Fenwick West Report – Technology and Life Sciences IPO (2014)

This report analyzes key aspects of initial public offerings (IPOs) for 140 technology and life sciences companies that went public in 2014. This report was developed for clients, friends and others interested in considering the data surrounding recent IPO activity. The full report provides access to a number of tables and charts that offer a graphical view of key parameters as well as a sense of recent trends.

The number of IPOs in the U.S. across all industries in 2014 was widely reported to have been at the highest level since the dot-com era of the late 1990s. Life sciences offerings were in particular favor, as the number of IPOs for U.S. based companies grew from the already busy pace of 41 deals in 2013 to 68 in 2014. Another 17 IPOs for international life sciences companies were completed in the U.S. in 2014. The number of offerings for U.S. based technology companies was actually flat from 2013 (37) to 2014 (38). An additional 17 IPOs for offshore technology companies were completed in the U.S. in 2014.

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Key Findings:

  • The strong trend for technology and life sciences IPOs from 2012 and 2013 gained further steam in 2014. Among U.S. based companies, the number of IPOs in these sectors rose 36% from 2013. That’s on the heels of a 60% increase from 2012 to 2013.
  • The market for life sciences IPOs was hot, with the number of IPOs among U.S. based companies up 66% in 2014 compared to 2013.
  • While 13 U.S. based technology companies completed IPOs in the second half of 2014, this number was down nearly 50% from the 25 completed in the first half of the year, and was the lowest number of tech deals for any six-month period since the end of 2012.
  • Insider participation was a key feature of life sciences offerings in 2014. Notably, four out of five life sciences IPOs completed in the second half of the year included insider participation, compared to just three of the technology IPOs, demonstrating the increasing divergence in how and when tech and life sciences companies access public markets.

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SOURCE: Fenwick & West