Deal Execution, Over-Allotment Option and Exchange Listing

  • Out of 67 IPOs in our study, six (9%) priced in Q1, 24 (36%) priced in Q2, 20 (30%) priced in Q3 and 17 (25%) priced in Q4.

17-Page-10-ipos-by-quarter

 

  • The over-allotment option was partially or fully exercised in 56 of 67 (84%) of IPOs in our study.

  • More IPOs listed on NASDAQ than NYSE.

 

Deal Value²

  • The average base deal value (priced amount) was $214.4 million, compared to $237.6 million in 2015 and $344.7 million in 2014 (excluding the Alibaba IPO).
  • The median base deal value was $116.3 million in 2016, compared to $123.0 million in 2015 and $141.8 million in 2014.
  • There were three IPOs with base deal value over $1 billion in 2016, compared to two in 2015 and nine in 2014.
  • The largest base deal in 2016 in our study was LINE Corp, with deal value of $1.1 billion.³

Aftermarket Performance

  • Overall, IPOs performed strongly in the aftermarket, with an average 1-day offer of 15%, an average 30-day offer of 21%, an average 30-day offer of 34% and an average 180-day offer of 39%.

¹ In 2016, one issuer, Bats Global Markets Inc., listed on the Bats BZX Exchange.
² Deal value excludes exercise of the over-allotment option.
³ Represents size of global deal.
Data presented for one deal with pricing data available at 180 days.
Only includes deals priced before October 1, 2016.

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