In the first quarter of 2020, 24 IPOs raised $6.8 billion, mostly in the first two months before the market's downturn. Despite the IPO window slamming shut in March, activity increased from the prior year period, when 18 IPOs raised $4.7 billion. Health care was the most active sector, comprising 50% of all IPOs, and tech and financials tied for second with three IPOs apiece. The Big Four accounting firms appeared on 20 of the quarter’s 24 IPOs (83%), which raised 98% of proceeds. With every offering requiring audited financials, there were 24 auditing engagements (37 including SPACs) with 9 accounting firms.
View our Report on The Most Active Audit Firms of the 1Q20 IPO Market 
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