The IPO market set another record amid a landmark quarter for Q2 2021, according to a report published by Renaissance Capital — 113 IPOs raised $39.9 billion in Q2, marking the “busiest quarter for IPOs in over two decades.”
“After a strong start, weaker market conditions dampened activity mid-quarter, before IPO performance and new issuers roared back in June, the busiest single month since August 2000,” the report added.
Though the health care sector—currently dominated by biotech—led IPO activity with 46 IPOs in the quarter, the technology sector raised the majority of proceeds amid the individual sector’s busiest quarter in at least two decades with 42 IPOs. Software and e-commerce represented over half of new tech issuers, with the quarter’s largest IPO coming from Chinese ride-hailing giant DiDi (DIDI). Health care saw several billion-dollar valuations, with the largest in the sector coming from Lyell Immunopharma (LYEL) which became the second-largest preclinical biotech IPO ever.
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