While the IPO market’s annual fall pickup was more muted than anticipated, the third quarter still saw a fair amount of activity, with 37 IPOs raising a combined $8.0 billion. Markets stumbled in early August when signs of economic weakness flared up, and while stocks staged a swift recovery as investors digested cooling inflation and impending rate cuts, the volatility still weighed on post-Labor Day issuance. Thirteen IPOs raised $100 million or more in the 3Q, led by cold storage REIT Lineage, which raised $4.4 billion in the year’s largest deal to date. The Big Four accounting firms appeared on 15 IPOs, including all 13 of the $100+ million deals, representing 41% of total deal count but 98% of the quarter’s proceeds. With every offering requiring audited financials, there were 37 auditing engagements with 16 accounting firms, or 55 with 20 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 3Q24 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:
- 3Q 2024 US IPO Market Review
