TL;DR

• Largest dollar month since November 2021: 75 U.S. offerings raised $44.3B, with 11 IPOs contributing $13.1B and 64 follow-ons adding $31.3B. 
• IPO momentum continues: Cerebras Systems priced as the largest IPO YTD at $5.55B (plus $833M greenshoe) and closed +68.2% on day one, anchoring a May IPO cohort that returned +40.3% dollar-weighted on day one, well ahead of the +23.2% YTD average. 
• Utilities record month: Six offerings raised $8.7B, the sector’s largest month on record, and traded +9.2% on a dollar-weighted day-one basis. 
• Convertibles roar back: 20 U.S. convertible offerings raised $17.0B, the sixth-highest dollar volume month on record. 
• Global convertibles tracking live: CMG’s new global convert dataset captured 12 international offerings raising $8.8B in May, led by Hong Kong at $3.2B. 

U.S. ECM Holds Its Footing – and Then Some 

U.S. ECM produced its largest dollar-volume month since November 2021, with 75 offerings raising $44.3B. Eleven IPOs contributed $13.1B, while 64 follow-on offerings drove the remaining $31.3B, a balanced market across new issues and secondary supply that is expected to continue into June. 

IPO Spotlight: Cerebras Anchors a Standout Cohort 

Last month we previewed IPOs regaining momentum. Cerebras Systems (CBRS) delivered the largest IPO YTD at $5.55B, with an incremental $833M raised through the over-allotment. The deal closed +68.2% on day one, and lifted the broader cohort meaningfully: May’s IPOs returned +40.3% on a dollar-weighted day-one basis, compared with the +23.2% YTD average across all IPOs. 

A handful of high-profile IPOs are expected to price in June, and the read-through from May’s aftermarket performance should support upsizing and tighter pricing. 

Sector Spotlight: Utilities Quietly Set a Record 

While Technology grabbed the headlines on the back of Cerebras, Utilities had a standout month. Six offerings raised $8.7B, the sector’s largest month on record, with deals trading +9.2% on a dollar-weighted day-one basis. 

Convertibles: In a New Global Lens 

The U.S. convertible market posted one of its strongest months: 20 offerings raised $17.0B, ranking as the sixth-highest dollar volume month on record. 

Equally important from a data perspective: as of mid-April 2026, CMG began tracking global convertible issuance through DataLab. May’s first full month of coverage captured 12 international convert offerings raising $8.8B, Hong Kong led at $3.2B. 

Looking Ahead 

The expectation is that June’s IPO backlog will continue to carry the momentum from April and May.