There were no initial public offerings (IPOs) on the calendar last week and there are none on the calendar for this week. This is the normal summertime hiatus and we don’t expect any pickup until the first full week after the Labor Day holiday.
Through the week ending August 25, IPO ETF manager Renaissance Capital reported that 92 IPOs have priced in the U.S. so far this year, up nearly 56% year over year. Total proceeds raised through last week equaled $22.2 billion, up 136% year over year. Neither of last week’s IPOs is counted in Renaissance Capital’s statistics.
For 2016, Renaissance Capital reported a total of 105 IPOs, down 38% year over year from 170 in 2015. Total 2016 proceeds amounted to $18.8 billion compared with a 2015 total of $30 billion. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.
Among last week’s five filings were two blank check companies: Draper Oakwood Technology Acquisition which filed for a $50 million IPO and Social Capital Hedosophia which filed for a whopping $500 million IPO.
A China-based ecommerce luxury retailer, Secoo Holding, filled for a $100 million IPO and two biotech firms also filed for the first time. Krystal Biotech will seek $35 million and Celcuity has filed for a $15 million IPO.
We’ll have more information on these companies when their IPOs hit the calendar.