The IPO window swung open in the 3Q, marking the biggest quarter for new issuance since 2021. A total of 64 IPOs raised a combined $15.3 billion, as IPO candidates rushed to take advantage of renewed interest in growth stocks and surging demand for new issues. Twenty-four IPOs raised $100+ million, including several buzzy VC-backed tech, fintech, and crypto names. The Big Four accounting firms appeared on 24 IPOs, 21 of which raised $100+ million, representing 38% of the quarter’s deal count, but 88% of proceeds. With every offering requiring audited financials, there were 64 auditing engagements with 27 accounting firms, or 98 with 32 firms including SPACs.
View our Report on The Most Active Audit Firms of the 3Q25 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 3Q25 US IPO Market Review
