April kicks off Q2’24 with a flurry of IPO activity as YTD count and dollar volumes surge nearly 30% and 400%, respectively.
Despite the earnings season slump, U.S. ECM activity in April amounted to $11B via 35 offerings. U.S. IPOs contributed most of the dollar volume, with $5.6B raised via 9 offerings—a jaw-dropping 15,083% increase compared to IPO dollar volume in April 2023. Notably, all IPOs last month priced within or above the initial range, with 33% pricing above.
The average IPO size for the month was the highest since September 2023, at $619M compared to $1.2B — a trend noted in our Q1’24 U.S. ECM Recap. For the second time this year, two IPOs, UL Solutions Inc. and Vikings Holdings Ltd, raised over $1B in a single month. 2024 YTD four IPOs have raised over $1B compared to only three in all of 2023.
On average, this month’s IPOs traded up 19% on the open. UL Solutions Inc. and Viking Holdings Ltd traded up 22% and 9% on the open, respectively, while Loar Holdings outperformed the field, up 61% on the open.
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