SAN FRANCISCO, July 1 (Reuters) - Initial public offerings for venture-backed companies slowed in the second quarter but the value of the transactions climbed to nearly $5 billion on the back of some outsized deals, making it one of the strongest quarters in recent years.
Data from the National Venture Capital Association (NVCA) showed 28 venture-backed IPOs last quarter, down from 37 in the first quarter. But they raised a total of $4.93 billion, up from $3.4 billion in the first quarter and more than double the $2.25 billion in the year-earlier period.
The bulk of the IPOs came from the life sciences sector, with 16 IPOs that raised $1.24 billion.
The largest IPO of the quarter came from China, with its online shopping company JD.com raising $2 billion in May. China is home to one of the most anticipated IPOs likely to hit the market this quarter: e-commerce company Alibaba.
In merger-and-acquisitions activity, the NVCA said 97 venture-backed companies were acquired by others in the second quarter. Of the 33 that reported transaction values, the average deal size was $98.6 million.