The IPO Journal

Trends & Statistics

Executive Summary

Welcome to this third edition of Proskauer’s IPO Study. In it, you’ll find our analysis of market practices and trends for U.S.-listed initial public offerings (IPOs). Our proprietary database and analyses now cover 309 IPOs that priced between 2013 and 2015.… Continue Reading

2016 IPO Study: Methodology

Population Our proprietary database now includes 309 IPOs, which priced from 2013 to 2015. This study covers 90 IPOs that priced in 2015: 78 domestic issuers and 12 foreign private issuers (FPIs). The total population that met our criteria (described below) in 2015 was 125. Our three year analysis section covers 258 IPOs (excluding MLPs … Continue Reading

2016 IPO Study: Sector & Geographic Analysis

Sectors Represented* The number of IPOs per sector is proportional to the industry composition for all 132 IPOs in 2015 meeting our criteria. Geographic Distribution We analyzed the geographic distribution of IPOs by surveying the location of issuers’ headquarters. Our study included issuers with headquarters in 24 states and 9 foreign countries. In the U.S. market, … Continue Reading

2016 IPO Study: Market Analysis

Deal Execution, Over-Allotment Option and Exchange Listing Out of 90 IPOs, 17 (19%) priced in Q1, 34 (38%) in Q2, 25 (28%) in Q3 and 14 (15%) in Q4. The over-allotment option was partially or fully exercised in 71 of 90 (79%) IPOs in our study. *Please note that there were relatively small IPO populations … Continue Reading

2016 IPO Study: JOBS and FAST Acts: Overview

Emerging Growth Companies (EGCs) The Jumpstart Our Business Startups (JOBS) Act became effective April 5, 2012. The law created a new class of issuers called Emerging Growth Companies (EGCs), and provides flexibility for EGCs pursuing IPOs. EGCs are issuers with less than $1 billion of annual gross revenue during their most recent completed fiscal year. An issuer … Continue Reading

2016 IPO Study: Financials & Confidential Submission

Years of Financials* A majority of EGCs included two years of audited financials. Most EGCs included two or three years of selected financials.    Confidential Submission** 77 of 82 (94%) EGCs elected to confidentially submit under the JOBS Act. *The JOBS Act provides scaled financial disclosure requirements for EGCs, requiring only two years of audited … Continue Reading

In The News

Lack of tech IPOs Making Valuations Hard to Judge: Investor

Findings from the firm’s 2016 IPO Study are noted in an article about how the lack of IPO activity in the tech sector is making it much more difficult to judge what high-valuation start-ups are actually worth. Read the full article.  … Continue Reading

IPO Market Slowest Since First Years of Recession

The Firm’s 2016 IPO Study is noted in a story on the low volume of initial public offerings that have occurred in the first quarter of 2016.… Continue Reading

7 Surprises from Last Year’s Dismal IPO Market

The Wall Street Journal featured Proskauer’s 2016 IPO Study, and Pippa Bond and Robin Feiner are quoted in an article analyzing the trends and takeaways from this year’s Capital Markets Group’s report. The article was also featured article in the Money & Investing section of the print edition. Read the full article.… Continue Reading

Digger Deeper

International Financing Review featured a story on the takeaways from Proskauer’s 2016 IPO Study.… Continue Reading

Healthcare Represents Lion’s Share of IPO’s by Deal Count in 2015, Proskauer’s Report Says

Proskauer’s 2016 IPO Study is featured in a Healthcare Finance article analyzing the healthcare industry trends and takeaways from this year’s report.… Continue Reading

Social Loans and Creeping Fraud

Proskauer’s 2016 IPO Study is noted in a Bloomberg View article looking at recent trends and news stories in finance.… Continue Reading