According to a report by EY, the total number of global IPOs (192) and the proceeds raised ($17.9 billion) in the third quarter marked a decrease of 55 percent and 75 percent, respectively, from a year ago.
The limited activity in the third quarter followed the "stellar" second quarter – especially in China, which had the busiest quarter on record.
The report continued that financial appetite for IPO listings was "suppressed" as sponsors adopted a "wait and see approach." Nevertheless, the report did add that IPO activity is expected to pick up in the final quarter of the year.
Investors should find reassurance that the IPO market regained momentum as four new companies saw their shares trade on the public market for the first time ever on Wednesday.
Wave Life Sciences
Wave Life Sciences Ltd WVE, a genetic medicine company with a market cap of approximately $325 million, saw its shares open at $17.05 after pricing its IPO at $16.
The stock rose as high as $17.90 before selling off. Shortly after noon, the stock was trading below its opening price at $16.64.
Advanced Accelerator Application
Advanced Accelerator Application is a radiopharmaceutical company that develops, produces and sells molecular nuclear medicine (MNM), diagnostic and therapeutic products.
After pricing its IPO at $16 per share, the stock opened for trading at $18.50. Investors and traders bought the stock as soon as it opened and never looked back. Shortly after noon, the issue was trading at $22.52, up more than 40 percent.
Equity Bancshares
Equity Bancshares Inc EQBK operates a bank holding company for Equity Bank that offers financial services to businesses.
The company initially priced its IPO at $22.50 and opened for trading at $24.25. Shares initially moved slightly higher, reaching an intraday high of $24.52 before reversing course on light volume. Shortly after noon, the stock was trading at $23.95.
Voyager Therapeutics
Finally, Voyager Therapeutics Inc VYGR priced its IPO at $14 per share, and the issue opened at $15.10.
Investors and traders bought the clinical-stage gene therapy company after it opened for trading, pushing the stock as high as $17.70 before profit taking brought the stock lower to $16.20 shortly after noon.
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