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Renaissance Capital's 1Q 2026 US IPO Market Review

March 25, 2026

Volatile Markets Delay the Great IPO Rebound Again

Surging volatility grounded the IPO party before it took off, as markets grappled with a tech sell-off, more tariff turmoil, private credit woes, and war in the Middle East in the first quarter of 2026. After a strong start, new issuance dropped off, and the quarter ended with 34 IPOs raising a combined $9.9 billion. While deal count fell from previous periods, proceeds were bolstered by sizable offerings: 22 IPOs raised $100 million or more, including one that raised $1+ billion, electrical equipment maker Forgent. The prior year's tech IPO revival faded as valuation multiples collapsed amid fears of disruption from AI, but investors still showed appetite for...

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