The healthcare sector represented the largest share of initial public offerings by deal count in 2015, says a report released Tuesday by Proskauer's Capital Markets Group.
That was one of several findings revealed in its third annual IPO Study, which offered an analysis of U.S.-listed IPOs in 2015, as well as identification of three-year comparisons and trends of IPOs over that period. The year-over-year comparisons mine data about deal structures and terms, comments and timing from the Securities and Exchange Commission, financial profiles, accounting disclosures, corporate governance and deal expenses.
[Also: Juno IPO could earn millions for Seattle healthcare organizations]
An initial public offering is the first sale of stock by a private company to the public. IPOs are frequently offered by smaller, younger companies looking to expand, but can also be done by large privately owned companies looking to become publicly traded, according to Investopedia.com.
Healthcare comprised an industry-best 39 percent of IPOs by deal count in 2015, according to the study; by comparison, it clocked in at 32 percent in 2013. Trailing healthcare at 22 percent was technology, media and telecommunications, down from 30 percent in 2013.
Overall, IPOs experienced a slowdown during the second half of 2015. Due to a range of economic factors, the volume of IPOs priced in the second half of 2015 declined as compared to the first half of the year, the findings asserted. This represents the lowest deal count during any year's second half since 2012, while the total aggregate deal value of IPOs in 2015 was the lowest since 2009.
[Also: Startup's IPO shows booming of healthcare transparency business]
There were also fewer so-called "Mega-IPOs" last year. Defined as IPOs of $1 billion or more, there were 16 Mega-IPOs in 2014, and only two in 2015.
The report contained a number of other findings. Fewer IPOs, for instance, had a secondary component in 2015 -- 19 percent, as compared to 26 percent in 2014 and 28 percent the year before that. Management participation in the secondary followed this trend; at 36 percent, it's down from 40 percent in 2014 and 52 percent in 2013. Additionally, insiders aren't selling as often. But there's a greater percentage of IPOs with insiders purchasing in the offering, with Capital Markets Group suggesting that insiders' support has taken on heightened importance in a weaker market.
Twitter: @JELagasse