Last week, three companies made debuts on public exchanges, raising a total of $801.9 million, mostly on the back of the year’s largest biotech IPO in Moderna Therapeutics. Synthorx, a San Diego biopharmaceutical company joins Moderna as the two healthcare IPOs last week. Rounding out the three is MOGU, Inc., a Chinese online retailer of fashion and cosmetics goods.
Following the late summer lull in July, August and September, spending on mergers and acquisitions has sustained its spike from October. M&A spending of $257.5 billion in November fell 10.9% from October’s spending, but is still up 58.4% on the trailing three-month average. The closing of a number of large deals drove spending numbers higher, including CVS’s $70-billion buyout of Aetna and Broadcom’s $19-billion acquisition of CA Technologies.
Stocks finished strong on the last day of November, helping major indices move further into positive territory. The S&P 500 closed up 1.8% to 2,760.17, the Dow Jones Industrial Average (DJIA) ended up 1.7% to 25,536.46, and the NASDAQ closed up 0.3% to 7,330.54. Rumors of easing trade tensions with China on Friday helped the NASDAQ move into positive territory for the month. Only the Russell 2000 is in negative territory for the year. Volatility Again Creates Uncertainty in the IPO Market, Potentially Delaying Major 2019 Debuts12/1/2018
According to preliminary data provided by Pitchbook, only six firms went public in November 2018, raising a total of $262 million in funding. Total IPOs and funds raised are down 68.4% and 92.5%, respectively, from October. Furthermore, there were three less IPOs this November than one year prior and 80% less capital raised.
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