The November IPO market produced 24 IPOs—the highest monthly count for 2013 and the second highest number of November IPOs since 1999, lagging only the 28 IPOs in November 2006. The November 2013 total was also the eighth highest number of IPOs for any calendar month since the end of 2000.

In the 12-year period from 2001 to 2012, there were a total of only 14 weeks with 10 or more IPOs. The first week of November saw 11 IPOs—the highest weekly number of IPOs since November 2007 and the third week in 2013 with a double-digit IPO count.

The first 11 months of 2013 have produced 167 IPOs, 64% more than the 102 IPOs in full-year 2012, and two IPOs above the January–November average of 165 IPOs recorded between 2004 and 2007—a period with an annual average of 186 IPOs.

Gross proceeds of $5.28 billion for November represented the second highest monthly figure for 2013, reflecting the month’s high IPO count but also buoyed by Twitter’s $1.82 billion IPO and large offerings from Extended Stay America ($565 million) and Avianca Holdings ($409 million). Year-to-date gross proceeds of $36.90 billion are now 5% above the 2012 full-year total of $35.11 billion and the highest level since the $43.33 billion for full-year 2007.

The IPO market remains dominated by emerging growth companies (EGCs), which produced 83% of all IPOs in the first 11 months of 2013—slightly higher than the 76% market share for EGC IPOs in 2012 following the enactment of the JOBS Act in April 2012.

VC-backed and PE-backed company IPOs accounted for 40% and 31%, respectively, of all IPOs in the first 11 months of the year.

Despite seven life sciences IPOs being postponed in the month, November produced four life sciences IPOs, bringing the year-to-date total to 47—28% of all IPOs and four more than the total of 43 life sciences IPOs in the three-year period between 2010 and 2012.

The average IPO company in the first 11 months of 2013 has enjoyed a 21% first-day gain from its offering price—surpassing the 16% average first-day gain for full-year 2012. In this period, 23% of IPOs were “broken,” the second lowest percentage of broken IPOs since 2007 and behind only the 20% in all of 2012. November IPOs faced a stiffer headwind compared to IPO earlier in the year, with an average first day gain of 16% and eight of the month’s IPO (33%) ending below their offer price on their first day.

The average 2013 IPO ended the month 36% above its offering price, compared to the year-to-date gains of 23% and 34%, respectively, for the Dow Jones Industrial Average and Nasdaq Composite Index.

The year-to-date median offering size of $106.0 million is 12% above the full-year 2012 figure of $94.3 million. The median deal size for VC-backed companies was $78.4 million—the lowest level since the $72.0 million median in 2006—while the median deal size for non-VC backed companies was $222.2 million, 52% higher than the prior 10-year average of $146.0 million. The median deal size for emerging growth companies, at $96.4 million, was less than a quarter of the $419.1 million median deal size for other IPO companies.

The median annual revenue of IPO companies decreased by a third, from $133.6 million in 2012 to $89.1 million in the first 11 months of 2013—the lowest level since the $74.5 million median in 2007. Emerging growth companies had median annual revenue of $63.8 million compared to $2.36 billion for other companies. Life sciences IPO companies in the first 11 months of the year had median annual revenue of just $10.6 million.

With interest rates at historic lows and investors more eager for growth potential than profitability, the percentage of profitable IPO companies has declined from 55% in 2012 to 43% in 2013—the lowest level since the 26% in both 1999 and 2000. Only one-fourth of this year’s life sciences and technology related IPO companies were profitable.

November IPO activity consisted of offerings by the following companies listed in the order they came to market:

• Panama-based Avianca Holdings, a leading airline in Latin America, priced below the range and ended its first day 7% below its offering price.
• Barracuda Networks, a provider of cloud-connected security and storage solutions, priced at the low end of the range and saw a first-day gain of 20%.
• Blue Capital Reinsurance Holdings, a Bermuda reinsurance holding company seeking primarily to offer collateralized reinsurance in the property catastrophe market, priced at the estimated offering price and ended its first day down 6%.
• Karyopharm Therapeutics, a clinical-stage pharmaceutical focused on the discovery and development of novel first-in-class drugs directed against nuclear transport targets for the treatment of cancer and other major diseases, priced an IPO upsized by 20% at the high end of the range and ended its first day slightly above its offering price.
• Wix.com, a leading global web development platform, priced at the high end of the range and declined 1% on its first day.
• LGI Homes, a homebuilder engaged in the design and construction of entry-level homes in Texas, Arizona, Florida and Georgia, priced below the range and saw a first-day gain of 13%.
• Mavenir Systems, a leading provider of software-based telecommunications networking solutions, priced below the range and ended its first day down 4%.
• Norcraft Companies, a leading manufacturer of kitchen and bathroom cabinetry in the US and Canada, priced an IPO upsized by 9% at the low end of the range and saw a first-day loss of 3%.
• Twitter, a global platform for public self-expression and conversation in real time, priced above the range and ended its first trading day up 73%.
• JGWPT Holdings, a leading direct response marketer that provides liquidity to its customers by purchasing structured settlement, annuity and lottery payment streams in the United States, priced below the range and declined 8% on its first day.
• NMI Holdings, a provider of private mortgage insurance in the United States, priced at the high end of the range and saw a first-day gain of 8%.
• Chegg, a leading student-first connected learning platform, priced above the range and declined 23% on its first day.
• Eros International, a leading global company in the Indian film entertainment industry, priced a downsized IPO below the range and ended its first day down 1%.
• Extended Stay America, the largest owner and operator of company-branded hotels in North America, priced within the range and saw a first-day gain of 19%.
• Houghton Mifflin Harcourt, a leading global provider of education solutions, priced below the range and gained 32% on its first day.
• Tandem Diabetes Care, a medical device company with an innovative approach to the design, development and commercialization of products for people with insulin-dependent diabetes, priced an IPO upsized by 12% at the high end of the range and ended its first day with a 28% gain.
• Relypsa, a pharmaceutical company focused on the development and commercialization of non-absorbed polymeric drugs to treat disorders in the areas of renal, cardiovascular and metabolic diseases, priced below the estimated offering price and saw a first-day gain of 10%.
• zulily, a flash sales site launched with the goal of revolutionizing the way moms shop for children’s apparel and other products, priced above an upwardly revised range and gained 71% on its first day.
• Evogene, a plant genomics company that uses a comprehensive and integrated technology infrastructure to enhance seed traits underlying crop performance and productivity, gained 17% on its first day.
• Navigator Holdings, the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, priced an upsized IPO at the high end of the range and saw a first day-gain of 20%.
• 500.com, a leading online sports lottery service provider in China, priced at the high end of an upwardly revised price range and gained 54% on its first day.
• Oxford Immunotec, a global, commercial-stage diagnostics company committed to improving patient care by providing advanced, innovative tests in the field of immunology, priced below the range and ended its first day up 28%.
• Sungy Mobile, a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, priced within the range and saw a first-day gain of 19%.
• Vince, a diversified apparel company that designs, manufactures, and markets a collection of fashion brands, priced above the range and gained 43% on its first day.