Qubit: EY Global IPO Trends 2022
Tech IPOs were down significantly in 2022:
Only 2 $1b+ IPOs versus 30 in 2021
80% of US IPO proceeds were less than $50m, normally 80% of US IPO proceeds are more than $50m over last decade
13 tech IPOs versus 79 in 2021
91% of unicorn IPOs listed since 2021 are trading below IPO price
“With a number of companies pausing their IPO plans, many have returned to the private markets where they are finding valuations have been reset and investors demanding structural protections to guard against the unsettled market backdrop.”
“In 2022, only two IPOs on the US exchanges had proceeds more than US$1b, compared to 30 IPOs for 2021.”
“The number of IPOs with proceeds under US$50m represented approximately 80% of US IPO activity in 2022. On average over the last decade, approximately 80% of US IPOs had proceeds of over US$50m.”
“The sharp decline in unicorn IPOs can be primarily attributed to the retreat of technology IPOs during the year (310 in 2022 vs. 631 in 2021), worsened US stock market conditions and the post-IPO underperformance of unicorns. 91% of unicorn IPOs listed since 2021 are trading below their IPO offering price.”
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