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IPO market: Winner
After Facebook's flop, many feared the IPO market was on ice yet again. Some wondered if the market would even recover.
"After Facebook, the IPO market essentially shut down for a month," said Kathleen Smith, principal at IPO research and investment firm Renaissance Capital. Eleven firms, including Facebook, went public in May, according to Renaissance. That slipped to just four in June, the lowest figure since the 2008 recession.
Some companies, like ServiceNow (NOW), posted strong debuts shortly after Facebook. But the rest of the year remained slow for IPOs. That wasn't just because of Facebook -- macroeconomic issues like the Greek debt crisis and U.S. fiscal cliff also made for a less-than-ideal environment.
But time has healed the IPO market. "Facebook was the cleanse that the IPO market needed," Smith said.
Thirty companies are on track to go public this May, the hottest month since 2007. Renaissance's Global IPO Fund (IPOSX) is up more than 24% year-to-date, compared with a 9% return in 2012.
- Last updated May 17 2013 10:46 AM ET
