Reuters / Lucas Jackson
It has been a busy year for initial public offering in America. Through the end of September, there have been 173 IPOs, raising $45.7 billion. The value raised in the first three quarters was 46.5% greater than the same period last year, and more than three times that of 2016, according to PwC track of data.
The strong IPO dynamic has been driven by “continual period of very strong market conditions,” PwC deals analyst David Ethridge told Business Insider on Friday, adding that corporate earnings had their best results ever in the second quarter, with S&P 500 companies earning $38.65 per share, and consumer confidence surging to 18-year high in September.
“People have had a long period of time to look at the marketing, say this is going to continue and let’s get ready to go public,” Ethridge said.
Breaking down the sectors, year-to-date IPO activity was led by pharma and life sciences – predominately biotech firms, with 55 IPOs raising $6.8 billion. Technology, media, and telecom companies also boomed the IPO markets, with 38 offerings raising $15 billion, according to PwC.
Ethridge noted that international companies have been piling into US markets. In the technology sector, more than half of the 38 IPOs are non-US companies, and 11 of them came from China – despite escalating trade tensions. This suggests that “globally people are still looking at the US as the place where they can find investors that are willing to pay for grow,” Ethridge said.
Domestically, Elanco Animal Health had the biggest IPO, raising $1.74 billion in August. Greensky was the second largest US IPO this year, raising $1.01 billion.
And while 2018 has been a banner year for IPOs, PwC expects more to come in the near future. A number of companies looking to go public have sped up the pace of their IPO preparations, with investors beginning to anticipate a slowdown in the global economy as inflation starts creeping higher and the trade war with China intensifies, PwC said.
Here’s a snapshot of how the 16 largest domestic IPOs – all worth at least $500 million – have performed this year.
16. Cactus
Business Insider
Ticker: WHD
Sector: Diversified
IPO size: $552 million
IPO price: $10
Price change: +111%
Source: Bloomberg data/Markets Insider
15. Ceridian HCM Holding
Business Insider
Ticker: CDAY
Sector: Technology
IPO size: $531.3 million
IPO price: $22
Price change: +83%
Source: Bloomberg data/Markets Insider
14. BrightView Holdings
BrightView Website
Ticker: BV
Sector: Consumer
IPO size: $538.89 million
IPO price: $22
Price change: -33.3%
Source: Bloomberg data/Markets Insider
13. Spartan Energy Acquisition
Andrew Burton/Getty Images
Ticker:SPAQ
Sector: Diversified
IPO size: $552 million
IPO price: $10
Price change: 0%
Source: Bloomberg data/Markets Insider
12. GrafTech International
Business Insider
Ticker: EAF
Sector: Diversified
IPO size: $571.46 million
IPO price: $15
Price change: +24%
Source: Bloomberg data/Markets Insider
11. Focus Financial Partners
Business Insider
Ticker:FOCS
Sector: Financial
IPO size: $615.4 million
IPO price: $33
Price change: +37%
Source: Bloomberg data/Markets Insider
10. Far Point Acquisition
Business Insider
Ticker: FPAC
Sector: Diversified
IPO size: $632.5 million
IPO price: $10
Price change: -3%
Source: Bloomberg data/Markets Insider
9. Pivotal Software
Business Insider
Ticker: PVTL
Sector: Technology
IPO size: $638.25 million
IPO price: $15
Price change: +30%
Source: Bloomberg data/Markets Insider
8. Churchill Capital
Business Insider
Ticker: CCC
Sector: Diversified
IPO size: $690 million
IPO price: $10
Price change: +1.4%
Source: Bloomberg data/Markets Insider
7. GS Acquisitiion Holdings
Business Insider
Ticker:GSAH
Sector: Diversified
IPO size: $690 million
IPO price: $10
Price change: -2%
Source: Bloomberg data/Markets Insider
6. DocuSign
Business Insider
Ticker: DOCU
Sector: Technology
IPO size: $723.7 million
IPO price: $29
Price change: +56%
Source: Bloomberg data/Markets Insider
5. BJ’s Wholesale Club
Business Insider
Ticker: BJ
Sector: Consumer
IPO size: $733.13 million
IPO price: $17
Price change: +47%
Source: Bloomberg data/Markets Insider
4. Dropbox
Business Insider
Ticker: DBX
Sector: Technology
IPO size: $869.4 million
IPO price: $21
Price change: +15%
Source: Bloomberg data/Markets Insider
3. Cushman & Wakefield
Business Insider
Ticker: CWK
Sector: Financial
IPO size: $879.75 million
IPO price: $17
Price change: -3%
Source: Bloomberg data/Markets Insider
2. Greensky
Business Insider
Ticker: GSKY
Sector: Technology
IPO size: $1.01 billion
IPO price: $23
Price change: -29%
Source: Bloomberg data/Markets Insider
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