Highlights of the 2000 IPO market include:
- The overall IPO market consisted of 446 IPOs raising $108.15 billion, compared to 537 IPOs raising $95.33 billion in 1999.
- There were 339 IPOs by U.S. companies, a 29% decline from the 480 IPOs in 1999.
- Boosted by the AT&T Wireless IPO raising $10.62 billion in April, gross proceeds for IPOs by U.S. issuers declined only 10% from $61.63 billion in 1999 to $55.46 billion in 2000, and average deal size increased from $128.4 million to $163.6 million.
- The overall IPO market benefited from a record 107 IPOs by foreign companies raising $52.68 billion.
- Technology IPOs hovered around 70% of all IPOs for the first three quarters but fell to 48% of IPOs in the fourth quarter. Internet-related IPOs followed a similar trend, declining from 61% of IPOs in the first quarter to 34% in the fourth quarter.
- Proceeds from tech IPOs fell even more sharply, declining from 68% of IPO proceeds in the second quarter to 37% in the third quarter and to 15% in the fourth quarter.
- Average first-day gains declined from nearly 100% in the first quarter to a scant 14% for fourth-quarter IPOs.
- The average 2000 IPO was trading 19% below its offering price at the end of the year, with 173 IPOs trading at least 50% below their offering price at year-end and 38 down more than 90%.
trends throughout the year;
- monthly and quarterly data on IPOs;
- aftermarket winners and losers;
- regional differences in IPOs;
- the leading managing underwriters and law firms handling IPOs;
- valuation shifts between selected traditional companies and their online counterparts; and
the outlook for 2001.
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