The IPO market is getting warmer, and more large issuers are testing the waters.
With Amer Sports (AS) on tap to price its $1.7 billion offering before month end, January is set to be the busiest month for billion-dollar IPOs since December 2021, with two deals.
The month's other billion-dollar IPO, Kaspi.kz (KSPI), raised just over $1 billion in its recent US cross-listing. January alone is now set to match the billion-dollar IPO count of all of 2022 (2), and is approaching 2023 (3). Despite this milestone, we don't expect an explosion of $1+ billion IPOs in 2024. In a normal year, the IPO market may get around...
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