In Q3 2004, 14 venture-backed U.S. companies completed IPOs, raising a total of $1.72 bln, according to VentureOne. While the number of IPOs decreased from 24 QTQ, it is still tied as the second highest quarter on record since Q4 2000. In Q3 2004, 90 venture-backed U.S. companies were merged or acquired for a total of $5.89 bln. IT companies represented the majority of the M&A deals completed. Health-care companies were responsible for more than half of the quarter’s IPOs.
Google was the largest venture-backed IPO of the quarter, raising $1.20 bln for the search engine company, two-thirds of the total amount raised this quarter. The next largest public offering, according to VentureOne, was Idenix Pharmaceuticals, a developer of drugs to treat infectious diseases, which raised $64.4 mln. The median amount raised in an IPO this quarter was $41.6 mln, while the median amount invested prior to the offering was $52.4 mln.