In the second quarter of 2023, 23 IPOs raised a combined $6.6 billion. While deal count held steady from the prior-year period, quarterly proceeds were the highest in six quarters, even without J&J spin-off Kenvue's $3.8 billion IPO. Deal flow picked up slightly in June, sparked by rising valuations, falling volatility, the Fed's decision to pause rate hikes, and restaurant chain CAVA's impressive performance. The Big Four accounting firms appeared on eight on the quarter's nine $100+ million IPOs, representing 93% of the quarter's proceeds but just 35% of total deal count as small names dominated early issuance. With every offering requiring audited financials, there were 23 auditing engagements with 13 accounting firms, or 29 with 15 accounting firms including SPACs.
View our Report on The Most Active Audit Firms of the 2Q23 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 2Q 2023 US IPO Market Review
