The numbers as of June 27, reflected in the , more than doubled the $5.2 billion in IPOs in the year-earlier quarter. This year there were 47 individual IPOs, up form 41 in last year's period. And PwC said May was the most active month for offerings, generating nearly half of them. In May, 22 IPOs yielded $6.2 billion.
In commenting on the activity, Henri Leveque, leader of PwC's Capital Markets and Accounting Advisory Practice, said that larger offerings are being completed and "a growing number of companies are entering the pipeline." He added: "Despite the recent volatility in the capital markets we are optimistic that the IPO market will continue its resurgence and remain an important source of liquidity and capital for both domestic and foreign companies."
The registration process continues to draw more IPO candidates, as well, with 77 more companies entering the pipeline, according toe PwC -- an increase from 52 in the first period. It said onlh one planned offering was withdrawn in the latest quarter.
The year-to-date IPO results show 79 offerings being priced to generate $24.3 billion, again more than double the first-half amount in 2010, when 70 IPOs that generated $9.4 billion.
At this pace, the IPO market could exceed last year's $39 billion, PwC said.
It noted that five of the latest half's offerings -- all backed by financial sponsors -- were for more than $1 billion. As a group, the five raised $10.9 billion, or 45%, of total year-to-date proceeds. They included offerings of Argentina-based Arcos Dorados Holdings, at $1.2 billion, and Netherlands-based Yandex N.V., at $1.3 billion.
"Private equity and venture capital firms are continuing to lead the IPO market, succeeding in generating returns on their investments through new listings," Leveque added. "There were a number of high-profile companies backed by financial sponsors that went public in the quarter. Strong interest generated by these companies is an important driver of future financial sponsor-backed deals."
Financial sponsor-backed IPOs continued their leadership of the U.S. IPO market during the second quarter, contributing 80% of total value with $9.6 billion in proceeds and approximately 66% of volume with 31 of the quarter's 47 IPOs.
There were far more offerings from non-U.S. companies in the latest quarter -- 14 of them, compared to 10 in the 2010 quarter -- and their value surged from $600 million to $4.4 billion. That accounted for 37% of total IPO value in the latest quarter. China led the way, contributing eight IPOs, with proceeds of $1.4 billion, compared to six IPOs that raised $300 million over in the same period last year. Other non-U.S. issued IPOs in the second quarter of 2011 came from Greece, France, Australia, Canada, Argentina and the Netherlands.
"The second quarter of 2011 saw resurgence in technology companies returning to the IPO market, representing 37% of total proceeds," said Leveque. "With technology representing approximately 25% of the companies entering the pipeline in the second quarter, technology will be a key sector in the IPO market in 2011."