Beforepay Group (ASX:B4P) has been the most disappointing, trading poorly on the first day of listing with the share price falling 44.1% from its IPO price of $3.41 per share. The worst performing IPOs in 1Q22 include a mineral exploration technology company, a customer reward provider, and an aged-care technology company. Firebrick Pharma (ASX:FRE) is focused on commercialising a nasal spray that kills germs responsible for respiratory infections like the common cold and has returned 130% since listing at the end of January. It is developing an Australian Nickel mine and rose sharply following an investor presentation during April, resulting in a return of 762.5% to date. NICO Resources (ASX:NC1) was the best performer as at 22 April following its listing in mid-January. The top performing IPOs in 1Q22 include resources explorers and a pharmaceutical company. Outperformers and underperformers of 1Q22 So it would appear that IPOs in 2022 have either been better priced than in 2021, or the market has become much more discerning. This is well below returns in 1Q21 of 33.34% and 41.12%, respectively. If we look at how the IPOs in 1Q22 have performed, measured on the immediate 1-day and 5-day return relative to the IPO price, they achieved returns of 23.77% (1-day) and 22.85% (5-day). In 1Q21, the largest IPOs were DDH1 (ASX:DDH) and Airtasker (ASX:ART) that raised $150 million and $83.65 million, respectively. The largest IPOs in the first three months of this year were Beforepay Group (ASX:B4P) that raised $35 million and US Student Housing REIT (ASX:USQ) that raised $15.51 million. In 1Q22, a total of $182 million in funds was raised compared to $764 million (-76%) for the same period last year. While the number of IPOs in 1Q22 has tracked close to 1Q21, this year they have tended to be much smaller raisings. In the US, the first quarter of 2022 was the slowest in six years with the amount raised down 95% on 1Q21. By contrast, a recent EY report identified a 37% fall in the number of IPOs globally compared to the first quarter last year with the value of deals dropping 51%. In the first quarter of 2022 there has been 24 IPOs, which is the same as the first quarter in 2021 but with a very different economic outlook in play. (ASX:GQG) and PEXA Group (ASX:PXA) that raised $1.19 billion and $1.17 billion, respectively. The largest IPOs in 2H21 were GQG Partners Inc. This compares with the previous record in 2015 of 75 IPOs in the second half of that year. This blog looks at how the IPO market is backing up in 2022 following a performance that broke all records in 2021.ĭespite initial expectations in June 2021 that IPO activity would slow in the second half, there was a record 127 IPOs, raising a total of $8.97 billion. The IPO market in Australia was buoyant from late 2020 through 2021, following a period of subdued activity through 2019 and the first six months of Covid.
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