New issuance started to wind down for the year in November, with eight mostly small IPOs raising a combined $348 million. Activity was well below the 10-year historical average (15 IPOs, $3.7B), though it's worth noting that deal flow often drops off in November, especially in an election year. Only one IPO raised more than $100 million: China-based robotaxi developer Pony AI (PONY). The month's eight IPOs averaged a 7% return from offer, driven entirely by first day gains (+7%), with flat trading overall in the aftermarket (0%). The Renaissance IPO Index seesawed during the month but ended with a 3% gain, trailing behind the S&P 500. Pipeline additions held pace from the prior month, though just one sizable issuer submitted an initial filing (ServiceTitan), down from three in October. However, with more private companies indicating plans to list in 2025, we expect to see new filings pick up in the coming months. New blank check issuance remained on its slow upward trajectory, while de-SPAC activity continued to slow. Seven blank check companies went public in November and eight joined the pipeline, while two mergers were completed and only one was announced, the fewest in more than four years. The 2024 IPO market is about to come to a close, and while we may see one or two notable deals in December, all eyes are now turning to the year ahead. The pipeline provides some visibility, but most of the notable names we expect for 2025 have yet to file publicly. 
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