Technology and Life Sciences IPO Survey - 2017 First Half

This report analyzes key aspects of initial public offerings (IPOs) for technology and life sciences companies that went public in the first half of 2017. Downloading the full report will provide you access to a number of tables and charts that offer a graphical view of key parameters as well as a sense of recent trends.

Key Findings:

  • Overall IPO activity for technology and life sciences companies in the first half of 2017 continued the moderate pace of the second half of 2016. A total of 27 technology and life sciences IPOs were completed in 1H 2017, compared with 31 in 2H 2016.
  • The Snap IPO, where the nonvoting shares were offered to the public, intensified the discussion of dual, or triple, class common stock capital structures. Of the nine domestic technology companies completing offerings in the first half of 2017 other than Snap, five had adopted dual class voting structures with low-vote shares being sold to IPO investors.
  • Technology deals were larger than their life sciences counterparts, with 75% of technology transactions exceeding $100 million, while just 20% of the life sciences transactions exceeded $100 million. Both technology and life sciences deals in 2017 were larger than in the second half of 2016.
  • Life sciences IPOs experienced more predictable pricing in 1H 2017 than in recent periods, as 93% of the transactions priced in or above their red herring range.
  • There was significantly increased geographic diversity in issuers.