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Fourth-Quarter Typically An Active Period for IPOs

Last week saw nine IPOs completed raising over $2.04 billion according to S&P Capital IQ. If recent history repeats, the current quarter should be a particularly active period for IPO underwriting given the fact that in four of the past years, the final quarter was the most active period for IPO underwriting based on the number of issues completed. In the final quarter of 2013, 71 IPOs were priced marking the busiest quarter that year. Furthermore, in that quarter, no less than four IPOs with proceeds of greater than $1 billion were completed. Among these include Hilton Worldwide Holdings Inc.’s $2.35 billion offering and Twitter, Inc.’s $1.82 billion IPO. Similarly, in 2012, the December-ending quarter saw 42 IPOs completed marking the best quarter of that year.Only in 2011 among recent years did we not see a robust fourth-quarter for IPO deal count. That year saw just 30 IPOs priced in the final quarter coming in as  the second slowest period for 2011.

Given the increased use of companies using the Jumpstart Our Business Startups (JOBS) Act to classify themselves as emerging growth companies - defined as a company with total annual gross revenues of less than $1 billion during its most recent completed fiscal year - and thereby have access to such regulatory relief as submiting draft registration statements with the Securities & Exchange Commission on a confidential basis, the pipeline for new offerings continues to grow.

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