The IPO market continued to accelerate in June with the month producing 33 IPOs, the highest monthly count since the 65 IPOs in August of 2000.

June’s tally brings the total number of IPOs over the first half of the year to 91, the third highest level for the first half of the year since 2000.

While the number of IPOs in the first half of 2015 fell 41 IPOs, or 31%, below the 132 IPOs in the first half of 2014, the 63 IPOs in the second quarter of 2015 represent the fourth highest figure for any quarter since 2000.

Emerging growth companies (EGCs) have accounted for all but seven IPOs over the first half of 2015, or 92% of the total, compared to 85% of all IPOs in 2014.

June produced 13 IPOs by life sciences companies, bringing the sector’s total over the first half of 2015 to 43 IPOs, or 47% of the year-to-date total.

Gross proceeds in June were $5.63 billion, bringing total gross proceeds for the first half of the year to $13.41 billion, 52% less than the $28.24 billion in gross proceeds raised over the first half of 2014.

The first half of 2014 produced five billion-dollar IPOs, with an additional nine raising more than $500 million. The first half of 2015 has yet to produce a billion-dollar IPO and has seen only four IPOs over $500 million, three of which came in June.

Despite the paucity of large deals, the median IPO offering size declined by less than 1%, from $96.0 million in 2014 to $95.3 million over the first half of 2015.

The median life sciences IPO offering size in the first half of 2015 was $65.0 million, compared to $121.2 million for all other IPO companies.

The median annual revenue for IPO companies fell by 36% from $68.2 million in 2014 to $43.4 million in the first half of 2015—the lowest annual figure since the $17.6 million median in 2000. This decline is partly attributable to the increased market share of IPOs by life sciences companies in 2015.

Fewer than half of the life sciences IPO companies in the first half of 2015 were generating any revenue, compared to a median annual revenue of $107.3 million for all other IPO companies—the lowest annual non-life sciences figure since the $95.5 million median in 2007.

The percentage of “broken” IPOs (IPOs whose stock closes below the offering price on their first day) over the first half of 2015 stands at 26%. While lower than the 27% of IPOs that were broken for full-year 2014, the year-to-date figure for 2015 represents the fourth highest annual percentage since 2000.

The average IPO in the first half of 2015 produced a first-day gain of 18%, compared to the 14% average first-day gain for all 2014 IPOs. The 2015 average first-day gain represents the second highest annual percentage since 2000, trailing only the 21% average first-day gain seen in 2013.

Aftermarket gains were meager, however, with the average IPO in 2015 gaining less than 1% from its first-day closing price through June 30.

At June month-end, 34% of all 2015 IPOs were trading below their offering price, compared to 38% for all IPOs in 2014.

IPO activity in June consisted of offerings by the following companies listed in the order they came to market:

  • DAVIDsTEA, a fast-growing branded beverage company, offering a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts and accessories, priced above an upwardly revised price range and produced a first day gain of 42%.
  • EndoChoice Holdings, a medical device company focused exclusively on designing and commercializing a platform of innovative products for gastrointestinal caregivers, priced at the low end of the range and ended its first day of trading with a 13% gain.
  • Evolent Health, a market leader and a pioneer in the new era of healthcare delivery and payment, in which leading health systems and physician organizations are taking on increasing clinical and financial responsibility for the populations they serve, priced an IPO upsized by 15% above the range and gained 11% in first-day trading.
  • Axovent Sciences, a clinical-stage biopharmaceutical company focused on the acquisition, development and commercialization of novel therapeutics for the treatment of neurodegenerative disorders, priced at the high end of the range and ended its first trading day nearly double its offering price.
  • Biotie Therapies, a biopharmaceutical company primarily focused on developing therapeutics for central nervous system disorders, priced above the anticipated price and produced a 38% first-day gain.
  • People’s Utah Bancorp, a bank holding company, priced above the midpoint of the range and ended its first day of trading up 15% from its offering price.
  • Wingstop, a high-growth franchisor and operator of restaurants that specialize in cooked-to-order, hand-sauced and tossed chicken wings, priced above an upwardly revised price range and produced a 61% first-day gain.
  • Invuity, a commercial-stage medical technology company pioneering the use of advanced photonics to provide surgeons with improved direct visualization of surgical cavities during minimally invasive and minimal access surgical procedures, priced below the range and climbed 24% above its offering price in first-day trading.
  • Nivalis Therapeutics, a clinical stage pharmaceutical company committed to the discovery, development and commercialization of product candidates for patients with cystic fibrosis, priced an IPO upsized by 28% at the midpoint of the range and gained 7% in first-day trading.
  • Cynapsus Therapeutics, a specialty central nervous system pharmaceutical company developing and preparing to commercialize a Phase 3, fast-acting, easy-to-use, sublingual thin film for the acute rescue of OFF motor symptoms associated with Parkinson's disease, ended its first day of trading 5% above its offering price.
  • Fitbit, a company transforming the way millions of people around the world achieve their health and fitness goals with its family of six wearable connected health and fitness trackers, priced an upsized IPO above an upwardly revised price range and produced a first-day gain of 48%.
  • Univar, a leading global chemical distributor and provider of innovative value-added services, priced at the high end of the range and gained 15% in first-day trading.
  • 8point3 Energy Partners, a growth-oriented limited partnership formed by First Solar and SunPower to own, operate and acquire solar energy generation projects, priced at the top of the range and ended its first day of trading down 20% from its offering price.
  • Celyad, a leader in engineered cell therapy treatments with clinical programs initially targeting indications in cardiovascular disease and oncology, priced an IPO upsized by 4% and posted a 20% decline in first-day trading.
  • Fogo de Chão, a leading Brazilian steakhouse which has specialized for over 35 years in fire-roasting high-quality meats utilizing the centuries-old Southern Brazilian cooking technique of churrasco, priced above the range and produced a first-day gain of 29%.
  • MINDBODY, the leading online wellness services marketplace with over 42,000 local business subscribers on its platform in 124 countries and territories employing over 250,000 practitioners who provide a variety of wellness services to over 24 million active consumers, priced at the midpoint of the range and declined 17% from its offering price in first-day trading.
  • Ritter Pharmaceuticals, a developer of novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases, priced at the expected price and ended its first day of trading 1% below its offering price.
  • Catabasis Pharmaceuticals, a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics based on its proprietary Safely Metabolized And Rationally Targeted, or SMART, linker technology platform, priced an IPO upsized by 16% below the range and gained 8% in first-day trading.
  • Gener8 Maritime, a leading U.S.-based provider of international seaborne crude oil transportation services, priced below the range and declined 6% in first-day trading.
  • Glaukos, an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma, priced above an IPO upsized by 12% above an upwardly revised price range and produced a first-day gain of 73%.
  • Lantheus Holdings, a global leader in developing, manufacturing, selling and distributing innovative diagnostic medical imaging agents and products that assist clinicians in the diagnosis of cardiovascular and other diseases, priced an IPO upsized by 37% below the range and ended its first day of trading up 13% from its offering price.
  • Milacron Holdings, a global leader in the manufacture, distribution and service of highly engineered and customized systems within the $27 billion plastic technology and processing industry, priced at the low end of the range and declined 2% from its offering price in first-day trading.
  • TransUnion, a leading global risk and information solutions provider to businesses and consumers, priced above the midpoint of the range and produced a first-day gain of 13%.
  • Alarm.com Holdings, a provider of a cloud-connected security and home automation platform, priced at the midpoint of the range and ended its first day of trading with a gain of 21%.
  • Appfolio, a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses in the property management and legal industries, priced at the low end of the range and gained 17% in first-day trading.
  • Green Plains Partners, a limited partnership recently formed to provide ethanol and fuel storage, terminal and transportation services, priced below the range and was flat in first day trading.
  • Seres Therapeutics, a microbiome therapeutics platform company developing a novel class of biological drugs, priced an IPO upsized by 19% above the range and produced a first-day gain of 186%.
  • Xactly, a leading provider of enterprise-class, cloud-based, incentive compensation solutions for employee and sales performance management, priced below the range and ended its first day of trading up 9% from its offering price.
  • Yulong Eco-Materials, a vertically integrated manufacturer of eco-friendly building products, priced at the low end of the range and edged down 1% in first day trading.
  • CNX Coal Resources, a growth-oriented master limited partnership recently formed by CONSOL Energy to manage and further develop all of its active thermal coal operations, priced at the expected price and gained 3% in first-day trading.
  • ConforMIS, a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are individually sized and shaped to fit each patient's unique anatomy, priced at the midpoint of the range and ended its first day of trading up 28% from its offering price.
  • Teladoc, the nation’s first and largest telehealth platform, delivering on-demand healthcare anytime, anywhere, via mobile devices, the internet, video and phone, priced an IPO upsized by 18% above the range and produced a first-day gain of 50%.
  • Unique Fabricating, a company engaged in the engineering and manufacture of multi-material foam, rubber and plastic components utilized in noise, vibration and harshness management, acoustical management, water and air sealing, decorative and other functional applications, priced within the range and gained 42% from its offering price in first-day trading.