April 2, 2014 / 8:54 PM / 4 years ago

Venture-backed IPOs hit a five-year high in the first quarter

SAN FRANCISCO (Reuters) - Underscoring investor appetite for start-ups, venture-capital backed companies held 36 initial public offerings in the first quarter, more than any quarter for at least five years.

The Twitter logo is displayed ahead of the company's IPO on the floor of the New York Stock Exchange, November 6, 2013. REUTERS/Brendan McDermid

The IPOs raised $3.27 billion, more than four times the amount in the first quarter of 2013, according to the National Venture Capital Association. For venture-backed companies, the quarter was one of the strongest in recent years, topped only by periods when outsized IPOs dominated markets.

Those included Twitter Inc (TWTR.N), which raised $2.1 billion in November, Facebook Inc’s (FB.O) $16 billion in May 2012 and Yandex NV (YNDX.O) raising $1.3 billion in May 2011. Before that, Google Inc, which raised $1.7 billion in 2004, held the record for the largest venture-backed IPO.

Healthcare-software company Castlight held last quarter’s largest venture-backed IPO, raising $204.2 million. Of the 36 offerings, two dozen were life-sciences companies.

The NVCA also said that 105 venture-backed companies were acquired by others. Of the 29 that reported transaction values, the average deal size was $259.2 million.

Reporting by Sarah McBride. Editing by Andre Grenon

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