June is typically one of the busiest months for U.S.-listed initial public offerings, and, after a bright spot in May for new listings, many bankers and investors were cautiously optimistic that the pickup in deal activity could continue into the summer. Instead, June has been a disaster.
The IPO market had a relatively strong May, when 17 deals raised more than
$3.6 billion. That was the best month for IPOs since last October, when 16 deals
raised more than $5.7 billion. So far this month there have been just five IPOs that have raised a combined $392 million.
As a result, 2016 remains on pace to be the slowest year for IPOs since the financial crisis. There have been 39 new offerings so far this year, raising $7.7 billion - half of what was raised by new listings in the same period last year.