IPO activity hit a two-year high in the second quarter of 2024 but still came in below expectations, with 39 IPOs raising a combined $8.9 billion as investors continued to warm up to new issuers while remaining disciplined on valuations. A diverse group of 20 companies raised $100 million or more, led by cruise operator Viking, which completed the quarter's sole billion-dollar offering. Moderate deal flow in April and June bookended a relatively slow May, as concerns over inflation and Fed rates lingered. The Big Four accounting firms appeared on 20 IPOs, including 18 of the 20 $100+ million deals (Grant Thornton and Moss Adams audited one apiece), representing 51% of total deal count but 94% of the quarter's proceeds. With every offering requiring audited financials, there were 39 auditing engagements with 16 accounting firms, or 49 with 18 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 2Q24 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 2Q 2024 US IPO Market Review
