In 2021, a stunning 397 IPOs raised $142.4 billion in the busiest year by deal count since 2000 and the biggest year for proceeds ever. On the back of stellar returns in 2020 and a huge pipeline of IPO candidates, deal flow was essentially nonstop, with typical strength in healthcare and technology joined by rising activity in consumer names. The Big Four accounting firms appeared on 288 of the quarter's 397 IPOs (73%), which raised 90% of proceeds. With every offering requiring audited financials, there were 397 auditing engagements with 47 accounting firms, or 1,010 with 54 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 2021 IPO Market
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