US IPOs Slump 74%

By Jean-Philippe Innocent, Dealogic

30 US SEC-registered IPOs have priced this YTD raising $3.7bn in proceeds, which is down 74% from the total raised in 2011 YTD ($14.1bn via 31 deals). Of the 30 deals, 49% have priced within range (12 deals), 36% below range (13%) and 15% above range (5%).

19 of the 30 IPOs to price this YTD have been backed by financial sponsors with only 1 IPO trading below its offer price.

42 US SEC-Registered IPOs have filed so far in 2012 YTD, down from 61 in 2011 YTD.

The largest US SEC-registered IPO to price was that of Allison Transmission Holdings Inc, priced on March 15. The deal is up 7.8% from its offer price of $23 and was backed by Carlyle Group Inc and led by Bank of America, Citi, JP Morgan, Credit Suisse, Morgan Stanley, Goldman Sachs, Barclays and Deutsche Bank.

Looking at average current returns for the three sectors with the highest 2012 YTD IPO activity - Technology had an average return of 50% (10 deals), Finance 12% (seven deals) and Healthcare 3% (three deals).

There are currently 84 US SEC-registered IPOs in the backlog, led by Technology with 17 deals, Oil & Gas with 13 deals and Finance with 12 deals.

Citi tops the YTD bookrunner ranking with a 13% share, followed by Morgan Stanley and JPMorgan with 10% and 9.6% market share, respectively.