New York – After a strong beginning to the year, the amount raised in initial public offerings (IPOs) fell substantially during the third quarter, according to new data released by PwC.

The firm said IPO proceeds totaled $3.1 billion during the period, down from $12.3 billion in the second quarter and $4.8 billion during the same period the previous year. PwC blamed the decrease on high levels of market volatility and global macroeconomic challenges, but held out hope for a future uptick in activity.

“While pricings are being challenged by short term market events, we are seeing that companies are still looking to an IPO as a long-term viable option for accessing the capital markets,” said Henri Leveque, the leader of PwC’s U.S. Capital Markets and Accounting Advisory Practice. “Interim volatility has not displaced the robust number of companies that have entered the registration pipeline during the third quarter, which bodes well for the overall outlook of the U.S. IPO market.”

This article was also published in Bay Area Tech Wire.

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