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Renaissance Capital's November IPO Market Update

December 1, 2023

Eleven US IPOs raised a combined $708 million in November, well below the month's historical 10-year average (16 IPOs, $4.2B). Deal flow was led by three sizable issuers, and remaining activity came from smaller companies, all of which raised $33 million or less. The month's IPOs averaged a weak -22% return from offer, and only two deals finished above issue, both of which raised $100+ million. The Renaissance IPO Index rocketed 13%, compared to 9% for the S&P 500, delivering its best monthly performance since January as slowing inflation and chatter about a potential end to rate hikes sparked strong trading. While the calendar was fairly quiet, the IPO pipeline stayed active in November with a handful of large additions and updates from sizable issuers on file. Four blank check companies went public and three submitted filings, and there were eight new merger announcements and seven merger completions alongside more terminations and liquidations. With the end of the year in sight, the window to go public in 2023 is quickly closing, and while we could still see some deals launch in early December, most IPO candidates are likely looking to the year ahead. That said, the IPO market is in a good position as we approach the new year, and if conditions continue to improve, we expect to see a pickup in new listings in 2024.

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