After sinking to historic lows in the prior year, the US IPO market started to rebuild in 2023, as 108 IPOs raised a combined $19.4 billion. Issuance was weighed down by rate hikes, bank failures, and geopolitical turmoil, but generally improving market conditions still brought some large deals to market, and 30 offerings (28%) raised $100 million or more. The Big Four accounting firms appeared on 37 of the year's 108 IPOs, most of which were larger deals, representing 94% of the year's proceeds but just 34% of total deal count. With every offering requiring audited financials, there were 108 auditing engagements with 37 accounting firms, or 139 with 38 accounting firms, including SPACs.
View our Report on The Most Active Audit Firms of the 2023 IPO Market
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Read Renaissance Capital's other annual publications:
- 2023 US IPO Market Review
