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ARTICLE · 19 JUNE 2012

2012 IPO Report

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The US IPO market produced 110 IPOs in 2011—a 23% decline from the 142 IPOs in 2010.

United StatesCorporate/Commercial Law
David Westenberg
David Westenberg
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US Market Review and Outlook

Review

The US IPO market produced 110 IPOs in 2011—a 23% decline from the 142 IPOs in 2010. Through the first seven months of 2011, the number of offerings was well above the number in the comparable period of the prior year, but then the IPO market stalled due to European economic concerns. After producing a mere four IPOs from August to October, the market rebounded nicely to end the year with strong momentum, which has carried over into 2012.

Gross proceeds dropped 14%, to $31.1 billion in 2011 from $36.3 billion in 2010. The percentage decline in gross proceeds was less significant than the reduction in deal flow, due to the presence of six billion-dollar offerings in 2011. The sole offering of this magnitude in 2010 was the $20.1 billion offering by General Motors—the largest IPO in US history—without which gross proceeds in 2010 would have lagged behind the 2011 total by a wide margin.

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