US Market Review and Outlook
REVIEW
Pessimism surrounding the Federal Reserve's interest rate
hikes, combined with subdued business and consumer confidence as
well as geopolitical concerns, weighed heavily on the IPO market in
2023.
With 117 IPOs in 2023 (excluding IPOs by special purpose
acquisition companies (SPACs) and direct listings), deal activity
increased 48% from the mere 79 IPOs completed in 2022, but still
accounted for less than one-third of the 2021 total of 381 IPOs.
Total gross proceeds in 2023 were $19.0 billion, up 144% from the
$7.8 billion in 2022.
The gross proceeds figure in 2023 was buoyed by the $4.9 billion
offering by Arm Holdings—the fourth-largest US IPO in the
past 10 years behind the IPOs of Alibaba ($21.8 billion), Rivian
($11.9 billion) and Uber ($8.1 billion)—and the $3.8 billion
Kenvue offering, which was the seventh-largest IPO in the past 10
years.
