Public offerings were virtually an endangered species in 2016, but companies that crawled out of the woods and onto U.S. stock market tickers are ending the year strong.
The year is closing out with roughly 100 IPOs, according to Renaissance Capital, which tracks them. By comparison, 2014 saw 275 IPOs and 2015 saw 170 IPOs, according to Kathleen Smith, a principal at the firm.
From that relatively paltry pool, shares are ending the year at higher values, especially shares of tech companies.
Shares of the 102 companies that as of Dec. 9 had made public offerings in U.S. markets this year have on average increased in value by 26.9 percent, according to Smith. Of those 102, the 21 companies classified as technology have seen their share values increase by 50 percent over their IPO prices.
"It's been a market where IPO investors have made good money, and that is because investors have been demanding attractive prices from the issuers," says Smith.
The biggest public offerings of the year, as measured by deal size, varied by industry and country of origin. Chinese delivery company ZTO Express tops the year's list after raising $1.4 billion in its IPO. The company provides shipping and delivery for Alibaba and others.
Companies we might call U.S. startups--private U.S.-based venture capital-backed firms--did not top the master list of IPOs by size. Here are the top 10 IPOs in both the general and U.S. VC-backed categories, ordered by deal size and rounded to the nearest hundred million. Data comes from Renaissance Capital.
Biggest IPOs of 2016
- ZTO Express ($1.4 billion)
- Athene Holding
- MGM Growth Properties
- US Foods Holding
- Extraction Oil & Gas
- Red Rock Resorts
- First Hawaiian ($485 million)
Biggest U.S. VC-backed IPOs
- Nutanix ($238 million)
- Coupa Software
- Intellia Therapeutics
- Quantenna Communications
- iRhythm Technologies
- Acacia Communications
- AveXis ($95 million)