U.S. IPOs per Quarter: Services

## What this measures

How many of the quarter's U.S. operating-company IPOs came from services (SIC division I, codes 7000-8999): software and internet companies, health care services, business services.

## Why it matters

Which industries go public shows where investors are willing to fund growth. Technology and biotech dominate open windows; energy and financial listings come in their own cycles.

## How to read it

Higher means more services companies are listing. Compare it with the total (ipo.us.count.quarterly) for the sector's share.

## What it does not say

SIC divisions are broad: manufacturing holds both drug developers and chipmakers, services holds both software and hospitals. The code is the company's current one, which can differ from its code at the IPO. It counts listings, not money raised.

## How it's built

An IPO here follows the rule of Palanor's U.S. IPO count (ipo.us.count.quarterly): the first final prospectus (Form 424B4 or 424B1) of a company that had filed no annual or quarterly report before it, leaving out funds, asset-backed issuers, multi-registrant debt filings and companies with no sign of a U.S. exchange listing. SPACs are identified by SIC code 6770, a blank-check name at filing, or a later 8-K reporting the end of shell status confirmed by a unit listing. The industry is the company's SIC code in its SEC record, grouped into the standard SIC divisions. The quarter in progress is left out until it ends.

## Source

U.S. Securities and Exchange Commission, EDGAR full and daily form indexes (sec.gov/Archives/edgar), company filing histories (data.sec.gov submissions) and EDGAR's bulk submissions file. Public domain: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (SEC website dissemination policy, sec.gov/about/privacy-information).