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Q2 2023 IPO Trends

Q2 2023 IPO Trends

Initial public offerings (IPOs) have continued to decline in the second quarter of 2023. In total, 34 IPOs raised a combined total of $7.4 billion during Q2.

After a large spike in IPOs during Q2 2021, second quarter IPOs have continued to decline year over year. While Q2 2023 saw a decrease in the number of IPOs from the previous quarter, the total proceeds raised more than doubled from Q1. Similarly, Q2 2023 saw a 40% increase in the amount raised from IPOs compared to Q2 2022 despite total IPOs decreasing by 26%.

IPO Type

The average amount raised for both types of IPOs increased in Q2. Traditional IPOs raised an average of $229 million per IPO while SPACs raised an average of $163 million per listing.

Traditional IPOs continued to outweigh all other IPO types in Q2 2023. There were 28 traditional IPOs completed during Q2 which raised a combined total of $6.4 billion. Kenvue Inc. was the stand-out traditional IPO during Q2. Originally formed as a subsidiary of Johnson & Johnson, this New Jersey-based consumer health company raised over $3.8 billion from their May 2023 IPO.

Special Purpose Acquisition Company (SPAC) IPOs declined in Q2 with only six SPAC IPOs completed during the quarter. However, proceeds raised from SPAC IPOs increased 23% from Q1. Ares Acquisition Corp II was the largest SPAC IPO seen in Q2 2023. The company raised $450 million from their April 2023 lisitng.

Auditor Market Share – All IPOs

In total, fifteen different firms audited 34 newly listed companies in Q2 2023. Deloitte and WWC had the most IPO clients, auditing five companies each. Deloitte’s clients also raised the most total proceeds of any individual firm at $742 million.

Auditor Market Share – SPACs

Together, only three firms audited the six SPAC IPOs completed during Q2. UHY led the market share, auditing half all SPAC IPOs during the quarter. However, WithumSmith + Brown’s two clients raised the most total proceeds. Withum audited Ares Acquistion Corp II, constituting 82% of their total amount raised.

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