In May, 23 IPOs raised $5.8 billion, joined by direct listings ZipRecruiter and Squarespace, along with 18 SPACs. Including the direct listings, technology was the most active sector with eight deals, featuring several platforms supporting payments and e-commerce. Healthcare stayed active with seven IPOs, mostly biotechs. Swedish oat milk brand Oatly produced the largest deal, raising $1.4 billion. The month’s IPOs averaged a 21% return from offer, excluding a Chinese micro-cap outlier, mostly from first day trading. About two-thirds of deals finished the month positive. 44 IPOs submitted initial filings, a 144% increase year-over-year. After a rough start to the month in which the Renaissance IPO Index pulled back significantly and four IPOs postponed, the IPO Index rebounded by month-end, putting the IPO market back on track for a busy summer.
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