IPO trends Q3 2024

John Means Date published: Nov 06, 24

In the third quarter of 2024 there were 60 new initial public offerings (IPOs), which raised a combined total of $10.7 billion. Total IPOs and gross proceeds both increased in Q3, after an already strong Q2, with six additional IPOs and an increase of only $93 million in proceeds. Compared to last year’s third quarter, total IPOs increased by 16, or 36%, while total IPO proceeds increased by 16%.

IPO type

Traditional IPOs, as per usual, constituted the majority of the public offerings this quarter, representing 70% of all new IPOs. There were 42 traditional IPOs and 18 Special Purpose Acquisition Company (SPAC) IPOs this quarter. Compared to last quarter SPAC IPOs nearly doubled while traditional IPOs decreased by 5%.

Traditional IPOs raised an average of $181.2 million, down from $203.6 million in Q2 2024. However, SPAC IPOs raised an average of $169 million this quarter up from $161 million per IPO the previous quarter.

Unicorn IPO

During Q3 2024, there was only one company that raised over $1 billion in proceeds from its IPO.  The largest IPO of the year in terms of proceeds, Lineage, Inc. raised over $4.4 billion.  Lineage, which is the largest operator of cold storage warehouses, priced its IPO at $78 dollars per share and initially saw high demand causing the company to offer more shares than anticipated.  Lineage, Inc. will trade on the NASDAQ exchange.

Auditor market share

Overall, there were 22 different firms that audited the 60 newly listed companies in Q3 2024. WithumSmith + Brown led all auditors in terms of total IPO client count with 11 new IPO clients after tying with PwC for the most IPO clients in Q2. Withum individually represented 18% of all Q3 2024 IPOs. Marcum, who trailed just behind PwC and Withum last quarter with seven new clients, increased their IPO client total in Q3 to audit 10 newly listed companies, representing 17% of all IPOs.

In Q3, KPMG ranked number one in terms of gross proceeds despite only auditing five new public companies.  KPMG’s five clients raised a total of $5.14 billion in gross proceeds with Lineage, Inc. accounting for $4.44 billion of the total.  Withum followed KPMG with a total of $2.27 billion in IPO client proceeds.

Auditor market share – SPACs

Seven firms audited the 18 SPAC IPOs of Q3 2024. Withum, once again, dominated the SPAC IPO market this quarter.  After auditing seven of the 10 new SPACs last quarter, Withum audited 11 of the 18 SPACs in Q3. All of Withum’s 11 IPO clients in Q3 2024 were SPACs and raised a combined total of $2.27 billion in proceeds. UHY, far behind Withum, audited two SPACs with total gross proceeds of $360 million.

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