12.22.2020

NYSE Has Busiest IPO Year

  • Exchange drives innovation to meet unique issuer needs during pandemic, emerging the year’s winner with increased interest in SPACs and Direct Listings
  • Executes biggest U.S. IPO for 8th straight year, 6 of the 7 largest tech IPOs of 2020

The New York Stock Exchange, a wholly-owned subsidiary of Intercontinental Exchange, a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, ranked once again as the leader in global IPO proceeds for 2020, raising a total of $81.8 billion during its busiest year on record for IPOs. The NYSE executed the biggest IPO for the 8th straight year with Pershing Square Tontine Holdings (NYSE: PSTH) and 6 of the 7 largest technology IPOs of 2020, including DoorDash (NYSE: DASH) and Snowflake (NYSE: SNOW), the biggest software IPO in history.

As the pandemic created a new set of needs for market participants, Special Purpose Acquisition Companies, or SPACs, emerged as a major force. The NYSE drove significant innovation in this space, raising an industry-leading $45.3 billion in SPAC IPO proceeds in 113 transactions. Companies and investors also demonstrated an increased interest in Direct Listings during the year, with the NYSE executing two Direct Listings in a single day.

In addition, NYSE Group continues its position as the leading exchange for Exchange Traded Funds, welcoming 158 ETFs with $12.7 billion in assets under management (AUM). NYSE Group is currently home to 65 percent of listed ETFs, representing 75 percent of AUM.

“As communities around the world confront the challenging realities of Covid-19, the NYSE and its listed companies have come together to provide critical funds, resources and services to keep the economy moving forward and serve the needs of those affected by the pandemic. Throughout the year, these companies turned to the public markets for both IPOs and follow-on offerings, raising more than $180 billion on our exchange,” said Stacey Cunningham, President, NYSE Group. “We are inspired by the efforts of the NYSE community, medical professionals and first responders during this difficult time and are hopeful that the New Year will bring us widespread access to an effective vaccine and an eventual return to the regular rhythms of everyday life across the world.”

2020 Highlights for the New York Stock Exchange

  • Leader in IPOs. Raised an industry-leading $81.8 billion in IPO proceeds in 163 transactions during the NYSE’s busiest year for IPOs by both measures.
  • SPAC Leadership. Led the industry with 63 percent of SPAC proceeds, including the 6 largest SPAC IPOs of the year.
  • SPAC Combinations. Listed 14 business combinations with $40 billion in enterprise value including the largest SPAC merger ever, MultiPlan and Churchill Capital III.
  • Direct Listings. Executed two Direct Listings on the same day, Palantir (NYSE: PLTR) and Asana (NYSE: ASAN).
  • International IPOs. Welcomed IPOs from 11 different countries, including the largest international IPO of the year, Lufax (NYSE: LU).

For additional details, please see our 2020 highlight video.

“Innovation was our focus in 2020, as the pandemic drove the NYSE to find new ways to serve issuers and investors. The emergence of SPACs and an increased interest in Direct Listings reflected the unique needs of companies this year, and our flexibility to execute IPOs and other transactions in a largely remote environment was critical,” said John Tuttle, Vice Chairman and Chief Commercial Officer, NYSE Group. “The NYSE’s ability to serve issuers in 2020 speaks to the resilience of our people, our technology and our community as well as the great courage of all those fighting on the front lines of this pandemic.”

Source: ICE

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