IPO Aftermarket: Market keeps slowing as just three new issues debut in July

After Twilio went public in June, some thought we would see more unicorns test the public market.

But unicorns are steering clear of IPOs, at least until early 2017. Investors are still waiting for the IPOs from such companies as VC-backed Nutanix Inc, which filed to go public in 2015.

In fact, it’s not just unicorns avoiding IPOs. The entire venture-backed market remains tepid.

Only three VC-backed IPOs debuted on U.S. exchanges in July, compared with six in June, with the proceeds falling to about $240 million, compared with about $460 million in June.

The number and the proceeds of the offerings at the end of Q2 was a steeper drop compared with June 2015 when eight companies debuted on the market with combined proceeds reaching $950 million.

Talend was the largest overall offering in July, raising about $95 million. The French company was backed by Balderton Capital, among others.

Impinj Inc was the largest U.S.-based offerings, going public for nearly $77 million. Next up was Audentes Therapeutics Inc, hitting the market for $75 million.

Historical number of VC-backed IPOs in JulyHistorical proceeds of VC-backed IPOs in July

Downloadable Data: IPO Aftermarket, as of July 29, 2016

Photo of taxi cabs as it drives past the Nasdaq in New York’s Times Square courtesy of Reuters/Andrew Kelly