Although the first half of 2018 saw a flurry of energy IPOs, the decrease in oil and gas prices created a difficult IPO environment for the remainder of the year, and no energy IPOs by Texas-headquartered companies were completed during that time. As it turned out, all 13 of the Texas IPOs registered during 2018 were emerging growth companies. But there were some high points and a few emerging trends, and E. Ramey Layne and his colleagues at V&E discuss them at length.