IPO trends Q1 2024

John Means Date published: May 13, 24

In the first quarter of 2024 there were 46 new initial public offerings (IPOs), which raised a combined total of $8.9 billion. The new year saw a slight increase in total IPOs from Q4 2023, and the proceeds raised more than doubled. Compared to the first quarter of 2023, the total count of IPOs decreased by only one, while IPO proceeds increased by 183%. 

IPO type

Traditional IPOs dominated the overall public offering landscape this quarter, representing approximately 98% of all new IPOs.  There was one direct listing and, interestingly, no Special Purpose Acquisition Company (SPAC) IPOs. For context, there has not been a quarter with no SPAC IPOs since Q2 2016. The notable absence of SPAC IPOs continues the drastic decrease in SPAC IPOs seen since the massive spike in 2021.

Traditional IPOs raised an average of $194.6 million in Q1 2024, up from the $105.5 million average per IPO in Q4 2023. The one direct listing IPO in Q1 raised approximately $144 million dollars.

Unicorn IPO

During the first quarter of 2024, there were two companies to raise over $1 billion in proceeds from their IPOs. Amer Sports, a global group of outdoor wear and sports companies based in Finland, underwent its traditional IPO in January 2024 and raised over $1.36 billion in gross proceeds. Amer Sports is known for brands including Arc’teryx, Salomon and Wilson and trades on the NYSE.  The other billion-dollar IPO to take place in Q1 2024 was Kaspi.kz Joint Stock Company, which is primarily a consumer payments and marketplace fintech platform based in Kazakhstan.  Kaspi.kz raised just over $1 billion in proceeds from its IPO and trades on the NASDAQ exchange.

Auditor market share

Overall, for Q1 2024 there were 20 different firms who audited the 46 newly listed companies. KPMG led the group in number of clients, auditing eight newly listed companies, representing 17% of all Q1 2024 IPOs. Marcum trailed just behind KPMG with seven new clients.  KPMG also ranked number one in terms of gross proceeds with over $3.7 billion and was followed by fellow Big Four members Deloitte and PwC, each auditing three new IPO clients.  KPMG audited Amer Sports and Deloitte was the auditor of record for Joint Stock Company Kaspi.kz.