REVIEW
The 2015 IPO market produced 152 IPOs, a disappointing tally that lagged well behind the 244 IPOs in 2014 despite continued strength in the life sciences sector. Setting aside the anomalous years of 2008 and 2009, however, the 2015 total was largely in line with the annual average of 157 IPOs that prevailed over the ten-year period preceding 2014.
The year started slowly, with the first quarter producing 28 IPOs. The pace of new offerings increased to 63 in the second quarter—June's 33 IPOs represented the highest monthly total since 2000. The IPO market struggled for the balance of the year, with deal flow hampered by heightened volatility and broad market declines. The major indices all hit yearly lows in late August, as the capital markets reeled from news of surprisingly slow economic growth in China. The third quarter produced 31 IPOs and the fourth quarter added 30 more. The year ended on a whimper, with only a pair of new offerings in December— the second-slowest December in the last fifteen years, eclipsed only by the donut in 2008 at the height of the financial crisis.
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