Proskauer analyzed 309 IPOs that priced between 2013 and 2015, looking for patterns amid insider buying, terms, industries, underwriting costs and regulatory comments, among other trends. Researchers found that stock market volatility, interest rate change speculation, low energy prices and geopolitical concerns around Greece and China combined to dampen the traditional avenue by which start-ups become publicly traded.
As a result, only two so-called mega IPOs — raising proceeds of $1 billion or more — priced in 2015, compared with 16 in 2014. And many companies saw down rounds in 2015, where the public valuation of the company's stock is below its private valuation.
The report follows similar reports by firms like Renaissance Capital and after companies including Pure Storage and Atlassian have dipped below their recent IPO prices. Renaissance's IPO ETF, a basket of recent IPOs, is down 22.6 percent over the past year.