September snaps IPO streak

Oct 03, 2011

Not a single company went public last month on a U.S. exchange, breaking a streak of 29 straight months with at least one IPO.

The last company to go list in the U.S. was Chinese video sharing site (tudo), which raised $174 million on August 16. No companies are currently scheduled to price in the next two weeks, which means we could be facing two full months without an IPO. The last time that happened was in the midst of the late 2008 financial crisis, which also was the last time that no companies went public during the month of September.

Things aren't too much better globally, with just 67 companies managing to price last month. That's the lowest figure since August 2009, and a massive drop from the December 2010 peak of 210 IPOs. The number of follow-on equity offerings also fell in September, to a 30-month low.

Below is a chart from CapitalIQ showing the past three years of monthly equity offering volume, including both IPOs and follow-ons:

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