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Growth IPOs are on a summer surge; average 2016 tech offering now up 117%

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Monday began the annual late-August lull in the IPO market, but even as deal flow cools, recent trading shows that growth IPOs are hotter than at any point this past year. In particular, several recent tech IPOs have been on a tear over the last few weeks. Their overall performance points to an increased risk appetite on the part of investors and suggests a pickup in activity when deals resume after Labor Day. Earlier this month, JPMorgan's head of equity capital markets stated that the bank had more than 20 global IPOs lined up for September, and Business Insider reported that three tech companies are ready to file as soon as next week.

Monday saw notable gains from Talend (TLND; +24% on Monday), Twilio (TWLO; +10%), Impinj (PI; +9%), Acacia Communications (ACIA; +6%) and LINE (LN; +5%). Except for Talend, each had already posted strong...