The total valuation of global healthcare initial public offerings in the first quarter of 2021 more than doubled, to $13.8 billion, according to a new report from S&P Global Market Intelligence. In the first quarter of 2020, the value of these offerings was $5.4 billion.
In the first quarter, 84 healthcare companies went public, the highest number of first-quarter IPOs in the last five years, according to the report.
The largest IPO in the first quarter was Ortho Clinical Diagnostics Holdings, a healthcare equipment company in Raritan, N.J., which raised about $1.5 billion. The company raised a lot of money amid the pandemic after it was awarded a government contract to produce COVID-19 serological and diagnostic tests.
Of the top 25 IPOs in the first quarter, 12 are biotechnology companies, three are healthcare services, three medical equipment providers, three medical suppliers, two pharmaceutical companies, one healthcare technology company and one is a life sciences tools and services company.
Read the full report here.