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ARTICLE · 05 MAY 2017

2017 IPO Report

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The IPO market produced 98 IPOs in 2016, the second down year in row, coming in 36% below the tally of 152 IPOs in 2015. In the 12-year period preceding 2015,

United StatesCorporate/Commercial Law
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The IPO market produced 98 IPOs in 2016, the second down year in row, coming in 36% below the tally of 152 IPOs in 2015. In the 12-year period preceding 2015, which saw an annual average of 138 IPOs, there were only three years in which IPO totals failed to reach the 100-IPO threshold.

The year started slowly, with the first quarter producing only eight IPOs, but the pace of new offerings subsequently improved and steadied, with the succeeding three quarters producing 30, 31 and 29 IPOs, respectively. The quarterly average of 31 IPOs that has prevailed over the past two years is less than two-thirds the quarterly average of 53 IPOs produced during 2013 and 2014.

Gross proceeds in 2016 were $18.54 billion, 66% below the $25.17 billion raised in 2015 and the lowest annual tally since the $15.05 billion raised in 2003. Average annual gross proceeds for the 12-year period preceding 2016 were $35.73 billion—93% higher than the corresponding figure for 2016.

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