Despite considerable stock market turbulence towards the end of the quarter, the IPO market experienced an active three months with 142 IPOs raising gross proceeds of $32.18 billion. This level of activity compares favorably to the first quarter of 1999, which saw 70 companies come to market raising gross proceeds of $10.82 billion.
The year began slowly, with only 21 IPOs in January. As the market picked up pace from the holiday break, the number of offerings and proceeds increased:
|
Month |
Total |
Proceeds ($ millions) |
|
January |
21 |
4,085.6 |
|
February |
55 |
8,673.0 |
|
March |
66 |
19,423.2 |
|
Total |
142 |
32,181.8 |
Internet-related company IPOs continued to drive the market, accounting for 86 of the 142 IPOs (60%) in the first quarter of 2000 compared to 26 of the 70 IPOs (37%) in the first quarter of 1999. However, Internet-related IPOs represented only 32% of total IPO dollar volume, due to an average deal size of $118.4 million compared
