The number of U.S. initial public offerings (IPOs) surged in the first quarter compared with activity in Q1 2009, according to Hoover’s. The information company announced that 28 companies raised $4.5 billion as they went public on major U.S. stock exchanges in Q1 2010. In the same quarter last year, two companies went public, raising $722 million. This was the third consecutive quarter-over-quarter increase in U.S. IPOs, Hoover’s said in a statement. In Q4 2009, 32 companies went public, raising some $17 billion.
Hoover’s said that Q1 started off slowly before picking up during the week of March 22, marked by the successful Financial Engines Inc. IPO, which rose 44% on its first day of trading. That and a steadier stock market appeared to bolster the IPO market. During the first week of April, Hoover’s said, all five companies that went public opened above their offer price.