Despite signs of a growing IPO pipeline and record-setting follow-ons, Q1 2025 was marked by increased volatility, dampened proceeds and shifting issuance trends. While there were bright spots, total ECM volume declined sharply from last year.

Explore the key data points and takeaways that defined the quarter in our Q1 2025 U.S. ECM Recap.

Key Highlights

• $54.9B raised across 189 offerings: A 17.2% decline in total proceeds vs. Q1 2024.
• IPOs raise $8.9B via 58 deals: Up slightly YoY, with strong performance from select issuers.
• Follow-on issuance drops 25% YoY: $42.6B raised across 114 offerings, despite several billion-dollar deals.
• Financials dominate ECM volume: The most active sector, raising $15.9B — nearly 31% of total Q1 capital.
• Convertible issuance hits $15.1B: Led by large tech and financial offerings, with 41% of activity from the tech sector.
• Marketed follow-ons steal the spotlight: Schwab’s $13.1B raise was the largest U.S. offering of the quarter.

Download the full report for 15 pages of charts, analysis and sector-level ECM trends from Q1 2025.