Corebridge, TPG, Mobileye, Bausch + Lomb, Excelerate secure the best IPO spots for 2022

2D Illustrations and Photos Corebridge Financial (NYSE:CRBG), TPG (NASDAQ:TPG), Mobileye Global (NASDAQ:MBLY), Bausch + Lomb (NYSE:BLCO) and Excelerate Energy (NYSE:EE) tied for the top five spots secured the largest IPOs of 2022 that turned last year’s red-hot market for IPOs and SPACs into a virtual ice ball by the end of the year. Last year’s market was a record-breaking IPO, helped by the spectacular debuts of electric vehicle maker Rivian, South Korea’s Coupang, China’s Didi and Brazil’s Nubank. The biggest IPO of 2021, Rivian (RIVN) raised $11.9 billion on debut, followed by Coupang (CPNG) at $4.6 billion, Didi (NU) at $4.4 billion, according to Crunchbase. USD and Nubank (NU) with USD 2.6 billion. Rounding out the top five was GlobalFoundries (GFS), which also raised $2.6 billion. SPAC mergers also made a splash, led by Lucid (LCID), Grab (GRAB), Aurora (AUR) and SoFi (SOFI). What a difference a year makes. This year was a record-buster, with the number of IPOs on the Nasdaq and NYSE plummeting 78%, from 416 in 2021 to just 90 in 2022. Revenue, meanwhile, plummeted a staggering 94%, from $155.8 billion to USD 8.6 billion according to a recent report by EY. “The US IPO market in 2022 was like the hangover after the big party in 2021. It was characterized by mainly low-quality corporate IPOs and a generally dismal post-IPO performance as an environment of rapidly rising costs of capital impacted valuations for IPO companies,” IPO expert Donovan Jones told SA via email. Despite considerable headwinds, some deals were still able to materialize. Unlike 2021, which was dominated by tech VC games, the biggest deals of 2022 were made by corporate spinouts. AIG (AIG) spinout Corebridge (CRBG) secured the top spot for 2022 with revenue of $1.7 billion, followed by private equity group TPG (TPG) with $1.1 billion. Rounding out the top five were Intel (INTC) spinout Mobileye (MBLY), which grossed $990 million; Bausch Health Companies (BHC) spinout Bausch + Lomb (BLCO) at $712 million and liquefied natural gas service provider Excelerate Energy (EE) at $442 million, according to EY. And despite the dramatic decline in SPAC activity, a handful of multibillion-dollar mergers occurred during the year, led by COVA’s $3.5 billion deal with EV tech developer ECARX (ECX) and Tiga’s $2.1 billion Dollar merged with LGBTQ dating app Grindr (GRND). On Dec. 29, Corebridge and TPG shares closed slightly below their IPO prices, while Bausch + Lomb shares closed 17% lower. Mobileye and Excelerate shares fared much better, closing 64% and 8% higher, respectively, on Thursday. In comparison, the S&P 500 Index (SPX) (SP500) is down 20% year-to-date. All three major US indices moved lower on Friday lunchtime, the last trading session of 2022.