Fenwick Report – Technology and Life Sciences IPOs (First Half 2015)
This report analyzes key aspects of initial public offerings (IPOs) for 55 technology and life sciences companies that went public in the first half of 2015. This IPO Survey was developed for clients, friends and others interested in considering the data surrounding recent IPO activity. The full report will 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.
- Following a slow start in the first quarter of 2015, life sciences and technology IPOs resumed the pace that prevailed throughout the very busy 2014. A total of 55 deals were completed in the first half of 2015, with 17 in the first quarter and 38 in the second quarter.
- Life sciences companies continued to be very active in the IPO market, accounting for 37, or two-thirds, of completed offerings in the first half of 2015.
- Insider participation was an important feature of life sciences IPOs, with 73% reporting insider participation, compared to 28% of the technology deals.
- Life sciences offerings featured greater pricing variability. Just 32% of life sciences deals priced in their red herring range compared with 50% of technology deals.
- In terms of deal size, 32% of life sciences IPOs raised over $100 million, while 61% of the technology offerings exceeded that threshold.