Led by Tech, Healthcare Debuts, IPOs in 2019 Show Positive Returns
Summary
That’s according to data based on the mean returns of issuers that started trading through June 19, released by accounting firm Ernst & Young (EY) on Tuesday. The EY data show the firm anticipates there will have been a total of 88 IPOs in the first half of the year, with proceeds of $32.2 billion and a median size of $122 million. Total proceeds skyrocketed by 79 percent in that quarter compared to the same time in 2018, an increase that EY data show was bolstered by public offerings of tech “unicorns”—companies valued at over $1 billion. The healthcare sector had the highest number of IPOs in the second quarter of the year—26, collectively raising $5.9 billion. Although Uber and Lyft (NASDAQ: LYFT) continue to trade beneath their IPO prices, those entries into the public market along with that of other hotly anticipated companies is “reigniting IPO activity and sparking an increase in constructive investor sentiment,” according to Jackie Kelley, the head of EY’s American IPO markets.
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