The 20 best-performing IPOs of the past three years have returned up to 1,477%

By Philip van Doorn

These are exciting times for active money managers: The number of publicly traded companies is increasing, reversing a long-term trend. This is happening because more companies are being brought to market through initial public offerings (IPOs).

And buying shares through an IPO can translate into big returns, as this list (below) of the best-performing stocks that have gone public over the past three years shows. It excludes blank-check companies, including the ones known as SPACs.

Just how big is the boom? There have been 591 IPOs in the U.S. and Canada so far this year, including SPACs, following 630 in 2020, according to data provider FactSet. That 18-month total of 1,221 IPOs compares to 1,535 for the previous five years through the end of 2019.

The number of publicly traded companies had been declining for years , in part because corporate managers didn’t want to be burdened by the complex reporting and disclosure requirements under the Sarbanes-Oxley Act of 2002, according to Brad Lamensdorf, CEO of investment adviser ActiveAlts.

But now, with strong overall performance in the stock market, new interest among individual investors and elevated IPO activity, he sees more opportunities for professional traders and money managers to gain an edge over index funds and ETFs.

Best-performing IPOs in the U.S. and Canada

To show a list of best-performing IPOs, we set parameters for data compiled by FactSet. Blank-check companies, including special-purpose acquisition companies, were excluded. A SPAC typically is designed to effect a transformational merger within two years of its formation. The merger will circumvent the typical regulated IPO process. The typical SPAC goes public at a price of $10 a share and trades around that price until a merger deal is announced. The best-known examples of these include Virgin Galactic Holdings Inc. /zigman2/quotes/208333884/composite SPCE -4.10% , DraftKings Inc. /zigman2/quotes/213120645/composite DKNG -0.88% and Bill Ackman’s Pershing Square Tontine Holdings Ltd. .

Excluding blank-check companies, there have been 952 IPOs on U.S. or Canadian stock exchanges over the past three years — regardless of where the companies are based. Among those, 74 no longer exist because they were either acquired or delisted. That leaves 878, of which 584 have market capitalizations of at least $200 million, the minimum value set for this list to avoid thinly traded companies.

These 20 are the best-performing IPOs over the past three years from that list:

You can click the tickers for more about each company.

The best performer has been BioNTech SE /zigman2/quotes/214419716/composite BNTX -1.62% , a German-based biotech company listed on Nasdaq that partnered with Pfizer Inc. /zigman2/quotes/202877789/composite PFE -0.63% for the quick development of a COVID-19 vaccine last year. The stock returned 1,477% from its IPO on Oct. 1, 2019 through the close on June 22.

Moderna Inc. /zigman2/quotes/205619834/composite MRNA -1.76% , which developed its own coronavirus vaccine, is also on the list, with a total return of 862% since its IPO on Dec. 7, 2018.

Other names on the list that will be familiar to active investors include Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM -3.98% , CrowdStrike Holdings Inc. /zigman2/quotes/212513426/composite CRWD -2.04% , electric-vehicle maker Nio Inc. /zigman2/quotes/204905836/composite NIO -6.44% and Cloudflare Inc. /zigman2/quotes/214109260/composite NET -6.10% .

Here’s a summary of sentiment among Wall Street analysts for the group:

The analysts polled by FactSet are on the “sell side,” meaning that they work for brokerage firms, many of which may have provided investment banking services to the same companies. While sell-side analysts work in separate departments from the investment-banking departments, it is rare that their first research note on a newly listed company does not include a bullish rating.

/zigman2/quotes/208333884/composite

Add to watchlist SPCE

Virgin Galactic Holdings Inc.

US : U.S.: NYSE

$ 6.08

-0.26 -4.10%

Volume: 13.08M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.67 billion

Rev. per Employee

$1,970

/zigman2/quotes/213120645/composite

Add to watchlist DKNG

DraftKings Inc.

US : U.S.: Nasdaq

$ 16.87

-0.15 -0.88%

Volume: 15.71M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$14.20 billion

Rev. per Employee

$546,663

/zigman2/quotes/214419716/composite

Add to watchlist BNTX

BioNTech SE ADR

US : U.S.: Nasdaq

$ 142.06

-2.34 -1.62%

Volume: 379,160

Feb. 3, 2023 4:00p

P/E Ratio

3.17

Dividend Yield

0.00%

Market Cap

$34.48 billion

Rev. per Employee

$6.61M

/zigman2/quotes/225455603/delayed

Add to watchlist CA:VERY

Very Good Food Co. Inc.

CA : Canada: TSX Venture

$ 0.09

0.00 0.00%

Volume: 0.00

Jan. 9, 2023 3:59p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$11.35 million

Rev. per Employee

$35,336

/zigman2/quotes/216213707/composite

Add to watchlist ANVS

Annovis Bio Inc.

US : U.S.: NYSE

$ 19.34

+0.01 +0.05%

Volume: 103,727

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$157.89 million

Rev. per Employee

N/A

/zigman2/quotes/209985970/composite

Add to watchlist SWAV

Shockwave Medical Inc.

US : U.S.: Nasdaq

$ 187.32

-2.17 -1.15%

Volume: 379,750

Feb. 3, 2023 4:00p

P/E Ratio

80.37

Dividend Yield

N/A

Market Cap

$6.77 billion

Rev. per Employee

$654,323

/zigman2/quotes/212683127/composite

Add to watchlist FVRR

Fiverr International Ltd.

US : U.S.: NYSE

$ 43.98

-2.73 -5.84%

Volume: 1.03M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.63 billion

Rev. per Employee

$424,385

/zigman2/quotes/211319643/composite

Add to watchlist ZM

Zoom Video Communications Inc.

US : U.S.: Nasdaq

$ 79.54

-3.30 -3.98%

Volume: 3.49M

Feb. 3, 2023 4:00p

P/E Ratio

34.84

Dividend Yield

N/A

Market Cap

$23.25 billion

Rev. per Employee

$640,420

/zigman2/quotes/215091577/composite

Add to watchlist SITM

SiTime Corp.

US : U.S.: Nasdaq

$ 127.93

-2.30 -1.77%

Volume: 326,747

Feb. 3, 2023 4:00p

P/E Ratio

125.27

Dividend Yield

N/A

Market Cap

$2.74 billion

Rev. per Employee

$1.02M

/zigman2/quotes/205619834/composite

Add to watchlist MRNA

Moderna Inc.

US : U.S.: Nasdaq

$ 173.25

-3.10 -1.76%

Volume: 2.82M

Feb. 3, 2023 4:00p

P/E Ratio

6.26

Dividend Yield

N/A

Market Cap

$66.56 billion

Rev. per Employee

$7.86M

/zigman2/quotes/219988403/delayed

Add to watchlist CA:NFG

New Found Gold Corp.

CA : Canada: TSX Venture

$ 5.12

-0.08 -1.54%

Volume: 85,901

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$865.39 million

Rev. per Employee

N/A

/zigman2/quotes/207655028/composite

Add to watchlist KOD

Kodiak Sciences Inc.

US : U.S.: Nasdaq

$ 8.58

+0.11 +1.30%

Volume: 182,638

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$448.81 million

Rev. per Employee

N/A

/zigman2/quotes/207089457/composite

Add to watchlist TWST

Twist Bioscience Corp.

US : U.S.: Nasdaq

$ 25.31

-5.59 -18.09%

Volume: 3.28M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.43 billion

Rev. per Employee

$218,189

/zigman2/quotes/215406166/composite

Add to watchlist BILL

Bill.com Holdings Inc.

US : U.S.: NYSE

$ 94.51

-34.40 -26.69%

Volume: 21.53M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$9.99 billion

Rev. per Employee

$377,727

/zigman2/quotes/212846564/composite

Add to watchlist KRTX

Karuna Therapeutics Inc.

US : U.S.: Nasdaq

$ 191.99

-2.57 -1.32%

Volume: 212,423

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$6.60 billion

Rev. per Employee

$358,669

/zigman2/quotes/214908078/composite

Add to watchlist SI

Silvergate Capital Corp.

US : U.S.: NYSE

$ 18.83

-2.14 -10.21%

Volume: 14.23M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$596.13 million

Rev. per Employee

N/A

/zigman2/quotes/212513426/composite

Add to watchlist CRWD

CrowdStrike Holdings Inc. Cl A

US : U.S.: Nasdaq

$ 113.56

-2.37 -2.04%

Volume: 4.02M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$26.62 billion

Rev. per Employee

$409,845

/zigman2/quotes/226757832/composite

Add to watchlist EJH

E-Home Household Service Holdings Ltd.

US : U.S.: Nasdaq

$ 0.42

+0.0031 +0.75%

Volume: 373,317

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$2.28 million

Rev. per Employee

$121,200

/zigman2/quotes/204905836/composite

Add to watchlist NIO

NIO Inc. ADR

US : U.S.: NYSE

$ 11.19

-0.77 -6.44%

Volume: 55.80M

Feb. 3, 2023 4:02p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.42 billion

Rev. per Employee

N/A

/zigman2/quotes/214109260/composite

Add to watchlist NET

Cloudflare Inc. Cl A

US : U.S.: NYSE

$ 59.43

-3.86 -6.10%

Volume: 5.73M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.53 billion

Rev. per Employee

$366,450

/zigman2/quotes/213589098/composite

Add to watchlist INMD

InMode Ltd.

US : U.S.: Nasdaq

$ 37.24

-1.06 -2.77%

Volume: 1.18M

Feb. 3, 2023 4:00p

P/E Ratio

18.02

Dividend Yield

N/A

Market Cap

$3.09 billion

Rev. per Employee

$1.19M

/zigman2/quotes/219645550/delayed

Add to watchlist CA:DND

Dye & Durham Ltd.

CA : Canada: Toronto

$ 22.10

-0.17 -0.76%

Volume: 667,318

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.34%

Market Cap

$1.47 billion

Rev. per Employee

N/A

/zigman2/quotes/214419716/composite

Add to watchlist BNTX

BioNTech SE ADR

US : U.S.: Nasdaq

$ 142.06

-2.34 -1.62%

Volume: 379,160

Feb. 3, 2023 4:00p

P/E Ratio

3.17

Dividend Yield

0.00%

Market Cap

$34.48 billion

Rev. per Employee

$6.61M

/zigman2/quotes/202877789/composite

Add to watchlist PFE

Pfizer Inc.

US : U.S.: NYSE

$ 44.06

-0.28 -0.63%

Volume: 23.74M

Feb. 3, 2023 4:02p

P/E Ratio

8.05

Dividend Yield

3.72%

Market Cap

$247.32 billion

Rev. per Employee

$1.27M

/zigman2/quotes/205619834/composite

Add to watchlist MRNA

Moderna Inc.

US : U.S.: Nasdaq

$ 173.25

-3.10 -1.76%

Volume: 2.82M

Feb. 3, 2023 4:00p

P/E Ratio

6.26

Dividend Yield

N/A

Market Cap

$66.56 billion

Rev. per Employee

$7.86M

/zigman2/quotes/211319643/composite

Add to watchlist ZM

Zoom Video Communications Inc.

US : U.S.: Nasdaq

$ 79.54

-3.30 -3.98%

Volume: 3.49M

Feb. 3, 2023 4:00p

P/E Ratio

34.84

Dividend Yield

N/A

Market Cap

$23.25 billion

Rev. per Employee

$640,420

/zigman2/quotes/212513426/composite

Add to watchlist CRWD

CrowdStrike Holdings Inc. Cl A

US : U.S.: Nasdaq

$ 113.56

-2.37 -2.04%

Volume: 4.02M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$26.62 billion

Rev. per Employee

$409,845

/zigman2/quotes/204905836/composite

Add to watchlist NIO

NIO Inc. ADR

US : U.S.: NYSE

$ 11.19

-0.77 -6.44%

Volume: 55.80M

Feb. 3, 2023 4:02p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.42 billion

Rev. per Employee

N/A

/zigman2/quotes/214109260/composite

Add to watchlist NET

Cloudflare Inc. Cl A

US : U.S.: NYSE

$ 59.43

-3.86 -6.10%

Volume: 5.73M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.53 billion

Rev. per Employee

$366,450

/zigman2/quotes/214419716/composite

Add to watchlist BNTX

BioNTech SE ADR

US : U.S.: Nasdaq

$ 142.06

-2.34 -1.62%

Volume: 379,160

Feb. 3, 2023 4:00p

P/E Ratio

3.17

Dividend Yield

0.00%

Market Cap

$34.48 billion

Rev. per Employee

$6.61M

/zigman2/quotes/225455603/delayed

Add to watchlist CA:VERY

Very Good Food Co. Inc.

CA : Canada: TSX Venture

$ 0.09

0.00 0.00%

Volume: 0.00

Jan. 9, 2023 3:59p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$11.35 million

Rev. per Employee

$35,336

/zigman2/quotes/216213707/composite

Add to watchlist ANVS

Annovis Bio Inc.

US : U.S.: NYSE

$ 19.34

+0.01 +0.05%

Volume: 103,727

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$157.89 million

Rev. per Employee

N/A

/zigman2/quotes/209985970/composite

Add to watchlist SWAV

Shockwave Medical Inc.

US : U.S.: Nasdaq

$ 187.32

-2.17 -1.15%

Volume: 379,750

Feb. 3, 2023 4:00p

P/E Ratio

80.37

Dividend Yield

N/A

Market Cap

$6.77 billion

Rev. per Employee

$654,323

/zigman2/quotes/212683127/composite

Add to watchlist FVRR

Fiverr International Ltd.

US : U.S.: NYSE

$ 43.98

-2.73 -5.84%

Volume: 1.03M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.63 billion

Rev. per Employee

$424,385

/zigman2/quotes/211319643/composite

Add to watchlist ZM

Zoom Video Communications Inc.

US : U.S.: Nasdaq

$ 79.54

-3.30 -3.98%

Volume: 3.49M

Feb. 3, 2023 4:00p

P/E Ratio

34.84

Dividend Yield

N/A

Market Cap

$23.25 billion

Rev. per Employee

$640,420

/zigman2/quotes/215091577/composite

Add to watchlist SITM

SiTime Corp.

US : U.S.: Nasdaq

$ 127.93

-2.30 -1.77%

Volume: 326,747

Feb. 3, 2023 4:00p

P/E Ratio

125.27

Dividend Yield

N/A

Market Cap

$2.74 billion

Rev. per Employee

$1.02M

/zigman2/quotes/205619834/composite

Add to watchlist MRNA

Moderna Inc.

US : U.S.: Nasdaq

$ 173.25

-3.10 -1.76%

Volume: 2.82M

Feb. 3, 2023 4:00p

P/E Ratio

6.26

Dividend Yield

N/A

Market Cap

$66.56 billion

Rev. per Employee

$7.86M

/zigman2/quotes/219988403/delayed

Add to watchlist CA:NFG

New Found Gold Corp.

CA : Canada: TSX Venture

$ 5.12

-0.08 -1.54%

Volume: 85,901

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$865.39 million

Rev. per Employee

N/A

/zigman2/quotes/207655028/composite

Add to watchlist KOD

Kodiak Sciences Inc.

US : U.S.: Nasdaq

$ 8.58

+0.11 +1.30%

Volume: 182,638

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$448.81 million

Rev. per Employee

N/A

/zigman2/quotes/207089457/composite

Add to watchlist TWST

Twist Bioscience Corp.

US : U.S.: Nasdaq

$ 25.31

-5.59 -18.09%

Volume: 3.28M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.43 billion

Rev. per Employee

$218,189

/zigman2/quotes/215406166/composite

Add to watchlist BILL

Bill.com Holdings Inc.

US : U.S.: NYSE

$ 94.51

-34.40 -26.69%

Volume: 21.53M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$9.99 billion

Rev. per Employee

$377,727

/zigman2/quotes/212846564/composite

Add to watchlist KRTX

Karuna Therapeutics Inc.

US : U.S.: Nasdaq

$ 191.99

-2.57 -1.32%

Volume: 212,423

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$6.60 billion

Rev. per Employee

$358,669

/zigman2/quotes/214908078/composite

Add to watchlist SI

Silvergate Capital Corp.

US : U.S.: NYSE

$ 18.83

-2.14 -10.21%

Volume: 14.23M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$596.13 million

Rev. per Employee

N/A

/zigman2/quotes/212513426/composite

Add to watchlist CRWD

CrowdStrike Holdings Inc. Cl A

US : U.S.: Nasdaq

$ 113.56

-2.37 -2.04%

Volume: 4.02M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$26.62 billion

Rev. per Employee

$409,845

/zigman2/quotes/226757832/composite

Add to watchlist EJH

E-Home Household Service Holdings Ltd.

US : U.S.: Nasdaq

$ 0.42

+0.0031 +0.75%

Volume: 373,317

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$2.28 million

Rev. per Employee

$121,200

/zigman2/quotes/204905836/composite

Add to watchlist NIO

NIO Inc. ADR

US : U.S.: NYSE

$ 11.19

-0.77 -6.44%

Volume: 55.80M

Feb. 3, 2023 4:02p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.42 billion

Rev. per Employee

N/A

/zigman2/quotes/214109260/composite

Add to watchlist NET

Cloudflare Inc. Cl A

US : U.S.: NYSE

$ 59.43

-3.86 -6.10%

Volume: 5.73M

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$19.53 billion

Rev. per Employee

$366,450

/zigman2/quotes/213589098/composite

Add to watchlist INMD

InMode Ltd.

US : U.S.: Nasdaq

$ 37.24

-1.06 -2.77%

Volume: 1.18M

Feb. 3, 2023 4:00p

P/E Ratio

18.02

Dividend Yield

N/A

Market Cap

$3.09 billion

Rev. per Employee

$1.19M

/zigman2/quotes/219645550/delayed

Add to watchlist CA:DND

Dye & Durham Ltd.

CA : Canada: Toronto

$ 22.10

-0.17 -0.76%

Volume: 667,318

Feb. 3, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.34%

Market Cap

$1.47 billion

Rev. per Employee

N/A