NEW YORK - The total return on new issues was strong in the first half even though the number and volume of IPOs trailed year-earlier levels, according to Standard & Poor's Corp., New York.
The 32.6% gain for all deals that went public in the first half was led by technology issues.
A total of 177 initial public offerings were added to the S&P New Issues index in the first half, down 40% from the 295 IPOs during the first half of 1994.
The dollar amount raised, $10.8 billion, was off 50% from the $21.8 billion raised in the first half of 1994.
Although Nabisco Holdings, the largest IPO ever, came to market in January, there were only 24 deals that raised more than $100 million, compared with 57 in 1994's first six months.
