In the first quarter of 2024, the IPO market's green shoots grew further, with 30 IPOs raising a combined $7.8 billion. While deal count was in line with the 1Q23, proceeds more than tripled, thanks to the continued return of larger offerings. Fifteen US IPOs raised $100 million or more, the most in a single quarter since 2021, and included two billion-dollar deals, Finnish sporting goods maker Amer Sports and Kazakhstani fintech Kaspi.kz. A rally in returns in March brought the beginnings of a 2024 tech IPO revival, with listings from social media platform Reddit and chipmaker Astera Labs. The Big Four accounting firms appeared on 15 IPOs, including 14 of the 15 $100+ million deals (BDO audited one), representing 50% of total deal count but 97% of the quarter's proceeds. With every offering requiring audited financials, there were 30 auditing engagements with 15 accounting firms, or 36 with 17 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 1Q24 IPO Market
To read the entire report, sign up for a free trial of IPO Pro, the platform that gives you all of the IPO information you need, all in one place.
Read Renaissance Capital's other quarterly publications:
- 1Q 2024 US IPO Market Review
