In this issue of the 2022 Technology and Life Sciences IPO Report, we present analysis related to 10 initial public offerings (IPOs), valued at over $75 million, completed by U.S.-based technology and life sciences companies between January 1 and December 31, 2022.
Following a record-breaking year for IPOs in 2021, the U.S. capital markets screeched to a halt in 2022 with the lowest IPO activity levels seen in decades, as market volatility caused by inflation, rising interest rates, and the ongoing conflict in Ukraine clearly took its toll. This trend was observed across all sectors as increasingly risk-adverse investors are deterred from growth stories and projections; instead, many opt for a “wait-and-see” approach, resulting in IPO levels similar to those seen during and in the aftermath of the 2009 financial crisis.
Although the markedly lower level of IPO activity pains us, we are nevertheless publishing this report in the interests of continuity. Given the very small sample size, we caution readers not to draw conclusions about whether the data in this report will be reflective in a more typical market environment.