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Updated: Renaissance Capital's 2023 US IPO Market Review

ARM

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 weighed...read more

IPO investors crave carve-outs with 2 more teed up after Thanksgiving

ULS

Soon after families carve up the Thanksgiving turkey, the US IPO market will see its own large carve-outs. Spin-offs have been a recurring theme over the past couple years, and recent filings from ZEEKR (ZK) and UL Solutions (ULS) signal that the trend is set to continue. Compared to VC- or PE-backed deals, carve-out IPOs are more prevalent...read more

Pessimism over Fed policy and geopolitical tensions topple year's large IPOs; here are the deals that have weathered the recent turmoil

GPCR

After a strong rally through July, markets have treaded water for the past three months as investors grow pessimistic about the possibility of near-term rate cuts, against a backdrop of political gridlock in the US and a new war abroad. The year's sizable IPOs have slowly declined in the past few months' volatility, and the percentage trading above issue has fallen to its lowest...read more

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

CAVA

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&rsquo...read more