diff --git a/src/finalisers/iife.js b/src/finalisers/iife.js
index f16618a33e9..97399ded91f 100644
--- a/src/finalisers/iife.js
+++ b/src/finalisers/iife.js
@@ -61,7 +61,6 @@ export default function iife ( bundle, magicString, { exportMode, indentString,
 	const useStrict = options.useStrict !== false ? `${indentString}'use strict';\n\n` : ``;
 
 	let wrapperIntro = `(function (${args}) {\n${useStrict}`;
-	const wrapperOutro = `\n\n}(${dependencies}));`;
 
 	if ( exportMode !== 'none' && !extend) {
 		wrapperIntro = ( isNamespaced ? thisProp(name) : `${bundle.varOrConst} ${name}` ) + ` = ${wrapperIntro}`;
@@ -71,6 +70,12 @@ export default function iife ( bundle, magicString, { exportMode, indentString,
 		wrapperIntro = setupNamespace( name ) + wrapperIntro;
 	}
 
+	let wrapperOutro = `\n\n}(${dependencies}));`;
+
+	if (justVariable && exportMode === 'named') {
+		wrapperOutro = `\n\n${indentString}return exports;${wrapperOutro}`;
+	}
+
 	// var foo__default = 'default' in foo ? foo['default'] : foo;
 	const interopBlock = getInteropBlock( bundle, options );
 	if ( interopBlock ) magicString.prepend( interopBlock + '\n\n' );
diff --git a/test/form/assignment-to-exports-class-declaration/_expected/iife.js b/test/form/assignment-to-exports-class-declaration/_expected/iife.js
index 1ee935ac7ea..8976f3efde1 100644
--- a/test/form/assignment-to-exports-class-declaration/_expected/iife.js
+++ b/test/form/assignment-to-exports-class-declaration/_expected/iife.js
@@ -4,4 +4,6 @@ var myModule = (function (exports) {
 	exports.Foo = class Foo {};
 	exports.Foo = lol( exports.Foo );
 
+	return exports;
+
 }({}));
diff --git a/test/form/assignment-to-exports/_expected/iife.js b/test/form/assignment-to-exports/_expected/iife.js
index ceeae04f779..037bd6f5167 100644
--- a/test/form/assignment-to-exports/_expected/iife.js
+++ b/test/form/assignment-to-exports/_expected/iife.js
@@ -3,4 +3,6 @@ var bundle = (function (exports) {
 
 	exports.foo = 1;
 
+	return exports;
+
 }({}));
diff --git a/test/form/computed-properties/_expected/iife.js b/test/form/computed-properties/_expected/iife.js
index e90a2face5a..8dbb4510e49 100644
--- a/test/form/computed-properties/_expected/iife.js
+++ b/test/form/computed-properties/_expected/iife.js
@@ -17,4 +17,6 @@ var computedProperties = (function (exports) {
 	exports.x = x;
 	exports.X = X;
 
+	return exports;
+
 }({}));
diff --git a/test/form/dedupes-external-imports/_expected/iife.js b/test/form/dedupes-external-imports/_expected/iife.js
index 2b3d6995270..a1da8a4434f 100644
--- a/test/form/dedupes-external-imports/_expected/iife.js
+++ b/test/form/dedupes-external-imports/_expected/iife.js
@@ -30,4 +30,6 @@ var myBundle = (function (exports,external) {
 	exports.bar = bar;
 	exports.baz = baz;
 
+	return exports;
+
 }({},external));
diff --git a/test/form/export-all-from-internal/_expected/iife.js b/test/form/export-all-from-internal/_expected/iife.js
index 9a704e4992d..9c7ab27586a 100644
--- a/test/form/export-all-from-internal/_expected/iife.js
+++ b/test/form/export-all-from-internal/_expected/iife.js
@@ -7,4 +7,6 @@ var exposedInternals = (function (exports) {
 	exports.a = a;
 	exports.b = b;
 
+	return exports;
+
 }({}));
diff --git a/test/form/export-all-multiple/_expected/iife.js b/test/form/export-all-multiple/_expected/iife.js
index 67f4d7a4bb7..f233c39c7a2 100644
--- a/test/form/export-all-multiple/_expected/iife.js
+++ b/test/form/export-all-multiple/_expected/iife.js
@@ -7,4 +7,6 @@ var myBundle = (function (exports,foo,bar,baz) {
 	Object.keys(bar).forEach(function (key) { exports[key] = bar[key]; });
 	Object.keys(baz).forEach(function (key) { exports[key] = baz[key]; });
 
+	return exports;
+
 }({},foo,bar,baz));
diff --git a/test/form/export-default-import/_expected/iife.js b/test/form/export-default-import/_expected/iife.js
index 9497ffe0f27..c9993de3eeb 100644
--- a/test/form/export-default-import/_expected/iife.js
+++ b/test/form/export-default-import/_expected/iife.js
@@ -7,4 +7,6 @@ var myBundle = (function (exports,x) {
 
 	exports.x = x;
 
+	return exports;
+
 }({},x));
diff --git a/test/form/exports-at-end-if-possible/_expected/iife.js b/test/form/exports-at-end-if-possible/_expected/iife.js
index ebcedb69450..644a208771e 100644
--- a/test/form/exports-at-end-if-possible/_expected/iife.js
+++ b/test/form/exports-at-end-if-possible/_expected/iife.js
@@ -9,4 +9,6 @@ var myBundle = (function (exports) {
 
 	exports.FOO = FOO;
 
+	return exports;
+
 }({}));
diff --git a/test/form/legacy-getter/_expected/iife.js b/test/form/legacy-getter/_expected/iife.js
index 2eb3cf7ebb7..e197629d316 100644
--- a/test/form/legacy-getter/_expected/iife.js
+++ b/test/form/legacy-getter/_expected/iife.js
@@ -21,4 +21,6 @@ var foo = (function (exports) {
 
 	exports.B = browserStuff;
 
+	return exports;
+
 }({}));
diff --git a/test/form/legacy/_expected/iife.js b/test/form/legacy/_expected/iife.js
index 2374a8872bf..ce16c8baba4 100644
--- a/test/form/legacy/_expected/iife.js
+++ b/test/form/legacy/_expected/iife.js
@@ -18,4 +18,6 @@ var myBundle = (function (exports) {
 	exports.a = a;
 	exports.b = b;
 
+	return exports;
+
 }({}));
diff --git a/test/form/multiple-exports/_expected/iife.js b/test/form/multiple-exports/_expected/iife.js
index 767ee076117..1dc2de194ec 100644
--- a/test/form/multiple-exports/_expected/iife.js
+++ b/test/form/multiple-exports/_expected/iife.js
@@ -7,4 +7,6 @@ var myBundle = (function (exports) {
 	exports.foo = foo;
 	exports.bar = bar;
 
+	return exports;
+
 }({}));
diff --git a/test/form/no-treeshake/_expected/iife.js b/test/form/no-treeshake/_expected/iife.js
index 1dfeb465580..82f5591708d 100644
--- a/test/form/no-treeshake/_expected/iife.js
+++ b/test/form/no-treeshake/_expected/iife.js
@@ -23,4 +23,6 @@ var stirred = (function (exports,external) {
 	exports.getPrototypeOf = getPrototypeOf;
 	exports.strange = quux;
 
+	return exports;
+
 }({},external));
diff --git a/test/form/preserves-comments-after-imports/_expected/iife.js b/test/form/preserves-comments-after-imports/_expected/iife.js
index b53986fc227..2964142947f 100644
--- a/test/form/preserves-comments-after-imports/_expected/iife.js
+++ b/test/form/preserves-comments-after-imports/_expected/iife.js
@@ -9,4 +9,6 @@ var myBundle = (function (exports) {
 
 	exports.obj = obj;
 
+	return exports;
+
 }({}));
diff --git a/test/form/reexports-from-external/_expected/iife.js b/test/form/reexports-from-external/_expected/iife.js
index a292a20e190..698ec93c66d 100644
--- a/test/form/reexports-from-external/_expected/iife.js
+++ b/test/form/reexports-from-external/_expected/iife.js
@@ -5,4 +5,6 @@ var myBundle = (function (exports,external) {
 
 	Object.keys(external).forEach(function (key) { exports[key] = external[key]; });
 
+	return exports;
+
 }({},external));
diff --git a/test/form/umd-noconflict/_expected/iife.js b/test/form/umd-noconflict/_expected/iife.js
index 9a28bb94d44..fcc62306366 100644
--- a/test/form/umd-noconflict/_expected/iife.js
+++ b/test/form/umd-noconflict/_expected/iife.js
@@ -13,4 +13,6 @@ var FooBar = (function (exports) {
 	exports.number = number;
 	exports.setting = setting;
 
+	return exports;
+
 }({}));