In 2018, 190 IPOs raised $46.8 billion, 19% more deals than 2017. Spotify and 46 blank check companies (SPACs) also went public. Every US IPO is required to have two or more years of audited financials, and companies generally hire one auditor. The Big Four accounting firms tightened their grip on the IPO market, appearing on 78% of the year’s 190 IPOs, up from 65% in the prior year. Each of the four increased its IPO count over 2017.
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PricewaterhouseCoopers vaulted to the #1 spot, auditing 53 IPOs and 1 SPAC, which raised $20.1 billion in US offerings. It won a lot of big clients, more than doubling its deal count from last year (26) and more than tripling its previous proceeds ($5.5 billion). PwC had strong gains in healthcare, tech, and China, matching some of the biggest trends of the 2018 IPO market. Ernst & Young audited 10 more deals than last year, but slipped to #2 with 45 offerings totaling $15.3 billion, a 29% increase by deal count and a 33% increase in proceeds. While its tech activity had marginal gains, EY strengthened its position as the top choice for biotechs. Deloitte and KPMG remained at #3 and #4 respectively; while they added more deals than last year, the cumulative IPO proceeds raised by their clients declined.
