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Updated: Renaissance Capital's 2023 US IPO Market Review


US IPO Market Slowly Rebuilds in 2023 After sinking to historic lows in the prior year, the US IPO market started to rebuild in 2023, laying the groundwork for the next upcycle. 108 IPOs raised a combined $19.4 billion, a slow year by historical standards but a significant increase from 2022. Issuance was more

Nearly 80% of the year’s large IPOs are above issue, a positive signal for the fall IPO market


The year's crop of large IPOs is off to a strong start, with nearly 80% currently above issue. As long as these solid returns hold, we expect a decent harvest of public listings in the fall. So far this year, 19 IPOs have raised $100 million or more, outpacing all of 2022 (16 IPOs), but still well below the 10-year median of about 70 sizable IPOs at this point in a year. 2023& more

Biotechs Apogee and Sagimet slated to kick off the July IPO market


Following the Independence Day lull, the July IPO market is set to warm up with two biotechs that plan to raise $75+ million. The pair are expected to price this week. Apogee Therapeutics (APGE) plans to raise $250 million at the $16 midpoint in a deal led by Jefferies. At the midpoint, it would be the second-largest biotech IPO since the start of 2022, more

Updated: Renaissance Capital's 2Q 2023 US IPO Market Review


US IPO Market Gains Momentum in the 2Q In the second quarter of 2023, 23 IPOs raised a combined $6.6 billion. While deal count held steady from the prior-year period, quarterly proceeds were the highest in six quarters, even without J&J spin-off Kenvue's $3.8 billion IPO. Nine IPOs raised $100 million or more, more