Venture-Backed IPOs Flat in Q3

IPO volumes were flat in the third quarter, according to data released today by the National Venture Capital Association and Thomson Reuters.

Overall, venture-backed IPOs raised $1.1 billion from 10 offerings during the third quarter, more than double the deal number seen during the same period last year. Total IPO value, however, fell well short of second quarter levels, due to the record-breaking offering from Facebook in May.

Six of the 10 IPOs of the quarter were IT-related IPOs representing 60 percent of the total issues for in the quarter. By location, all of the quarter’s 10 IPOs were by U.S.-based companies with six coming from the state of California. In the largest IPO of the quarter, Palo Alto Networks (PANW), a Santa Clara, California-based network security company, raised $260 million in its July offering.

Aftermarket performance has also been strong. Nine of the 10 companies brought to market this quarter are currently trading above their offering price.

As for acquisitions, during the third quarter, 96 venture-backed M&A deals were reported, 30 of which had an aggregate deal value of $7.6 billion, a 30 percent increase from the second quarter of 2012. The count includes deals announced prior to the third quarter but closed during the period, such as Facebook’s $1 billion acquisition of Instagram and Microsoft’s $1.2 billion purchase of Yammer.

The full announcement is here.

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