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Fall 2024 US IPO Preview: Steady Flow of Deals to Close Out the Year

August 30, 2024

After two quiet years, the US IPO market has slowly rebounded in 2024, though activity remains below the 10-year average. Broader markets have rallied amid an encouraging macro picture, a strong tech sector, and the prospect of rate cuts, which have coaxed more big names into going public. Recent listings have performed well, and the Renaissance IPO Index (IPOUSA) is up a respectable 9.6% year-to-date. Heading into the fall season we expect moderate activity, as the annual post-Labor Day pickup will likely be held back this year by companies shifting IPO plans to 2025, due to recent market jitters, the upcoming US presidential election, and stubbornly high interest rates. But if deal volume disappoints, deal quality should not, and we expect fundamentally strong companies offering a combination of growth, profitability, and compelling valuations.

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