Following the US IPO market's slowest year in decades, the first quarter of 2023 continued the trend with 29 IPOs raising just $2.3 billion. Deal flow started at a decent pace but failed to pick back up after the February lull, as hawkish signals from the Fed, renewed recession fears, and turmoil within the banking industry caused a spike in volatility. The Big Four accounting firms appeared on the ten largest IPOs of the quarter, representing 90% of the quarter's proceeds but just 34% of total deal count due to a wave of micro-caps. With every offering requiring audited financials, there were 29 auditing engagements with 17 accounting firms, or 40 with 21 accounting firms, including SPACs.
View our Report on The Most Active Audit Firms of the 1Q23 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 1Q 2023 US IPO Market Review
