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Key Metrics for Recent Technology and Life Sciences Initial Public Offerings
Despite significant market volatility at the start of the year, life sciences and technology IPOs around the world came out strong in H1 2018, with no slowdown in sight. Fifty-six tech and life sciences offerings priced in H1 2018, approximately double the number completed in H1 2017 and the highest number since the same period in 2015.
Key H1 2018 Findings:
- In the life sciences, 33 companies completed offerings, double the number in H1 2017.
- In the tech industry, 23 offerings priced, nearly double the number in H1 2017.
- Spotify's direct listing—the most closely watched IPO of 2018—had a nominal value of approximately $9 billion, assuming all registered shares were traded.
- Other than Spotify, only one offering completed in H1 2018 had proceeds of more than $1 billion: China-based iQIYI, which raised $2.3 billion.
- The dual-class share structure continued to be very popular with technology companies.
- Pricing conditions were favorable for the 2018 offerings: Just one technology offering and one life sciences offering priced below the red herring range.
This report analyzes key aspects of initial public offerings (IPOs) for technology and life sciences companies that went public in the first half of 2018. Our IPO Survey was developed for clients, friends and others interested in considering the data surrounding recent IPO activity. Downloading the full report will provide you access to a number of tables and charts that offer a graphical view of key parameters as well as a sense of recent trends.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.