It was the IPO market's slowest November in six years as just four deals raised a combined $166 million. The month's lineup was led by $50+ million IPOs, biotech Acrivon Therapeutics (ACRV) and Chinese hotel chain Atour Lifestyle Holdings (ATAT). Two small issuers also slipped through the IPO window despite increased scrutiny from regulators. The four deals averaged a -13% return from offer, though the larger names finished positive, in line with 2022's other sizable IPOs. The pipeline saw 13 additions, including four companies planning to raise $100+ million, as well as updates from several large issuers already on file. Just one blank check IPO raised $50 million and 10 companies listed via SPAC merger, though terminations and liquidations continued to roll in. IPO returns remained hyper sensitive to changes in interest rate expectations, resulting in a volatile month for the IPO Index which lost 1%, compared to the S&P 500's 5% gain. The IPO market is now in the final stretch of 2022, representing the last chance for companies to go public before year end. While there was no wave of post-Thanksgiving launches, movement in the pipeline suggests we could still see a few notable December IPOs. 
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