While 2014 was a then-record year for initial public offerings (IPOs), 2015 was the worst since 2009 measured by cash raised. In 2015 a total of 170 companies leapt into the public markets, according to IPO ETF manager Renaissance Capital, and those companies raised a total of $30 billion. In 2014, 275 companies went public and raised $85.3 billion.

By 2021, the number of IPOs skyrocketed to nearly 400, raising a total of $142.4 billion in fresh capital. That was the year of special-purpose acquisition company (SPAC) madness. Good times.

2015’s 10 largest IPOs

Based on the amount raised, here are 2015’s largest IPOs, along with their returns to investors at the end of that year. Only one had posted a higher share price by the end of the year. Only two have survived as independent companies; the rest were acquired.

Name	Amount Raised	Return
First Data Corp.	$2.56 billion	-0.60%
Tallgrass Energy GP LP	$1.2 billion	-45.10%
Columbia Pipeline Partners LP	$1.08 billion	-31.00%
Ferrari NV (NYSE: RACE)	$893 million	-6.20%
Univar Inc.	$770 million	-23.60%
Fitbit Inc.	$732 million	-47.50%
Blue Buffalo Pet Products Inc.	$677 million	-10.10%
TerraForm Global Inc.	$675 million	-70.10%
TransUnion (NYSE: TRU)	$665 million	15.20%
EQT GP Holdings LP	$621 million	-24.90%

Renaissance Capital reported that the average return on an IPO in 2015 was negative 3.8%, well below 2014’s average return of 21% and 2013’s whopping 40.8% return. Some 58% of all 2015 IPOs traded below the issue price by the end of the year.

Not every IPO was a winner

Even some of the companies that had solid IPOs eventually stalled, and some flamed out entirely. Here’s a brief look at five of 2015’s biggest losers based on their recent closing prices.

• Seres Therapeutics Inc. (NASDAQ: MCRB): The microbiome therapeutics firm raised net proceeds of $132 million on the sale of around 9.67 million shares at $18.00 per share. Earlier this month, the stock dipped to an all-time low of around $0.90, down about 98% from its IPO price.
• loanDepot Inc. (NYSE: LDI): Online residential mortgage lender loanDepot raised gross proceeds of $53.9 million on its sale of 3.85 million shares at $14 each. The stock hit an all-time low of $1.15 late last month, down about 93% from its IPO price
• ConforMIS: A company established to create joint implants using 3D printing technology raised $135 million in gross proceeds with the sale of 10.35 million shares at $15 per share. The company was acquired this past August for $16 million by restor3d, a medical devices company spun out of Duke University. That’s a dip of more than 86% since the IPO.
• Match Group Inc. (NASDAQ: MTCH): Owner of Tinder and other dating brands, Match raised $400 million when it sold 33.33 million shares at $12, the low end of its IPO range. The company traded at around $30.30 Tuesday morning, but there are now about 272 million shares outstanding. Since its complete separation from IAC Inc. (NASDAQ: IAC) in July 2020, the stock price has declined by more than 70% to an all-time low on November 1.
• Teladoc Health Inc. (NYSE: TDOC): Online healthcare provider Teladoc raised $157 million by selling 8.25 million shares at $19 per share. After a massive spike during the COVID-19 pandemic, the share price has declined by more than 40% to post a new all-time low in late October.

How 2015’s top 5 IPO winners have fared

Here’s a brief look at how the 5 ‌biggest IPOs of 2015 have worked out.

• First Data: The online payment processor raised $2.6 billion at a market valuation of $14 billion. In 2019, Fiserv Inc. (NYSE: FI) paid $22 billion to acquire the company.
• Tallgrass Energy GP LP: This was the largest energy deal of the year. The company owned the general partner of ‌master limited partnership (MLP) midstream firm Tallgrass Energy. At the IPO, the company sold 41.5 million common units at $29 per unit. In 2018, the company acquired Tallgrass Energy, and two years later, Blackstone Inc. (NYSE: BX) acquired the combined firm for its Blackstone Infrastructure Partners fund for $22.45 per share.
• Columbia Pipeline Partners LP: Another midstream energy MLP, Columbia sold 46.81 million common units at $23 per unit. A year later, a subsidiary of TransCanada, now named TC Energy Corp. (NYSE: TRP), acquired the MLP for $15.75 per common unit.
• Ferrari: One of only two companies on this list to survive with its own ticker. Spun off from Fiat Chrysler–the predecessor of Stellantis NV (NYSE: STLA)–in a sale of 10% of the stock, Ferrari was valued at around $9.5 billion at the time of the IPO. The company’s market cap now stands at around $63.5 billion, and shares recently traded for around $354, up more than 580% from the IPO price of $52 per share.
• Univar: Chemicals distributor Univar entered the public market with a valuation of about $3.03 billion after an IPO of 35 million shares priced at $22 a share. The company was acquired in March 2023 by Apollo Global Management Inc. (NYSE: APO) in a deal valued at $8.1 billion ($36.15 per share).

The second half of the top 10

• Fitbit: The first of the wearable health trackers, Fitbit priced its IPO at $20 a share, giving it a market valuation of around $4.1 billion. The shares opened their first trading session up more than 50%. After six weeks, the stock had almost doubled. Alphabet Inc. (NASDAQ: GOOGL) acquired Fitbit in 2019 for $2.1 billion.
• Blue Buffalo: The pet food maker’s IPO priced 33.8 million shares at $20 a share (above the expected range of $16 to $18), giving the company a valuation of around $3.92 billion. In 2018, General Mills Inc. (NYSE: GIS) acquired the company for $8.8 billion.
• TerraForm Global: In addition to SPACs and MLPs, other big hits with investors in 2015 were yieldcos, the operating entities of a renewable energy developer. Now defunct SunEdison formed two yieldcos, TerraForm Power in 2014 and TerraForm Global a year later. One year after that, SunEdison filed for bankruptcy protection, resulting in the sale of both yieldcos. Brookfield Asset Management Ltd. (NYSE: BAM) acquired TerraForm Global for $767 million and TerraForm Power for $1.4 billion in 2017. TerraForm Global’s valuation at the time of the IPO was about $1.8 billion. At its IPO in 2014, TerraForm Power had a valuation of about $2.4 billion.
• TransUnion: The other large 2015 IPO to survive as a standalone company. TransUnion sold 29.5 million shares at $22.50 per share, valuing the company at around $4.4 billion. The company’s market cap is now about $10.85 billion.
• EQT GP Holdings LP: Another IPO for an energy MLP’s general partner, EQT GP sold 26.5 million common units at $27 per common unit, raising $621 million. At the time of the IPO, the company was valued at around $6 billion. The company changed its name to EQGP Holdings in 2018. In early 2019, Equitrans Midstream Corp. (NYSE: ETRN) paid $20 per common unit to purchase the 90% of EQGP it did not already own. Tracing an energy LP’s genealogy is not for the faint of heart.

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