With just two IPOs, it was the slowest October for the IPO market since 2011, though it was also the first month this year to produce only $100+ million IPOs, as small issuers continued to delay amid rising scrutiny. Intel's driver-assistance tech unit Mobileye (MBLY) and preclinical gene editing biotech Prime Medicine (PRME) were the only companies to come to market, raising a combined $1.0 billion. The pair finished the month with solid gains and averaged an 18% return from offer. The IPO Index briefly sank to a 52-week low on hotter-than-expected inflation numbers, but recovered somewhat to finish the month with a modest 1% loss, well below the S&P 500's 8% gain. Twelve companies joined the pipeline, led by a large VC-backed biotech (ACRV). But the biggest pipeline news may have been what didn't file: Instacart, which had been targeting a 4Q IPO, reportedly pulled the plug on its plans to go public this year as recent tech issuers continue to struggle. Four blank check IPOs raised $370 million and three companies listed via SPAC merger in October, while liquidations reached a new high, with 18 during the month. The 2022 IPO market is now well into the fourth quarter, and it doesn't look like the year will end with a bang. However, another major IPO is not off the table, as Mobileye's warm welcome on Wall Street could encourage other large issuers in the pipeline to debut before year end.
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