It was the worst third quarter for new issuers in over a decade, with 25 IPOs raising $2.4 billion. Small deals dominated activity, and just three IPOs raised $100 million or more, led by billion-dollar AIG carve-out Corebridge Financial, advised by Cleary Gottlieb and Debevoise & Plimpton. With every IPO needing at least two law firms, one for issuers and one for underwriters (and some hiring as many as four), there were 79 legal engagements with 61 law firms, or 98 engagements with 69 firms including SPACs.
View our Report on The Most Active Law Firms of the 3Q22 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 3Q 2022 US IPO Market Review
- 3Q22 IPO Rankings for the Big Four Accounting Firms