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How the Big Four Accounting Firms Ranked in the 3Q23 IPO Market

October 3, 2023

The third quarter of 2023 produced 30 IPOs that raised a combined $7.8 billion, more proceeds raised than in the full-year 2022 despite no significant increase in deal count from previous quarters. Chip giant Arm led activity, raising $4.9 billion in the largest tech IPO since 2019. Grocery delivery platform Instacart and marketing software firm Klaviyo followed closely behind, generating buzz as the IPO market's first US-based tech unicorns in nearly two years. In total, just seven IPOs raised $100 million or more. The Big Four accounting firms appeared on all seven, representing 95% of the quarter's proceeds but just 23% of total deal count as small names continued to dominate issuance. With every offering requiring audited financials, there were 30 auditing engagements with 16 accounting firms, or 35 with 20 accounting firms including SPACs.

View our Report on The Most Active Audit Firms of the 3Q23 IPO MarketPDF

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Read Renaissance Capital's other quarterly publications:
- 3Q 2023 US IPO Market Review