It was the worst third quarter for new issuers in over a decade, with 25 IPOs raising $2.4 billion as the 2022 US IPO market remains on track to raise the lowest proceeds of any year in our firm's 30+ year history. Small deals continued to account for a majority of activity, and just three IPOs raised $100 million or more, led by billion-dollar AIG carve-out Corebridge Financial. The Big Four accounting firms audited four IPOs, including all three sizable deals, representing 86% of the quarter's proceeds but just 16% of total IPOs. With every offering requiring audited financials, there were 25 auditing engagements with 17 accounting firms, or 33 engagements with 18 firms including SPACs.
View our Report on The Most Active Audit Firms of the 3Q22 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 3Q 2022 US IPO Market Review
