Seven IPOs raised a combined $228 million in the slowest July in what’s shaping up to be the slowest year for the IPO market in over a decade. Five of the seven offerings came from foreign issuers, led by Chinese fintech AMTD Digital. Momentum trading resulted in an eye-popping 826% average return for July IPOs. There were no SPAC IPOs during the month for the first time in five years, while four companies listed via SPAC merger. The IPO Index seesawed throughout the month, ending with an 8% gain, below the S&P 500’s 9% return. Small issuers continue to join the pipeline with nine additions in July, the largest of which filed to raise just $35 million. The second half of 2022 may yet hold some surprises, and a couple notable names in the pipeline refreshed their filings this month as IPO returns stabilize, though we don’t expect IPO activity to resume at a normal pace until 2023.
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