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IPO Performance: First-day & 3-year Returns for Tech & Non-Tech Companies, 1980-2020, Study notes of Statistics

Norwalk Community CollegeStatistics

An analysis of the performance of Initial Public Offerings (IPOs) from 1980 to 2020, categorized by sector, profitability, venture capital backing, and dual class status. average first-day returns, average 3-year buy-and-hold returns, and market-adjusted and style-adjusted returns for both tech and non-tech companies. The data is presented in various tables and panels, allowing for a comprehensive understanding of IPO performance trends.

Typology: Study notes

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Initial Public Offerings: Updated Statistics
Jay R. Ritter
Cordell Eminent Scholar, Eugene F. Brigham Department of Finance, Insurance, and Real Estate
Warrington College of Business, University of Florida
352.846-2837 voice
June 6, 2022
Table 1: Mean First-day Returns and Money Left on the Table, 1980-2021
Table 1a: Also including the post-issue aggregate market value, 1980-2021
Table 2: Mean First-day Returns, Categorized by Sales, for IPOs from 1980-2021
Table 3: First-day Turnover Categorized by Decade and First-Day Return, 1983-2021
Table 3b: First-day Turnover Categorized by NYSE and Nasdaq Listings, 1983-2021
Table 4: Median Age and Fraction of IPOs with VC- and Buyout-backing, 1980-2021
Table 4a: Median Price-to sales Ratios of Tech-stock IPOs, 1980-2021
Table 4b: Profitability and Median Sales of Technology and Biotech IPOs, 1980-2021
Table 4c: The number of VC-, Growth Capital-, and Buyout-backed IPOs, 1980-2021
Table 4d: VC-backed IPOs, restricted to those headquartered in the U.S., 1980-2021
Table 4e: Proceeds and Post-issue market value of tech stock IPOs, 1980-2021
Table 4f: Mean and Median inflation-adjusted Proceeds and Market Cap, 1980-2021
Table 4g: Biotech IPOs (Median age, Mean underpricing, # with sales>0, # with EPS>0), 1980-2021
Table 4h: Technology Company IPO Underpricing, 1980-2021
Table 5: Number of U. S. IPOs with an offer price of greater than $5.00 that doubled (offer to close)
in price on the first day of trading, 1997-2021
Table 6: Number of Initial Public Offerings, First-Day Return, and Revisions from the File Price
Range by Cohort Year, 1990-2021
Table 7: Percentage of IPOs Relative to File Price Range, 1980-2021
Table 8: Number of Offerings, Average First-day Returns, and Gross Proceeds of Initial Public
Offerings in 1960-2021, by Year
Table 9: Fraction of IPOs with Negative Earnings, 1980-2021
Table 10: Gross Spreads Continue to Remain at 7% on Moderate-Size Deals, 2001-2021
Table 11: Mean and Median Gross Spreads and Number of Managing Underwriters, 1980-2021
Table 12: Number of IPOs Categorized by the LTM Sales Over/Under $50 million (2005 $), 1980-2021
Table 12a: Median Market Cap and Pre-IPO Sales (2005 $), and Median Price-to-sales ratio, 1980-2021
Table 12b: Number of IPOs Categorized by the LTM Sales Over/Under $1 billion (2011 $), 1980-2021
Table 13: IPO Auctions in the U.S., 1999-2021
Table 13a: Direct Listings in the U.S., 2018-2022
Table 14: The Market Share of Foreign Companies Among U.S. Listings, 1980-2021
Table 15: How Many IPOs are There? 1980-2021
Table 15a: Closed-end Funds, REITs, and SPACs, and IPO Volume and Average First-day Returns
with Banks, LPs, and ADRs Included, 1980-2021
Table 15b: SPACs, 1990-2021
Table 16: Long-run Returns on IPOs Categorized by the Pre-issue Sales of the Firm, 1980-2020
Table 16a: Long-run Returns on IPOs Categorized by $1 Billion Sales of the Firm, 1980-2020
Table 16b: Long-run Returns on IPOs Categorized by the Profitability of the Firm, 1980-2020
Table 16c: Long-run Returns Measured from the Offer Price on Tech and non-Tech Stock IPOs
Excluding the Internet Bubble, 1980-2019
Table 16d: Long-run Returns Measured from the First Closing Market Price on Tech and non-Tech Stock
IPOs Excluding the Internet Bubble, 1980-2019
Table 16e: Distribution of 3-year and 5-year Buy-and-Hold Returns on IPOs, 1975-2018
Table 16f: Aftermarket Returns with and without Including the First-day Return, 1980-2020
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Download IPO Performance: First-day & 3-year Returns for Tech & Non-Tech Companies, 1980-2020 and more Study notes Statistics in PDF only on Docsity!

Initial Public Offerings: Updated Statistics

Jay R. Ritter Cordell Eminent Scholar, Eugene F. Brigham Department of Finance, Insurance, and Real Estate Warrington College of Business, University of Florida

Table 8: Number of Offerings, Average First-day Returns, and Gross Proceeds of Initial Public

Table 17: Long-run Returns on IPOs Categorized by VC-backing or Buyout Fund-backing

Table 17a: Long-run Returns on IPOs Categorized by VC-, Growth Capital-, or Buyout Fund-backing

Table 18: Long-run Returns on IPOs Categorized by VC-backing, by Subperiod

Table 19: Table I of Ritter and Welch 2002 Journal of Finance article: Number of IPOs, First-day

Returns, and Long Run Performance, 1980 to 2020 (returns through Dec. 31, 2021)

Table 20: Returns by Event Year for the First Five Years after the IPO for IPOs from 1980-

Table 21: Mean and Median Public Float, 1980-

Table 22: Non-distress Delistings within Three Years of the IPO

Table 23: Dual Class IPOs, by Tech and Non-tech,1980-

Table 24: Long-run Returns for Dual Class and Single Class IPOs, 1980-

Figure 1: First-day Turnover Categorized by Decade and First-Day Return, 1983-

Figure 2: Fraction of IPOs with Negative EPS and Fraction of Tech Stocks, 1980-

Figure 3: Mean and Median Public Float, 1980-

Figure 4: Average First-day Return and Aggregate Amount of Money Left on the Table, 1990-

Figure 5: Number of IPOs and Average First-day Return, 1980-

Figure 6: Number and Percentage of U.S. IPOs from Chinese Companies, 1990-

311 operating companies went public in the U.S. in 2021, excluding ADRs, natural resource limited

partnerships and trusts, closed-end funds, REITs, SPACs, banks and S&Ls, unit offers, penny stocks (offer

price of less than $5 per share), and stocks not listed on Nasdaq or the NYSE (including NYSE MKT LLC, the

former American Stock Exchange). For 2016, I have included BATS Global Markets, which went public in

April, but was listed on BATS before being acquired by CBOE Holdings in 2017.

Of these 311 operating companies, 262 were from the U.S. A higher volume figure has been reported in many

sources (over 1,000 counting all offerings), but the higher numbers typically include not only operating

companies (mostly domestic), but also some companies that were already traded in other countries and are thus

actually follow-on offerings, banks and S&Ls (11 offerings, most of which are typically mutual conversions

with depositors buying the stock), oil & gas partnerships or unit trusts (0 offerings), ADRs (36 offerings),

REITs (5 offerings), 613 special purpose acquisition companies (SPACs), 10 closed-end funds (not including

interval funds listed at cefa.com), other unit offerings (1 offerings), IPOs that do not trade on the NYSE

(including NYSE MKT) or Nasdaq (0 offerings), IPOs with an offer price below $5.00 (12 offering), and small

best efforts deals (8 offerings, not all of which were small, but all but one were banks). There were also 6 direct

listings. There are also several bulletin board-traded issues that I (and Dealogic) classify as follow-ons, and thus

don’t count, but which Thomson-Reuters classifies as IPOs.

Note: Many of these tables have been updated to include 2021 numbers with the assistance of Da Tian. Some of

the tables may have slightly different counts for the number of IPOs in some years. These inconsistencies are

because I periodically add or delete a company that had been misclassified or find some missing data. I do not

immediately update every table. I rely on data from Thomson Reuters (SDC) and Dealogic, but also use

information from IPOScoop.com and Renaissance Capital and the prospectuses, and other sources. For IPOs

from June 1996 and later, the prospectuses (S.E.C. form 424B) are available on EDGAR. For IPOs from 1975-

1996 (the pre-EDGAR days), I have most of the original paper prospectuses courtesy of Graeme Howard and

Todd Huxster. For foreign IPOs from 1996-2000, the S.E.C. did not require electronic filing, so they are not

available on EDGAR, but I have the paper copies for many of them.

In almost all of my tables, I use a more conservative definition of what is an IPO than most other data providers.

Partly, the definition that is appropriate depends upon what one is focusing on. From an underwriter’s point of

view, anything that generates fees is relevant. I exclude some of these categories (such as LPs) partly because it

is difficult to determine the founding date of the underlying assets, and I do not like to have a different number

of firms in different tables. Another motivation is that I am focusing on operating companies that potentially

create jobs.

Table 1a (updated Juen 4, 2022)

Mean First-day Returns and Money Left on the Table, 1980-

The market value includes the market value of all share classes using the post-issue no. of shares.

Year

Number

of IPOs

Mean First-day Return Aggregate

Amount Left

on the Table

Aggregate

Proceeds

Market value

at 1st^ closing

market price

Equal-

weighted

Proceeds-

weighted

1980 71 14.3% 20.0% $0.18 billion $0.91 billion $5.8 8 billion 1981 192 5.9% 5.7% $0.13 billion $2.31 billion $10. 71 billion 1982 77 11.0% 13.3% $0.13 billion $1.00 billion $5.11 billion 1983 451 9.9% 9. 4 % $0.84 billion $8. 89 billion $41.35 billion 1984 171 3. 7 % 2.5% $0.05 billion $2.02 billion $8.7 6 billion 1985 186 6.4% 5.3% $0.23 billion $4.09 billion $15.18 billion 1986 393 6.1% 5.1% $0.68 billion $13.40 billion $46. 77 billion 1987 285 5.6% 5.7% $0.66 billion $11.68 billion $45. 59 billion 1988 105 5.5% 3.4% $0.13 billion $3.88 billion $21. 65 billion 1989 116 8.0% 4.7% $0.27 billion $5.81 billion $22. 37 billion 1990 110 10.8% 8.1% $0.34 billion $4.27 billion $17. 79 billion 1991 286 11.9% 9.7% $1.50 billion $15.35 billion $54.06 billion 1992 412 10.3% 8.0% $1.82 billion $22.69 billion $74.35 billion 1993 510 12.7% 11. 2 % $3.52 billion $31.4 4 billion $12 6 billion 1994 402 9.6% 8.3% $1.43 billion $17.1 8 billion $6 4 billion 1995 462 21.4% 17.5% $4.90 billion $27.95 billion $127 billion 1996 677 17.2% 16.1% $6.76 billion $42.05 billion $215 billion 1997 474 14. 0 % 14.4% $4.56 billion $31.7 6 billion $1 41 billion 1998 283 21. 9 % 15.6% $5.25 billion $33.6 6 billion $164 billion 1999 476 71.2% 57.4% $37.11 billion $64.67 billion $65 2 billion 2000 380 56.3% 45.8% $29.68 billion $64.80 billion $64 2 billion 2001 80 14.2% 8. 4 % $2.97 billion $35.29 billion $17 7 billion 2002 66 9.1% 5.1% $1.13 billion $22.03 billion $84 billion 2003 63 11.7% 10.4% $1.00 billion $9.5 4 billion $40 billion 2004 173 12.3% 12. 4 % $3.86 billion $31. 19 billion $148 billion 2005 159 10.3% 9.3% $2.64 billion $28.23 billion $105 billion 2006 157 12.1% 13.0% $3.95 billion $30.48 billion $135 billion 2007 159 14.0% 13.9% $4.95 billion $35.66 billion $212 billion 2008 21 5.7% 24.8% $5.63 billion $22.76 billion $63 billion 2009 41 9.8% 11.1% $1.46 billion $13.17 billion $59 billion 2010 91 9.4% 6.2% $1.84 billion $29.82 billion $113 billion 2011 81 13.3% 13 .0% $3.51 billion $26.97 billion $1 60 billion 2012 93 17.7% 8.9% $2.7 5 billion $31.11 billion $181 billion 2013 158 20. 9 % 19.0% $7. 8 9 billion $ 41 .5 7 billion $27 0 billion 2014 206 15.5% 12.8% $5.40 billion $42.20 billion $238 billion 2015 118 19.2% 18.7% $4.16 billion $22.00 billion $ 150 billion 2016 75 14. 5 % 14. 4 % $1. 77 billion $12.52 billion $79 billion 2017 106 1 2.9% 16 .0% $3.6 8 billion $22.9 8 billion $162 billion 2018 134 18. 6 % 19. 1 % $6. 39 billion $33. 47 billion $2 16 billion 2019 112 23. 5 % 17.7% $6.93 billion $39.1 8 billion $33 1 billion 2020 165 4 1.6% 4 7.9% $29. 66 billion $61. 87 billion $68 7 billion 2021 311 32. 1 % 2 4.0% $28.65 billion $119.36 billion $1, 205 billion 1980 - 1989 2,04 7 7.2% 6.1% $3.30 billion $53.9 8 billion $223 billion 1990 - 1998 3,61 6 14.8% 13.3% $30. 08 billion $226.51 billion $9 85 billion 1999 - 2000 856 64. 6 % 51.6% $66.79 billion $129.47 billion $1,29 4 billion 2001 - 2021 2, 569 1 8. 5 % 18. 2 % $ 130. 22 billion $ 71 1.3 8 billion $4, 822 billion 1980-2021 9,088 18.9% 20.5% $230.39 billion $1,121.3 bn $7,324 billion

Table 2 (updated February 17, 2022)

Mean First-day Returns, Categorized by Sales, for IPOs from 1980-

Sales, measured in millions, are for the last twelve months prior to going public. All sales have been converted

into dollars of 2003 purchasing power, using the Consumers Price Index. From January 2003 to January 2021,

the CPI has increased by 43.9%, so $10 million in 2003 is equivalent to $14.39 million in 2021. There are 9,

IPOs, after excluding IPOs with an offer price of less than $5.00 per share, units, REITs, SPACs, ADRs, closed-

end funds, banks and S&Ls, small best efforts offers, firms not listed on CRSP within six months of the offering,

and natural resource limited partnerships. Sales are from Thomson Financial’s SDC, Dealogic, EDGAR, and the

Graeme Howard-Todd Huxster collection of pre-EDGAR prospectuses. The average first-day return is 18.9%.

Return N Return N Return N Return N

0 ≤sales<$10m 10.3% 425 17. 4 % 742 68. 7 % 332 1 9.6% 660

$10m≤sales<$20m 8.6% 242 18.5% 393 81.4% 138 21.5% 106

$20m≤sales<$50m 7.8% 500 18.8% 789 75.5% 154 20. 3 % 271

$50m≤sales<$100m 6.3% 356 12.8% 590 62. 9 % 85 2 2. 3 % 357

$100m≤sales<$200m 5.1% 234 11.8% 454 35.8% 56 2 2. 7 % 316

$200m≤sales 3.4% 290 8.7% 646 25. 0 % 91 13. 8 % 859

All 7.2% 2,0 47 14.8% 3,6 14 64.6% 856 18. 5 % 2 , 569

Table 3b (updated February 17, 2022)

Mean First-day Turnover for NYSE and Nasdaq IPOs, 1983-

The sample is composed of the IPOs of U.S.-based companies with an offer price of at least $5.

and listed on the NYSE (excluding NYSE American and NYSE MKT issues after the merger in

2008) or Nasdaq (excluding Nasdaq small cap issues before October 2005 and, after Sept. 2005,

Nasdaq capital market issues), excluding ADRs, unit offers, closed-end funds, REITs,

partnerships, banks and S&Ls, and stocks not listed on CRSP (CRSP includes Amex, NYSE, and

NASDAQ stocks). Turnover is volume divided by shares issued. Volume is the maximum of the

first three days, which is almost always the first day. For 2004-2021, first-day volume is used

unless the second day volume is more than five times the first-day volume. Shares issued excludes

over allotment options, but includes the global offering size. To adjust for institutional features of

the way that Nasdaq and NYSE-Amex volume are computed, we use the procedure discussed in

Appendix B of Xiaohui Gao and Jay Ritter’s 2010 Journal of Financial Economics article “The

Marketing of Seasoned Equity Offerings.” Prior to February 1, 2001, we divide Nasdaq volume

by 2.0. This accounts for the practice of counting as trades both trades with market makers and

trades among market makers. On February 1, 2001, a “riskless principal” rule went into effect, that

resulted in a reduction of approximately 10% in reported volume. Thus, for February 1, 2001 to

December 31, 2001, we divide Nasdaq volume by 1.8. During 2002, securities firms began to

charge institutional investors commissions on Nasdaq trades, rather than the prior practice of

merely marking up or down the net price, resulting in a further reduction in reported volume of

approximately 10%. Thus, for 2002 and 2003, we divide Nasdaq volume by 1.6. For 2004 and

later years, in which much of the volume of Nasdaq (and NYSE) stocks has been occurring on

crossing networks and other venues, we use a divisor of 1.0, reflecting the fact that there are no

longer important differences in the reporting of Nasdaq and NYSE volume. Approximately 30

IPOs with adjusted first-day turnover of less than 1% of the issue size are excluded.

Year

Number of IPOs Unadjusted With Nasdaq Adjustment Total NYSE Nasdaq Total NYSE Nasdaq Nasdaq Total 1983 429 11 418 23.4% 17.6% 23.5% 12. 2 % 12.1% 1984 156 8 148 22.1% 1 0.9% 22.6% 11. 6 % 11.5% 1985 166 8 158 31.9% 18.7% 32.5% 16. 4 % 16.4% 1986 355 28 327 37.7% 2 4.9% 38.6% 19. 3 % 20.0% 1987 243 26 217 41.5% 2 3.1% 43.2% 21. 5 % 22.3% 1988 75 14 61 44.8% 2 2.3% 49.3% 24. 0 % 24.8% 1989 96 18 78 53.8% 2 4.2% 59.4% 29. 1 % 29.6% 1990 90 15 75 63.8% 2 2.0% 70.9% 3 4.9% 34.3% 1991 257 43 214 67.9% 37.1% 72.8% 3 5.3% 37.5% 1992 352 67 285 61.0% 37.5% 66.5% 3 2.4% 34.0% 1993 439 65 374 67.6% 4 2.7% 70.6% 3 4.8% 37.5% 1994 334 47 287 55.7% 32.8% 59.4% 2 8.9% 30.2% 1995 382 47 335 77.5% 49.7% 81.3% 40. 1 % 41.9% 1996 575 76 499 74.3% 60.1% 76.5% 3 7.9% 41.1% 1997 374 69 305 65.4% 51.6% 68.5% 33 .5% 37.6% 1998 223 50 173 92.7% 55.6% 103.5% 51. 0 % 52.6% 1999 435 39 396 162.1% 65.5% 170.8% 8 4.5% 84.4% 2000 323 22 301 136.5% 5 5.9% 142.3% 7 0.7% 70.3% 2001 72 25 47 90.4% 5 0.6% 107.1% 5 6.8% 58.6% 2002 60 25 35 73.1% 61 .0% 81.0% 49.0% 55.4% 2003 57 15 42 7 7.0% 5 9.1% 83. 3 % 52. 1 % 53.9% 2004 157 40 117 6 0.6% 57 .3% 6 1.7% 68.9% 6 0.6% 2005 131 44 87 6 0.4% 58.0% 6 1.6% 6 4.5% 6 0.4% 2006 133 37 96 62 .5% 77. 6 % 56 .6% 60. 9 % 62 .5% 2007 134 37 97 58.1% 55.9% 58.9% 63.2% 58.1% 2008 18 7 11 5 4.9% 68.9% 4 6.0% 48.1% 5 4.9% 2009 38 20 18 7 0.1% 6 3.2% 77.9% 77.9% 7 0.1% 2010 79 40 39 5 5.0% 5 8.4% 5 1.4% 53.6% 5 5.0% 2011 69 31 38 7 4.6% 8 3.1% 6 7.7% 68.2% 7 4.6% 2012 83 42 41 79. 0 % 86. 4 % 7 1.4% 72.1% 79. 0 % 2013 133 60 73 7 4.5% 87.1% 64 .2% 6 6.9% 7 4.5% 2014 163 67 97 7 1.8% 75. 9 % 68 .9% 7 3.4% 7 1.8% 2015 98 33 65 7 8.1% 97.9% 68 .1% 69.1% 7 8.1% 2016 62 19 43 66.5% 78.0% 6 1.4% 65.5% 66.5% 2017 86 34 52 56.5% 6 5.5% 5 0. 6 % 6 1.0% 56.5% 2018 112 32 80 5 0.3% 6 0.2% 46.3% 52. 1 % 5 0.3% 2019 96 23 73 52 .4% 75.6% 45.0% 53.1% 52 .4% 2020 134 22 112 6 4.4% 52.1% 66.8% 59.2% 6 4.4% 2021 244 64 180 59.2% 58.7% 59.4% 59.4% 59.2%

1983-2000 5,304 653 4,651 69.2% 40.1% 73.3% 36.8% 37.2% 2001-2003 189 65 124 78.4% 57.1% 89.4% 53.0% 54.4% 2004-2021 1,971^652 1,319 63.3% 69.4% 60.2% 60.2% 63.3%

Total 7,464 1,370 6,094 68.7% 52.8% 71.3% 38.7% 45.4%

Year

Number of IPOs

Median Age

VC-backed Buyout-backed Technology IPOs No. % No. % No. % VC-backed 1980 71 6 23 32% 1 1% 22 64% 1981 192 8 53 28% 1 1% 72 40% 1982 77 5 21 27% 2 3% 42 36% 1983 451 7 116 26% 12 3% 173 39% 1984 171 8 45 26% 3 2% 50 52% 1985 186 9 39 21% 18 10% 37 43% 1986 393 8 79 20% 42 11% 77 40% 1987 285 8 66 23% 41 14% 59 66% 1988 105 8 32 30% 9 9% 28 61% 1989 116 8 40 34% 10 9% 35 66% 1990 110 9 42 38% 13 12% 32 75% 1991 286 10 116 41% 72 25% 71 63% 1992 412 10 138 33% 98 24% 115 58% 1993 510 9 172 34% 79 15% 127 69% 1994 402 8.5 129 32% 22 5% 115 56% 1995 462 8 190 41% 30 6% 205 56% 1996 677 7 266 39% 34 5% 276 56% 1997 474 10 134 28% 38 8% 174 42% 1998 282 9 80 28% 30 11% 113 49% 1999 476 5 280 59% 30 6% 370 68% 2000 380 6 246 65% 32 8% 260 70% 2001 80 12 32 40% 21 26% 23 70% 2002 66 15 23 35% 20 30% 20 65% 2003 63 11 25 40% 21 33% 18 67% 2004 173 8 79 46% 43 25% 61 66% 2005 159 13 45 28% 68 43% 45 49% 2006 157 13 56 36% 67 43% 48 56% 2007 159 9 79 50% 30 19% 76 76% 2008 21 14 9 43% 3 14% 6 67% 2009 41 15 12 29% 19 46% 14 43% 2010 91 10 41 45% 7

26 29% 1

33 73% 2011 81 11 46 57% 17 21% 36 83% 2012 93 12 49 53% 28 30% 40 87% 2013 158 12 82 52% 36 23% 45 78% (^2014 206 11 132) 64% 38 18% 53 75% (^2015 118 10 77) 65% 21 18% 38 76% (^2016 75 10 49) 65% 13 17% 21 71% 2017 106 12 64 60% 18 17% 30 80% 2018 134 10 90 67% 15 11% 39 77% 2019 112 10 77 69% 11 10% 37 70% 2020 165 9 113 68% 22 13% 45 73% 2021 311 11 175 56% 67 22% 118 64% 1980-1989 2,047 8 514 25% 139 7% 595 47% 1990-1998 3,615 9 1,265 35% 415 11% 1,228 56% 1999-2000 856 5 523 61% 62 7% 630 68% 2001-2021 2,568 10 1,355 53% 604 24% 846 70% 1980-2021 9,086 9 3,657 40% 1,219 13% 3,299 60%

Table 4a (updated May 18, 2022)

Technology Company IPOs, 1980-2021 including Direct Listings

There are 3,299 IPOs and 9 direct listings that are tech stocks, for a total of 3,308 listings, after

excluding those with an offer price below $5.00 per share, unit offers, ADRs, closed-end funds,

natural resource limited partnerships (and most other LPs, but not buyout firms such as Carlyle

Group), acquisition companies, REITs, bank and S&L IPOs, and firms not listed on CRSP.

Missing and questionable numbers from the SDC new issues database are supplemented by direct

inspection of prospectuses on EDGAR, information from Dealogic for IPOs after 1991, Howard

and Co.’s Going Public: The IPO Reporter from 1980-1985, and the Graeme Howard-Todd

Huxster collection of IPO prospectuses for 1975-2006. Tech stocks are defined as internet-related

stocks plus other technology stocks including telecom, but not including biotech. Loughran and

Ritter (2004) list the SIC codes in their appendix 3 and sources of founding dates in appendix 1.

The definition of technology stocks has been changed from that in Loughran and Ritter (

Financial Management ), with SIC=3559, 3576, 3844, and 7389 added to tech. Some 7389

(business services) companies have had their SIC codes changed into non-tech categories, such as

consulting and two new SIC codes that I have made up: 5614 for telemarketing firms and 7388 for

non-tech business services such as Sotheby’s Auctions. I have also added the S.E.C.’s computer

communications equipment code of 3576 for 21 companies, including Cisco Systems.

For the column with VC-backed IPOs, there are 3,469 IPOs including both technology and non-

technology companies.

For buyout-backed IPOs, the founding date of the predecessor company is used. Price-to-sales

ratios are computed using both the offer price (OP) and the first closing market price (MP) for

computing the market capitalization of equity. Market cap is calculated using the post-issue shares

outstanding, with all share classes included in the case of dual-class companies. The undiluted

number of shares is used, which is some cases (e.g., Facebook, Twitter, and Castlight Health)

understates the market cap due to the existence of substantial amounts of in-the-money employee

stock options that are highly likely to be exercised. Sales are the last twelve months (LTM)

revenues as reported in the prospectus. The median sales, in millions, is expressed in both nominal

dollars and in dollars of 2014 purchasing power using the CPI. The median age, in years, is the

number of years since the calendar year of the founding date and the calendar year of the IPO. The

percentage of IPOs that are profitable measures profitability using trailing LTM earnings (usually

using after extraordinary items earnings, and usually using pro forma numbers that are computed

assuming that any recent or concurrent mergers have already occurred, and the conversion of

convertible preferred stock into common stock). In some cases, last fiscal year earnings are used

when LTM earnings are unavailable.

Even concepts like market cap (for the price-to-sales ratios) become ambiguous when you realize

that companies like Facebook have many deep in-the-money options outstanding, so whether

you use the fully diluted number of shares or the undiluted number can affect the calculations

substantially for some companies.

(table on the next page)

Table 4b (updated February 17, 2022)

Technology and Biotechnology (Biopharma) Company IPOs, 1980-

There are 3,299 tech and 1,007 biotech IPOs from 1980-2021, after excluding those with an offer

price below $5.00 per share, unit offers, ADRs, closed-end funds, partnerships, acquisition

companies, REITs, bank and S&L IPOs, and firms not listed on CRSP. Biotech includes

pharmaceutical firms.

Missing and questionable numbers from the SDC new issues database are supplemented by direct

inspection of prospectuses on EDGAR, information from Dealogic for IPOs after 1991, Howard

and Co.’s Going Public: The IPO Reporter from 1980-1985, and the Graeme Howard-Todd

Huxster collection of IPO prospectuses for 1975-2006. Tech stocks are defined as internet-related

stocks plus other technology stocks including telecom, but not including biotech. Loughran and

Ritter (2004) list the SIC codes in their appendix 3 and sources of founding dates in appendix 1.

The definition of technology stocks has been changed from that in Loughran and Ritter (

Financial Management ), with SIC=3559, 3576, and 7389 added to tech. Some 7389 (business

services) companies have had their SIC codes changed into non-tech categories, such as consulting

and two new SIC codes that I created: 5614 for telemarketing firms and 7388 for non-tech business

services such as Sotheby’s Auctions. I have also added the S.E.C.’s computer communications

equipment code of 3576 for 21 companies, including Cisco Systems.

Biotech is defined as SIC=2830, 2833, 2834, 2835, 2836, and 8731.

Sales are the last twelve months (LTM) revenues as reported in the prospectus. The median sales,

in millions, are expressed in dollars of 2014 purchasing power using the CPI. Pro forma numbers

are usually used if there have been recent mergers or mergers that coincide with the IPO. The

percentage of IPOs that are profitable measures profitability using trailing LTM earnings (usually

using after extraordinary items earnings, and usually using pro forma numbers that are computed

assuming that any recent or concurrent mergers have already occurred, and the conversion of

convertible preferred stock into common stock). In some cases, last fiscal year earnings are used

when LTM earnings are unavailable.

(table on the next page)

Year

Number of IPOs % Profitable Median sales ($2014, millions)

Year

Number of IPOs

Financial sponsor- backed VC-backed

Growth capital- backed Buyout-backed No. % No. % No. % No. %

1980 71 24 34% 20 28% 3 4% (^1) 1% 1981 192 54 28% 44 23% 9 5% (^1) 1% 1982 77 23 30% 19 25% 2 3% 2 3% 1983 451 128 28% 104 23% 12 3% (^12) 3% 1984 171 48 28% 38 22% 7 4% (^3) 2% 1985 186 57 31% 28 15% 11 6% (^18) 10% 1986 393 121 31% 72 18% 7 2% 42 11% 1987 285 107 38% 61 21% 5 2% (^41) 14% 1988 105 41 39% 25 24% 7 7% (^9) 9% 1989 116 50 43% 30 26% 10 9% (^10) 9% 1990 110 55 50% 37 34% 5 5% 13 12% 1991 286 187 65% 97 34% 19 7% (^71) 25% 1992 412 236 57% 119 29% 19 5% (^98) 24% 1993 510 251 49% 160 31% 12 2% (^79) 15% 1994 402 151 38% 113 28% 16 4% 22 5% 1995 462 220 48% 160 35% 30 6% (^30) 6% 1996 677 300 44% 221 33% 45 7% (^34) 5% 1997 474 172 36% 103 22% 31 7% (^38) 8% 1998 282 110 39% 61 22% 19 7% 30 11% 1999 476 310 65% 264 55% 16 3% (^30) 6% 2000 380 278 73% 243 64% 3 1% (^32) 8% 2001 80 53 66% 22 28% 10 13% (^21) 26% 2002 66 43 65% 11 17% 12 18% 20 30% 2003 63 46 73% 21 33% 4 6% (^21) 33% 2004 173 122 71% 73 42% 6 3% (^43) 25% 2005 159 113 71% 40 25% 5 3% (^68) 43% 2006 157 123 78% 54 34% 2 1% 67 43% 2007 159 109 69% 71 45% 8 5% (^30) 19% 2008 21 12 57% 7 33% 2 10% (^3) 14% 2009 41 31 76% 12 29% 0 0% (^19) 46% 2010 91 67 74% 38 42% 3 3% 26 29% 2011 81 63 78% 42 52% 4 5% (^17) 21% 2012 93 77 83% 46 49% 3 3% (^28) 30% 2013 158 118 75% 70 44% 12 8% (^36) 23% 2014 206 170 83% 115 56% 17 8% 38 18% 2015 118 98 83% 69 58% 8 7% (^21) 18% 2016 75 62 83% 38 51% 11 15% (^13) 17% 2017 106 82 77% 55 52% 9 8% (^18) 17% 2018 134 105 78% 81 60% 9 7% 15 11% 2019 112 88 79% 74 66% 3 3% (^11) 10% 2020 165 135 82% 99 60% 14 8% (^22) 13% 2021 311 242 78% 156 50% 19 6% 67 22%

1980-1989 2,047 653 32% 441 21% 73 4% 139 7% 1990-1998 3,615 1,680 46% 1,071 30% 196 5% 415 11% 1999-2000 856 585 68% 507 58% 19 2% 62 7% 2001-2021 2,568 1,959 76% 1,194 46% 161 6% 604 24%

1980-2021 9,086 4,872 54% 3,213 35% 449 5% 1,220 13%

Table 4d (updated February 17, 2022)

VC-backed IPOs, U.S.-headquartered Companies Only, 1980-

There are 3,509 venture capital-backed IPOs of U.S. headquartered companies, after excluding

those with an offer price below $5.00 per share, unit offers, ADRs, closed-end funds, natural

resource limited partnerships (and most other LPs, but not buyout firms such as Carlyle Group),

acquisition companies, REITs, bank and S&L IPOs, and firms not listed on CRSP. VC-backed

includes growth capital-backed IPOs. Missing and questionable numbers from the SDC new issues

database are supplemented by direct inspection of prospectuses on EDGAR, information from

Dealogic for IPOs after 1991, Howard and Co.’s Going Public: The IPO Reporter from 1980-

1985, and the Graeme Howard-Todd Huxster collection of IPO prospectuses for 1975-1996.

The public float is calculated as the shares issued multiplied by the first closing market price, and

does not include overallotment shares. All numbers use the undiluted number of shares

outstanding. For dual-class companies such as Facebook, all share classes are included, with the

assumption that the price per share is the same for each class.

Even concepts like market cap (for the price-to-sales ratios) become ambiguous when you realize

that companies like Facebook have many deep in-the-money options outstanding, so whether you

use the fully diluted number of shares or the undiluted number can affect the calculations

substantially for some companies.

Example: For 1980, the 23 VC-backed IPOs raised $388 million, the shares of which had a market

cap of $500 million using the first closing market price. The market cap, using all shares

outstanding, was $3.374 billion in total. Of this, Apple Computer issued 4.6 million shares at $

per share (proceeds of $101.2 million), closing at $28.75 per share (public float value of $132.

million), with 55.136 million shares outstanding ($1,585 million market cap).

(table on the next page)

Year

No. of Tech IPOs

Proceeds, $millions

Number doubling

Market value, at first market price, $millions

Table 4f (adjusted for inflation, 2017 $) IPOs, 1980-2021 (tr is trillions)

Year No. of IPOs Proceeds, $millions Market value, at first close, $millions

 - June 6, 352.846-2837 voice
  • Table 1: Mean First-day Returns and Money Left on the Table, 1980-
  • Table 1a: Also including the post-issue aggregate market value, 1980-
  • Table 2: Mean First-day Returns, Categorized by Sales, for IPOs from 1980-
  • Table 3: First-day Turnover Categorized by Decade and First-Day Return, 1983-
  • Table 3b: First-day Turnover Categorized by NYSE and Nasdaq Listings, 1983-
  • Table 4: Median Age and Fraction of IPOs with VC- and Buyout-backing, 1980-
  • Table 4a: Median Price-to sales Ratios of Tech-stock IPOs, 1980-
  • Table 4b: Profitability and Median Sales of Technology and Biotech IPOs, 1980-
  • Table 4c: The number of VC-, Growth Capital-, and Buyout-backed IPOs, 1980-
  • Table 4d: VC-backed IPOs, restricted to those headquartered in the U.S., 1980-
  • Table 4e: Proceeds and Post-issue market value of tech stock IPOs, 1980-
  • Table 4f: Mean and Median inflation-adjusted Proceeds and Market Cap, 1980-
  • Table 4g: Biotech IPOs (Median age, Mean underpricing, # with sales>0, # with EPS>0), 1980-
  • Table 4h: Technology Company IPO Underpricing, 1980-
    • in price on the first day of trading, 1997- Table 5: Number of U. S. IPOs with an offer price of greater than $5.00 that doubled (offer to close)
    • Range by Cohort Year, 1990- Table 6: Number of Initial Public Offerings, First-Day Return, and Revisions from the File Price
  • Table 7: Percentage of IPOs Relative to File Price Range, 1980-
  • Table 9: Fraction of IPOs with Negative Earnings, 1980- Offerings in 1960-2021, by Year
  • Table 10: Gross Spreads Continue to Remain at 7% on Moderate-Size Deals, 2001-
  • Table 11: Mean and Median Gross Spreads and Number of Managing Underwriters, 1980-
  • Table 12: Number of IPOs Categorized by the LTM Sales Over/Under $50 million (2005 $), 1980-
  • Table 12a: Median Market Cap and Pre-IPO Sales (2005 $), and Median Price-to-sales ratio, 1980-
  • Table 12b: Number of IPOs Categorized by the LTM Sales Over/Under $1 billion (2011 $), 1980-
  • Table 13: IPO Auctions in the U.S., 1999-
  • Table 13a: Direct Listings in the U.S., 2018-
  • Table 14: The Market Share of Foreign Companies Among U.S. Listings, 1980-
  • Table 15: How Many IPOs are There? 1980- - with Banks, LPs, and ADRs Included, 1980- Table 15a: Closed-end Funds, REITs, and SPACs, and IPO Volume and Average First-day Returns
  • Table 15b: SPACs, 1990-
  • Table 16: Long-run Returns on IPOs Categorized by the Pre-issue Sales of the Firm, 1980-
  • Table 16a: Long-run Returns on IPOs Categorized by $1 Billion Sales of the Firm, 1980-
  • Table 16b: Long-run Returns on IPOs Categorized by the Profitability of the Firm, 1980-
    • Excluding the Internet Bubble, 1980- Table 16c: Long-run Returns Measured from the Offer Price on Tech and non-Tech Stock IPOs
    • IPOs Excluding the Internet Bubble, 1980- Table 16d: Long-run Returns Measured from the First Closing Market Price on Tech and non-Tech Stock
  • Table 16e: Distribution of 3-year and 5-year Buy-and-Hold Returns on IPOs, 1975-
  • Table 16f: Aftermarket Returns with and without Including the First-day Return, 1980- - 1980 22 3 46 91% 67% 70% 48.8 17.1 64. Tech Biotech Other Tech Biotech Other Tech Biotech Other - 1981 72 10 110 88% 30% 85% 34.8 4.1 36. - 1982 42 2 33 83% 50% 79% 26.2 3.3 24. - 1983 173 21 257 71% 43% 86% 20.6 6.1 73. - 1984 50 2 119 80% 100% 85% 22.4 113.4 57. - 1985 37 5 144 84% 40% 87% 29.7 10.4 88. - 1986 77 25 291 74% 32% 84% 27.8 9.0 79. - 1987 59 11 215 86% 18% 85% 37.4 5.9 92. - 1988 28 2 75 79% 0% 85% 48.5 8.2 191. - 1989 35 4 77 77% 0% 82% 60.9 2.2 101. - 1990 32 4 74 94% 0% 87% 52.5 3.8 107. - 1991 71 33 182 75% 15% 88% 60.2 5.7 129. - 1992 115 33 264 65% 18% 80% 38.0 2.2 118. - 1993 127 28 355 74% 21% 75% 44.3 2.6 100. - 1994 115 20 267 70% 20% 80% 33.6 2.6 89. - 1995 205 22 235 71% 14% 75% 33.3 4.2 98. - 1996 276 47 354 47% 17% 73% 25.2 3.9 82. - 1997 174 22 278 50% 14% 77% 31.1 8.2 93. - 1998 113 12 156 36% 42% 69% 32.0 18.9 104. - 1999 370 11 95 14% 27% 63% 17.2 16.9 162. - 2000 260 56 64 14% 11% 50% 16.6 5.5 164. - 2001 23 6 51 30% 0% 66% 32.9 0.2 475. - 2002 20 5 41 40% 40% 63% 125.8 189.7 569. - 2003 18 8 37 39% 0% 76% 111.0 0.1 519. - 2004 61 30 82 44% 7% 70% 70.1 4.4 250. - 2005 45 16 98 36% 13% 70% 83.5 15.2 266. - 2006 48 24 85 50% 8% 80% 67.9 4.0 393. - 2007 76 19 64 30% 5% 73% 79.8 1.6 268. - 2008 6 1 14 67% 0% 57% 173.6 0.3 223. - 2009 14 3 24 71% 67% 71% 193.1 41.7 498. - 2010 33 11 47 64% 0% 70% 129.0 0.0 348. - 2011 36 8 37 36% 0% 59% 150.1 3.3 343. - 2012 40 10 43 43% 0% 77% 117.1 0.5 353. - 2013 45 41 72 27% 10% 58% 107.5 10.9 432. - 2014 53 74 79 17% 7% 57% 90.5 0.0 271. - 2015 38 42 38 26% 0% 66% 130.9 0.0 171. - 2016 21 25 29 29% 8% 59% 108.2 0.9 645. - 2017 30 32 44 17% 0% 42% 181.5 0.0 429. - 2018 39 58 37 15% 0% 51% 169.1 0.0 445. - 2019 37 48 27 30% 2% 50% 182.8 0.0 149. - 2020 45 77 44 22% 5% 47% 183.0 0.0 246. - 2021 118 96 97 22% 3% 49% 177.8 0.0 293.
    • 2001-21 846 634 1,090 32% 5% 63% 113.7 0.0 330.
  • 1980-2021 3,299 1,007 4,781 47% 12% 75% 39.1 1.6 114.
    • 1980 23 388 500 3, Number Proceeds in $millions Public float Market cap
    • 1981 53 648 718 3,
    • 1982 21 490 575 2,
    • 1983 115 2,740 3,0 88 14,
    • 1984 44 605 626 2,
    • 1985 38 660 682 2,
    • 1986 79 1,559 1,671 7,
    • 1987 66 1,315 1,446 5,
    • 1988 31 658 709 3,
    • 1989 39 843 941 3,
    • 1990 41 1,057 1,177 4,
    • 1991 114 3,765 4,339 16,
    • 1992 137 4,933 5,561 18,
    • 1993 169 5,827 6,866 24,
    • 1994 126 3,528 4,011 14,
    • 1995 188 7,114 9, 298 35,
    • 1996 259 11,137 13, 465 57,
    • 1997 132 4,900 5,9 37 26,
    • 1998 79 4,005 5,050 23,
    • 1999 278 22,187 4 6,532 318,
    • 2000 228 21,924 40, 748 290,
    • 2001 30 2,406 2,895 15,
    • 2002 23 1,956 2,216 10,
    • 2003 25 1,824 2, 150 8,
    • 2004 76 7,042 8,306 54,
    • 2005 41 3,110 3,759 14,
    • 2006 54 4,436 5,214 22,
    • 2007 76 10,386 1 3,238 74,
    • 2008 9 863 936 4,
    • 2009 12 1,697 2,057 8,
    • 2010 38 3,791 4, 345 20,
    • 2011 43 6,601 7, 941 62,
    • 2012 49 21,096 22, 959 125,
    • 2013 76 11,048 14, 991 93,
    • 2014 116 16,108 19, 830 98,
    • 2015 68 8,552 1 1,147 58,
    • 2016 45 4,929 6, 135 32,
    • 2017 55 10,017 12, 586 76,
    • 2018 83 13,473 16,8 83 105,
    • 2019 71 25,149 2 8,913 227,
    • 2020 106 38,773 6 3,652 483,
    • 2021 153 60,144 75,435 613,
  • 1980-2021 3,509 353,685 479,530 3,092, - Table 4e (MV not adjusted for inflation) Tech IPOs, 1980-
    • 1980 22 378 0 $3,054 $139 $ Total Mean Median
    • 1981 72 838 0 $4,509 $63 $
    • 1982 42 648 0 $3,360 $80 $
    • 1983 173 3,271 2 $17,2 88 $100 $
    • 1984 50 551 1 $2,674 $53 $
    • 1985 37 375 0 $1,595 $43 $
    • 1986 77 1,217 0 $6,163 $80 $
    • 1987 59 1,330 0 $7,6 30 $129 $
    • 1988 28 888 0 $5,464 $195 $
    • 1989 35 748 0 $3,66 1 $105 $
    • 1990 32 764 0 $3, 661 $114 $
    • 1991 71 2,760 0 $11, 912 $168 $
    • 1992 115 5,875 1 $21, 928 $191 $
    • 1993 127 5,715 1 $30,33 1 $239 $
    • 1994 115 3,583 1 $16,653 $145 $
    • 1995 205 9,786 11 $50,0 90 $244 $
    • 1996 276 16,256 5 $98, 775 $358 $
    • 1997 174 7,479 2 $45, 962 $264 $
    • 1998 113 8,118 12 $64,221 $568 $
    • 1999 370 33,512 114 $449,09 1 $1,214 $
    • 2000 260 42,442 69 $516,96 3 $1,988 $
    • 2001 23 5,773 0 $27,365 $1,190 $
    • 2002 20 2,587 0 $12,340 $617 $
    • 2003 18 2,242 0 $9,340 $519 $
    • 2004 61 9,064 0 $59,399 $974 $
    • 2005 45 6,994 0 $26,149 $581 $
    • 2006 48 4,873 0 $23,820 $496 $
    • 2007 76 12,572 0 $89,729 $1,181 $
    • 2008 6 1,194 0 $5,756 $959 $
    • 2009 14 4,126 0 $16,311 $1,165 $
    • 2010 33 4,347 0 $24,833 $753 $
    • 2011 36 9,412 1 $83,41 5 $2,317 $
    • 2012 40 20,887 1 $125,817 $3,145 $
    • 2013 45 8,662 1 $76,923 $1,709 $
    • 2014 53 9, 965 2 $84,160 $1,563 $
    • 2015 38 10,087 0 $74,81 1 $1,969 $
    • 2016 21 2,510 1 $23,056 $1,098 $
    • 2017 30 7,844 0 $64, 715 $2,157 $1,
    • 2018 39 12,246 1 $103,988 $2,419 $1,
    • 2019 37 22,881 0 $223, 971 $6,053 $2,
    • 2020 45 2 9,234 12 $454,763 $10,336 $4,
    • 2021 118 5 9,000 6 $7 43 , 018 $6,297 $3,
  • 1980-2021 3,299 393,033 244 $3,718,109 $1,127 $
    • 1980 71 $2,826 $40 $28 $18,33 8 $258 $ Total Mean Median Total Mean Median
    • 1981 192 $6,433 $34 $23 $29, 873 $156 $
    • 1982 77 $2,571 $33 $18 $13,159 $171 $
    • 1983 451 $22,070 $49 $29 $102, 669 $228 $
    • 1984 171 $4,815 $28 $20 $20,862 $122 $
    • 1985 186 $9,414 $51 $25 $34,933 $188 $
    • 1986 393 $29,683 $76 $27 $103,595 $264 $
    • 1987 285 $25,507 $89 $33 $99,53 2 $349 $
    • 1988 105 $8,145 $78 $35 $45,432 $433 $
    • 1989 116 $11,645 $100 $43 $44,859 $387 $
    • 1990 110 $8,145 $74 $46 $33,914 $308 $
    • 1991 286 $27,756 $97 $52 $97,515 $341 $
    • 1992 412 $39,896 $97 $48 $130,761 $317 $
    • 1993 510 $53,526 $105 $48 $214,297 $420 $
    • 1994 402 $28,523 $71 $40 $105,742 $263 $
    • 1995 462 $45,152 $98 $52 $205, 504 $445 $
    • 1996 677 $66,117 $98 $53 $377,944 $499 $
    • 1997 474 $48,460 $102 $51 $215,578 $455 $
    • 1998 281 $50,565 $180 $64 $246,201 $876 $
    • 1999 476 $95,547 $201 $91 $962,89 1 $2,023 $
    • 2000 380 $93,235 $245 $112 $924,45 2 $2,433 $
    • 2001 80 $48,945 $612 $162 $245,564 $3,070 $
    • 2002 66 $30,188 $457 $162 $114,629 $1,737 $
    • 2003 63 $12,745 $202 $154 $53,828 $854 $
    • 2004 173 $40,885 $236 $110 $194,092 $1,122 $
    • 2005 159 $35,949 $226 $147 $133,221 $838 $
    • 2006 157 $37,330 $238 $128 $165,16 3 $1,052 $
    • 2007 159 $41,442 $261 $125 $246,042 $1,547 $
    • 2008 21 $26,175 $1,246 $166 $72,69 1 $3,461 $
    • 2009 41 $15,150 $370 $178 $68,123 $1,662 $
    • 2010 91 $33,406 $367 $121 $126,816 $1,394 $
    • 2011 81 $29,732 $367 $167 $175,92 5 $2,172 $
    • 2012 93 $33,341 $359 $102 $193, 803 $2,085 $
    • 2013 158 $40,842 $260 $122 $284,858 $1,803 $
    • 2014 206 $43,782 $213 $97 $246,739 $1,198 $
    • 2015 118 $22,849 $194 $106 $155, 641 $1,319 $
    • 2016 75 $12,835 $171 $97 $80, 840 $1,078 $
    • 2017 106 $22,979 $215 $120 $161, 650 $1,525 $
    • 2018 134 $32,766 $245 $117 $211,09 0 $1,575 $
    • 2019 112 $37,800 $337 $121 $319,73 8 $2,855 $
    • 2020 165 $58,245 $353 $188 $646, 252 $3,917 $1,
    • 2021 311 $111,809 $356 $186 $1, 118 , 222 $3,596 $1,
  • 80-21 9,086 $1.451 tr $160 $63 $9.012 tr $992 $