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Capital raises from infotech sector simmer down in July


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Capital raises from infotech sector simmer down in July

Following a big June, publicly traded information technology companies in the U.S., Canada and Bermuda raised only about $7.21 billion through capital offerings in July.

The majority of capital raised during the month came through senior debt offerings totaling $6.50 billion. The sector also raised about $711 million from common equity offerings.

That compares to a year-to-date high of $28.91 billion raised by the infotech sector in March, with the total comprised of about $26.10 billion from debt offerings and $2.82 billion from common equity.

A March debt offering from Microsoft Corp. ranks as the sector's largest for the year to date, at $6.25 billion. The offering was part of a set of offers to exchange several series of notes. Notably, Microsoft said it will not receive any cash proceeds from the exchanges. Two March debt offerings from Oracle Corp. ranked as the second- and third-largest to date, at $3.25 billion each.

Oracle also ranked as the infotech company that raised the most capital overall for the year to date, bringing in $15 billion from six different series of notes in a debt offering. Apple Inc. came in second, raising $14 billion through a six-tranche debt offering.

Online dating and social networking company Bumble Inc.'s February initial public offering accounted for the infotech sector's largest common equity raise in the year to date, bringing in $2.47 billion. AppLovin Corp.'s $1.8 billion IPO took second place for common equity raises, with 22.5 million shares of its class A common stock sold.

Internet software and services companies raised the most among the broader infotech sector for the year to date, bringing in $42.07 billion in aggregate, followed by system software companies, with $28.20 billion.

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