U.S. ECM dollar volume increased 50% in H1’24 vs. H1’23 despite a decrease in volume in Q2’24 vs. Q1’24.
- Including SPACs and Unregistered Block activity, 470 offerings raised $116.4B
- March remains the most active month year to date with 96 offerings raising $29.0B
- Average weekly activity in H1 increased to 17 offerings vs. 15 in FY23
- Average H1’24 IPO size increased 32.1% from $171.7M in FY’23 to $226.8M (vs. median deal size of $75.0M)
- Average H1’24 registered follow-on size increased 29.8% from $213.1M to $276.6M YTD (vs. median deal size of $142.1M)
- 14 IPOs raised $500M or more (7 in Q1 and 7 in Q2) exceeding all of FY23 where just 7 deals surpassed $500M
- 61 Convert offerings raised $47.0B with 30 offerings in Q1 raising $20.3B, and 31 offerings in Q2 $26.7B.
- Kenvue Inc. shareholder Johnson & Johnson raised $3.6B in May accounting for the largest offering year to date
YTD Trends and Highlights
Including Unregistered Block activity tracked by CMG, YTD transaction volume reached $113.9B with $65.4B raised in Q1 and $48.5B raised in Q2 for a net increase of 50.0% as compared with the first half of 2023
March was the busiest month of 2024 with 94 offerings raising $28.8B
83 IPOs raised $18.8B YTD representing a 84.3% increase over the same period last year, while follow-on issuance raised $95.1B representing a 44.7% increase over the prior year via 372 offerings
Healthcare took the lead as the most active sector raising $33.2B (29.2% market share) followed by Technology $21.9B (19.2% market share) and Industrials $10.5B (9.3% market share)
On a dollar-weighted basis, 2024 IPOs returned 16.3% from offer to first day close (vs. a mean of 10.7%)
Mean IPO size increased from $164.3M in H1 2023 to $226.8M in H1 2024, representing an increase of 38.0%
On a dollar-weighted basis, registered follow-ons returned 3.3% from offer to first day close (vs. a mean of 3.1%)
H1 2024 vs. H1 2023 Dollar-weighted One-day Return
IPOs
Marketed FOs
Overnight FOs
Registered Blocks
Unregistered Blocks
Largest Dollar-weighted Alpha Contributors (1-Day)
Astera Labs, Inc.
03/19/24
$819.7M IPO +72.3%
CG Oncology, Inc.
01/24/24
$437.0M IPO +52.6%
Reddit, Inc.
02/22/24
$860.2M IPO +48.4%
Largest Dollar-weighted Alpha Contributors (To Current)
Reddit, Inc.
02/22/24
$860.2M IPO +87.9%
Viking Holdings Ltd.
02/08/23
$1,767.5M IPO +41.4%
Astera Labs, Inc.
03/19/24
$819.7M IPO +68.3%
Pricing and Discount Trends (Mean): Q1 and Q2 | IPOs - Price vs. Initial Range
Above Range
Within Range
Below Range
Pricing and Discount Trends (Mean): Q1 and Q2 | Follow-ons – File to Offer Discount %
Marketed FOs
Overnight FOs
Registered Blocks
Unregistered Blocks
Pricing and Discount Trends (Mean): Q1 and Q2 | Converts
Average Coupon
Average Premium
Offerings including Capped Call
Average Effective Conversion Premium
This information provided is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. You should not act or refrain from acting on the basis of any of this information. Past performance is no guarantee of future results. CMG shall have no liability whatsoever for your use of this information.
