(Reuters) – Market volatility triggered by Russia’s invasion of Ukraine and soaring global interest rates has forced investors to pull back from backing initial public offerings, resulting in a dramatic decline in stock market listings in the United States.
According to data from Refinitiv, 2022 is on track to be the worst year for U.S. listings since 2009, with IPOs having raised roughly $5 billion in the first seven months this year – a 96% decline from the same period in 2021, according to Refinitiv.
Nevertheless, some companies have braved a frigid IPO market and gone public on U.S. stock exchanges this year.
Following is a list of the 10 largest IPOs since March:
Company Capital Stock Background
raised performance
since
listing
Bausch + $712 mln -16% in New Eyewear co, was taken
Lomb Corp York private by private
equity firm Warburg
-17% in Pincus in 2007, and
Toronto later by Canada-based
Valeant
Pharmaceuticals for
$8.57 bln in 2013.
Excelerate $384 mln -21% Founded by energy
Energy Inc tycoon George
Kaiserhe, the LNG
provider’s IPO was
the first major U.S.
IPO since Russia
invaded Ukraine.
ProFrac $288 mln -1% Provides hydraulic
Holding fracturing services,
Corp a process that breaks
up underground
bedrock to free up
oil or gas reserves.
Hillevax $200 mln -32% Boston,
Inc Massachusetts-based
co is currently
developing a vaccine
for immunization
against
gastroenteritis.
Ivanhoe $169 mln -24% Mining tycoon Robert
Electric Friedland-led company
Inc focuses on metals for
electrification such
as copper, gold,
silver, nickel.
PepGen Inc $108 mln -28% Clinical-stage
biotech is developing
treatments for
neurological
diseases.
AN2 $79 mln -40% Menlo Park-based co
Therapeutic provides therapies
s Inc for treatment of
chronic diseases.
Hanover ~$27 mln -7% Offers financial
Bancorp Inc services, loans,
mortgages and card
services.
Intelligent $25 mln -84% Hong Kong-based
Living company designs lock
Application sets and smart
Group Inc security systems.
Nano Labs $20 mln -7% China-based chipmaker
Ltd designs products that
can be used for
cryptocurrency
mining.
Source: Dealogic
(Reporting by Angelique Chen in New York and Niket Nishant in Bengaluru; Editing by Anirban Sen and Lincoln Feast)
