IPO Window Fully Reopens in the Biggest Quarter Since 2021
The IPO window finally reopened in the 3Q, with 64 IPOs raising a combined $15.3 billion in the biggest quarter for new issuance since 2021. IPOs delayed by earlier macro headwinds were revived or even accelerated to take advantage of surging demand for new issues, resulting in a steady pickup through July, a more-active-than-usual August, and more robust deal flow in September. Twenty-four IPOs raised $100 million or more, another post-2021 high, led by a wave of high-profile unicorns. Renewed interest in growth stocks allowed many of these names to price above the midpoint, and while a few of the earlier IPOs had explosive debuts, like billion-dollar deal Figma’s historic...
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