IPO filings in the second quarter hit the highest level in four years as the market remained on track for a banner year.

Investment adviser Renaissance Capital said 62 companies went public in the latest quarter, raising a total of $25 billion of which nearly one third came from Uber’s IPO. The amount of capital raised was the highest since the third quarter of 2014.

After Uber, the biggest IPOs were those of laboratory supplier firm Avantor ($2.9 million) and image-sharing platform Pinterest ($1.4 billion.)

“The year-to-date recovery in public markets and the torrent of activity in the second quarter means that 2019 is shaping up to be a banner year for the IPO market, and a pipeline full of large pre-IPO companies suggests an active second half,” Renaissance said.

It was also the biggest second quarter in terms of IPO proceeds since 2000. Activity was well above the 10- year average for second quarters (49 IPOs).

The offerings averaged a very strong return of 30.5% in the first quarter, with the 10 largest averaging a gain of 54%. The top performer was plant-based meat products maker Beyond Meat, whose shares are up 542% from the offer price following a $241 million debut.

The worst-performing IPO was that of Chinese e-commerce site Ruhnn, which plummeted 37% on its debut, the worst for a tech IPO in more than 20 years.

Both Uber and ride-sharing rival Lyft have so far disappointed in the public markets. But Renaissance said the strong performance of other tech IPOs and growth stocks from other industries “demonstrates that investors are willing to handsomely reward fast-growing companies” that offer a clear path to profitability.

The IPO pipeline now contains 60 companies looking to raise about $11 billion. They include two substantial sports media and marketing competitors — Endeavor Group and Wanda Sports Group.

The market’s “current momentum suggests that 2019 is on track for 160-200 IPOs raising more than $50 billion,” Renaissance said.

Photo: Getty Images/Spencer Platt

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