- Our proprietary database now includes 376 IPOs that priced from 2013 to 2016.
- The criteria for our study include:
- Listing on a U.S. exchange and
- Minimum initial base deal of $50 million in first public filing.
- The total population that met our criteria in 2016 was 79 IPOs.
- This study covers 67 IPOs (85% of the IPOs that met our criteria) that priced in 2016: 57 domestic issuers and 10 foreign private issuers (FPIs).
- Our trend analysis section covers 314 IPOs (excluding master limited partnerships (MLPs) and FPIs for consistency throughout the past four years): 56 in 2016, 74 in 2015, 86 in 2014 and 98 in 2013.
- Our study excludes: blank check companies (BCCs), special-purpose acquisition companies (SPACs), trusts, real estate investment trusts (REITs) and business development companies (BDCs).
- There is an appendix in our study for FPIs that priced in 2016.
- A case study for the Snap Inc. IPO is included after this overview.
Please keep in mind the smaller population of IPOs in 2016 when considering analyses of individual sectors.
Sources and Analysis
- Data compiled from publicly available: (i) registration statements on Form S-1 and Form F-1 and final prospectuses, (ii) SEC comment letters and (iii) as-filed underwriting agreements.
- Financial information is based on the issuer’s most recent audited fiscal year as disclosed in the final prospectus.
- Market, sector, financial sponsor and performance information is sourced from Dealogic.
- The term “average offer” means the average percentage change from the IPO price to the closing price on 1 day, 30 days, 90 days or 180 days (excludes deals priced after October 1, 2016) after the initial trade date and includes market data available as of March 31, 2017 (our cut-off date).
- References to “shares locked up” are presented as a percentage of shares owned prior to the IPO.
- Analysis of first round SEC comment letters and time to pricing excludes one issuer that received SEC comments on a prior IPO registration statement that withdrew prior to pricing.
- Analysis of corporate governance items excludes MLPs, FPIs and an issuer listed on the Bats BZX Exchange, given their unique corporate governance structures and available exemptions under stock exchange rules.
- All data was compiled, reviewed and analyzed by Proskauer capital markets attorneys and corporate finance analysts.