Renaissance Capital’s October IPO Market Update The fourth quarter kicked off with 22 IPOs raising a combined $3.8 billion in the busiest month for new issuance in nearly three years, despite an end-of-month slowdown ahead of the US presidential election. October activity was in line with the 10-year historical average by deal count (22 IPOs), though it fell short by proceeds ($5.5B), as micro-caps primarily drove issuance. Eight IPOs raised $100 million or more, led by aircraft maintenance provider StandardAero (SARO), which raised $1.4 billion. The eight averaged a 22% return from offer, driven by very strong first days (+20%) and stable trading in the aftermarket (+2%). The full group of October IPOs also averaged a 21% return, as triple-digit gains from a few small issuers offset losses from others. The Renaissance IPO Index climbed steadily during the month to finish up 5%, a wide lead over the S&P 500 (-1%). New filings slowed, especially from sizable issuers, with only three companies filing to raise $100 million or more. In the SPAC market, nine blank check companies went public and six joined the pipeline, while four mergers were announced and two were completed. While most notable IPO candidates are now targeting listings in 2025, there is still a narrow window to go public this year in mid-November and early December. 
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