It is a testament to the resilience of global economies, entrepreneurship, and financial animal spirits that the global IPO market rebounded as quickly and strongly as it did in 2009 after the devastations of worldwide stock markets and banking systems in 2008. 2009 will be seen as a transition year between crisis and recovery to normalcy. While aggregate global proceeds are still well below normal levels, issuance accelerated through the year, creating a solid foundation for 2010.

Key takeaways:

• 2009 was a transition year between crisis and normalcy
• The US market accelerated through the year, dominated by private equity
• Venture-backed companies remained on the sidelines to wait for 2010
• Returns were initially strong but faded as the year went on
• The US saw an influx of Chinese growth IPOs, which dominated both the best- and worst-performing lists
• Chinese IPO issuance increased dramatically following the reopening of the Shanghai market
• The largest IPOs, both in the US and globally, were generally insulated from the economic crisis
• Global performance outpaced US owing to strong Shanghai returns
• 2010 should see a comeback for growth IPOs in the US and a continued revival worldwide

Global IPOs
	2004	2005	2006	2007	2008	2009
No. of Deals	257	345	461	554	120	165
Total Proceeds (billions)	$109.0	$148.4	$219.9	$256.7	$80.7	$101.3

US IPOs
	2003	2004	2005	2006	2007	2008	2009
No. of Deals	70	217	214	221	272	43	63
Total Proceeds (billions)	$15.4	$43.0	$35.6	$44.9	$59.7	$28.0	$21.9
Average Deal Size (millions)	$220	$198	$166	$203	$219	$650	$348

All Priced Deals for 2009	Performance Statistics 2009
US VC-backed IPOs for 2009	US PE-backed IPOs 2009