Best IPO quarter since 2015
Published 12:00 am Thursday, April 5, 2018
This week, the streaming music service Spotify made its trading debut on the New York Stock Exchange. It used an unusual strategy: Rather than raising money, the company went public by listing itself on the exchange so it could avoid the longer process of doing an initial public offering. Already its shares have jumped and Spotify is positioned to do more offerings in the future.
And market concerns haven’t stopped a number of companies from going public in the U.S. — and raising billions in the quarter ended March 31. It was the IPO market’s best performance since 2015, according to research company Renaissance Capital.
Marketwatch reports that during this period, 43 companies went public, raising $15.6 billion, well ahead of the $10.9 billion raised the previous quarter. Dropbox was the most visible. The online document file storage service raised $756 million in its initial public offering last week and saw its shares increase more than 35 percent on the day of its offering.
—From wire reports