While capital markets are typically quiet in August, secondary activity picked up significantly during the month, hinting at a possible reopening of the IPO window heading into the fall.
There were nearly 40 registered follow-on public offerings (FPOs) of $50+ million in August, compared to just nine in July. An uptick in FPOs is typically a leading indicator of greater IPO activity. In addition, IPO returns have improved somewhat from the summer lows, with the Renaissance IPO Index outperforming the S&P 500 over the past three months (+4.8% vs. -2.8%). At the same time, a number of larger deals in the pipeline have updated their filings in case the IPO window reopens.
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