In July, U.S. ECM issuance surged to $13.7B across 27 offerings, marking an 86% year-over-year increase in dollar volume. Notably, $7.2B was raised through 8 IPOs, a staggering 607% increase from last year. Additionally, 4 SPAC IPO offerings raised $1B, pushing 2024’s YTD volume past 2023’s total of $1.4B.
For the first time since September 2021, two offerings each exceeded $2.7B. In 2023, only two offerings surpassed this size. The average IPO offering size grew by 77% from July 2023 to July 2024. Among the 8 IPOs, July also witnessed $1B in capital via 4 SPACs, the highest monthly volume in over two years.
Lineage, Inc.’s IPO alone raised $4.4B, accounting for 61% of the total IPO proceeds. This included $900M from cornerstone investors, the largest such total year-to-date (based on CMG data). Cornerstone investors were significant in both the Lineage, Inc. and OneStream, Inc. IPOs, contributing nearly $1B in total, with $900M from Norges’ investment in Lineage, Inc.
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