Market Extra: IPO Activity Surged In 2017, Thanks To Pick Up In Tech Stocks

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While some of the most high-profile initial public offerings of 2017 disappointed, with the stocks trading down significantly from their debut prices, they helped the overall IPO market stage a sharp rebound in activity from 2016.

According to Renaissance Capital, global IPOs raised $141 billion over the course of the year, “up 33% from 2016’s subdued levels [of $106.3 billion] and above the $138 billion ten-year median,” the firm wrote in a research report. The median deal size was $207.2 million in the year, compared with $185.9 million in 2016.

There were 374 global IPOs over the course of the year, the highest number since 2014, when 413 companies went public. Last year, only 268 listed publicly, the lowest number since 2012.

Despite the rebound, the amount of global activity was low by the standards of recent years. About $156.3 billion was raised in 2015, while a recent peak of $238.4 billion was hit in 2014.

The rebound in 2017 was driven largely by companies going public in the U.S., where proceeds more than doubled year-over-year, thanks to offerings like Snap Inc. SNAP, -1.81% Roku Inc. ROKU, +13.35% and Blue Apron Inc. APRN, +0.24%

Financial companies led in IPOs, accounting for 21% of all proceeds, but technology companies were perhaps the biggest story of the year. Proceeds for the sector jumped 122% year-over-year, in large part due to Snap, which represented the largest U.S. IPO since 2014.

The parent company of messaging app Snapchat has struggled since then, however. It closed on Friday at $15.75, down more than 34% from its opening print of $24. Blue Apron has put in an even uglier performance, at one point holding the title of worst-performing IPO of 2017. The stock first traded at $10; it closed at $4.22 on Friday. The stock has tumbled amid worse-than-expected results and a declining customer count, among other factors.

On the upside, Roku has rallied since its IPO, hitting an intraday record on Friday.