Seven IPOs raised a combined $1.1 billion in May, led by eyecare giant Bausch + Lomb (BLCO), one of the month’s three $100+ million IPOs. The group was joined by the year’s first direct listing, US cannabis producer Bright Green (BGXX). Remaining activity came from small issuers, a common trend for 2022. Blank check issuance was flat from April, with six SPACs raising $900 million; five companies listed via SPAC merger. The IPO Index continued to slide with a -12% loss for the month amid highly volatile trading, compared to a flat finish for the S&P 500. May IPOs averaged a -28% return from offer, as explosive first-day gains (+73%) were demolished in the aftermarket (-32%). The month’s $100+ million IPOs averaged a modest -4% loss. May ended as the slowest month for new IPO filings in over five years, with just four initial filings, only one of which filed to raise more than $50 million. That said, the summer IPO market could still heat up, as several notable issuers in the pipeline provided updates during the month. 
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