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IPO Market In 2012 Surpasses Last Year Despite 4Q Slowdown: PwC

 December 19, 2012 02:45 PM


(By Balachander) The IPO market in 2012 surpassed the previous year due to the strength of several larger offerings and opportunistic moves by smaller companies,  according to a survey by PwC US.

Total volume and proceeds raised in the 2012 IPO market increased over 2011, despite the slowdown in activity during the fourth quarter.

As of December 13, 2012, the IPO market saw 138 companies completing their IPOs raising total proceeds of $40.7 billion for the year. the survey showed. This is compared with 134 companies that had completed their IPOs for all of 2011 raising $35.5 billion.

IPO proceeds during October reached the second-highest monthly level of the year, after May, which included the Facebook (FB) IPO.

[Related -Why Investing In IPOs Is A Foolish Move]

PwC noted that IPO activity began to retreat in November as investors turned their attention to the Presidential election and fiscal outlook.

"Following a very strong October, companies began to take a more cautious approach given the presidential election, uncertainty of the Congressional budget negotiations and the fiscal cliff," said Henri Leveque , leader of PwC's U.S.

Fourth-quarter total proceeds raised were $6.3 billion, down 5 percent and 3 percent from the prior quarter and the same period last year, respectively. 

"The increased availability of debt, including high yield, is fuelling new transactions and creating a long-term sustained pipeline of potential IPOs down the road," said Leveque.

[Related -Facebook Inc. (FB) Q2 Earnings Preview: Scoring Big on the World Cup]

"From our perspective, the IPO pipeline remains healthy, as we continue to provide support and preparation to the increasing number of Emerging Growth Companies (EGC) filing confidentially under the JOBS Act," added Leveque.

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