  • 2016 Year-End IPO Market Review

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    February 2, 2017

    The IPO market produced 98 IPOs in 2016, the second down year in row, coming in 36% below the tally of 152 IPOs in 2015. In the 12-year period preceding 2015, which saw an annual average of 138 IPOs, there were only three years in which IPO totals failed to reach the 100-IPO threshold.

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  • November 2016 IPO Market Review

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    December 2, 2016

    The IPO market cooled in November to produce only a trio of IPOs, the slowest November since the height of the global financial crisis in 2008. The first eleven months of 2016 have produced 91 IPOs—39% below the 150 IPOs over the corresponding period of 2015.

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  • October 2016 IPO Market Review

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    November 7, 2016

    The IPO market produced 19 IPOs in October, representing the highest monthly figure since the 33 IPOs in June 2015. Over the first ten months of 2016, there have been 88 IPOs—36% below the 138 IPOs over the corresponding period of 2015.

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  • September 2016 IPO Market Review

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    October 7, 2016

    The IPO market produced 14 IPOs in September, representing the second highest monthly figure for 2016 and only one behind May’s tally of 15 IPOs. The month’s total represents the third‑busiest September since 2000, trailing 2013 (20 IPOs) and 2014 (17 IPOs).

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  • August 2016 IPO Market Review

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    September 6, 2016

    The IPO market continued its tepid pace in August, with the month producing seven IPOs. Over the first eight months of 2016, the tally of 54 IPOs represents less than half the number of IPOs over the first eight months of 2015 and less than one-third the number of IPOs for the same period in 2014.

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  • July 2016 IPO Market Review

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    August 5, 2016

    The IPO market produced 10 IPOs in July, bringing the total number of IPOs over the first seven months of the year to 47–56% below the 106 IPOs over the first seven months of 2015.

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  • June 2016 IPO Market Review

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    July 8, 2016

    June mustered only seven IPOs, down from 15 IPOs in May, and in sharp contrast to the preceding two years—in both 2014 and 2015, June produced the highest monthly IPO count of the year, with 30 and 33 IPOs, respectively. The June 2016 tally brings the number of IPOs over the first half of the year to 37—the fourth lowest half-year total in at least twenty years, trailing only 2003 (seven IPOs), 2009 (12 IPOs) and 2008 (21 IPOs).

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  • May 2016 IPO Market Review

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    June 10, 2016

    The IPO market in May produced 15 IPOs, doubling the count for the first five months of 2016 to 30 IPOs. Gross proceeds for the month were $3.56 billion, buoyed by a pair of billion-dollar IPOs, the first such sized offerings since last October  (the solitary billion-dollar IPO of 2015). May’s tally brings gross proceeds over the first five months of the year to $5.60 billion, 28% below the $7.78 billion raised over the first five months of 2015.

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  • April 2016 IPO Market Review

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    June 9, 2016

    The IPO market produced seven IPOs with gross proceeds of $1.22 billion in April, for the best monthly performance of 2016 as the IPO market slowly pulls itself out of the slumber that has persisted since mid-2015. Year-to-date, there have now been a total of 15 IPOs for gross proceeds of $1.89 billion.

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  • Q1 2016 IPO Market Review

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    April 4, 2016

    The first quarter of 2016 produced a meager eight IPOs with gross proceeds of $667 million. Only once over the prior 12 years has the first quarter produced a lower tally—there were only two new offerings in the glum post-financial-crisis first quarter of 2009.

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  • 2015 Year-End IPO Market Review

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    February 4, 2016

    The 2015 IPO market produced 152 IPOs, a disappointing tally that lagged well behind the 244 IPOs in 2014 despite continued strength in the life sciences sector. Setting aside the anomalous years of 2008 and 2009, however, the 2015 total was largely in line with the annual average of 157 IPOs that prevailed over the ten-year period preceding 2014.

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  • December 2015 IPO Market Review

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    January 7, 2016

    The December IPO market produced a pair of new offerings. Only once in the preceding 15-year period has the month of December seen a lower IPO count, as 2008 failed to produce a single IPO for the month in the midst of the financial crisis.

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  • November 2015 IPO Market Review

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    December 4, 2015

    The November IPO market produced a dozen IPOs with gross proceeds of $1.30 billion. The month’s tally brings the total number of IPOs over the first 11 months of 2015 to 150 with total gross proceeds of $24.63 billion—35% below the 231 IPOs over the first 11 months of 2014 and 10% below the 167 IPOs over the first 11 months of 2013.

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  • October 2015 IPO Market Review

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    November 5, 2015

    The market produced 16 IPOs in October, bringing the total number of IPOs over the first 10 months of the year to 138. Gross proceeds for the month were $5.08 billion—the second highest monthly figure since September 2014—lifting gross proceeds over the first 10 months of 2015 to $23.34 billion, 66% below the $68.35 billion figure for the first 10 months of 2014, but within 10% of the first 10 month average of $25.55 billion for the 10 years preceding 2014.

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  • September 2015 IPO Market Review

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    October 6, 2015

    The IPO market produced six IPOs in September, bringing the total number of IPOs over the first three quarters of the year to 122. After picking up pace in June when the IPO market produced 33 IPOs, the highest monthly count since August of 2000, the monthly IPO count declined sequentially over the third quarter to produce a total of 31 IPOs—only three IPOs over the 28 produced in the first quarter of the year. The year’s IPO count through September 30 nonetheless represents the fifth highest first three quarter total in the fifteen years since the end of the dot-com era.

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  • August 2015 IPO Market Review

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    September 4, 2015

    The IPO market produced nine IPOs over the first two weeks of August, followed by a solitary IPO over the last two weeks of the month as the market entered the customary interlude around the Labor Day holiday. Total gross proceeds for the month were $1.36 billion. The first eight months of the year have seen a total of 116 IPOs with gross proceeds of $17.51 billion, 53 IPOs (or 31%) below the 169 IPOs over the first eight months of 2014.

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  • July 2015 IPO Market Review

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    August 6, 2015

    The IPO market produced 15 IPOs in July with gross proceeds of $2.74 billion. July’s tally brings the total number of IPOs over the first seven months of 2015 to 106, the fourth highest total for the first seven months of the year since 2000. Gross proceeds over the first seven months of 2015 climbed to $16.15 billion, 63% less than the $35.61 billion in gross proceeds raised over the first seven months of 2014.

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  • June 2015 IPO Market Review

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    July 2, 2015

    The IPO market continued to accelerate in June with the month producing 33 IPOs, the highest monthly count since the 65 IPOs in August of 2000. June’s tally brings the total number of IPOs over the first half of the year to 91, the third highest level for the first half of the year since 2000. While the number of IPOs in the first half of 2015 fell 41 IPOs, or 31%, below the 132 IPOs in the first half of 2014, the 63 IPOs in the second quarter of 2015 represent the fourth highest figure for any quarter since 2000.

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  • May 2015 IPO Market Review

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    June 4, 2015

    The IPO market picked up pace in May, with the month producing 16 IPOs. The five-month tally of 58 IPOs is 43% below the 102 IPOs over the first five months of 2014, but nonetheless represents the fifth highest first five-month tally since 2000, trailing only the 78 IPOs in the first five months of 2007, the 64 IPOs in the first five months of 2006 and the 61 IPOs in the first five months of 2012.

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  • April 2015 IPO Market Review

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    May 5, 2015

    The pace of the IPO market moderated in the first two weeks of April before gaining momentum to end the month with 14 IPOs—the highest monthly tally since the 21 IPOs in November 2014, although short of the monthly average of 20 IPOs that prevailed in 2014.

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  • March and Q1 2015 IPO Market Review

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    April 6, 2015

    The IPO market continued its moderate pace in March. The month produced nine IPOs, bringing the total for the first quarter of 2014 to 28 IPOs—the first quarter since the second quarter of 2013 not to produce at least 50 IPOs and the second lowest first quarter total over the last five years.

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  • February 2015 IPO Market Review

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    March 9, 2015

    Momentum in the IPO market ebbed in February with the month producing only six IPOs—the lowest monthly figure since the four IPOs in February 2013. The 19 IPOs over the first two months of 2015 are just over half the total of 37 IPOs produced in the first two months of 2014.

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About This Blog

This blog focuses on IPOs, including legal and regulatory developments affecting the IPO market, analysis of market practices, and information of interest to all companies planning or hoping to go public. Blog host David Westenberg, a partner in the firm’s capital markets group, is one of the country’s foremost authorities on IPOs. He writes and is quoted frequently on the IPO market, and is the author of the acclaimed book, Initial Public Offerings: A Practical Guide to Going Public. You can also follow him on Twitter: @DWestenbergIPO.