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. 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. With every IPO needing at least two law firms, one for issuers and one for underwriters (and some hiring as many as five), there were 70 legal engagements with 50 law firms, or 87 engagements with 55 firms including SPACs.
View our Report on The Most Active Law Firms of the 2Q23 IPO Market
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Read Renaissance Capital's other quarterly publications:
- 2Q23 US IPO Market Review
- 2Q23 IPO Rankings for the Big Four Accounting Firms
