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Momentum Builds in Q1’24

US ECM activity in Q1’24 increased over the prior quarter for the first time since a modest increase in Q2’23. Notable increases in both deal size and dollar-weighted one day

US ECM activity in Q1’24 increased over the prior quarter for the first time since a modest increase in Q2’23. Notable increases in both deal size and dollar-weighted one day returns have left investors feeling optimistic as we head into Q2.

  • Including SPACs, 256 offerings raised $65.6B
  • Average weekly activity in Q1 increased to 20 offerings vs. 15 in FY23
  • Average Q1’24 IPO size increased 31.4% from $171.1M in FY23 to $224.9M (vs. median deal size of $20.2M)
  • Average Q1’24 registered follow-on size increased 37.5% from $212.7M to $292.5M YTD (vs. median deal size of $150.0M)
  • 7 IPOs raised $500M or more in Q1 alone, matching the total for all quarters in FY23
  • 30 Convertible offerings raised $20.1B in Q1 vs. $12.6B raised via 22 offerings in Q1’23

View the full report with data visualizations.

Q1 Trends

  • Including Unregistered Block activity tracked by CMG, Q1 transaction volume increased to $64.9B, a 116.6% increase year over year and a 83.9% increase from the prior quarter (excluding SPACs)
  • IPOs raised $8.8B, representing a 241.4% increase over the same period last year via 39 offerings, while follow-on issuance raised $56.2B representing a 104.9% increase over the prior year via 211 offerings
  • Healthcare remained the most active sector raising $22.3B (34.3% market share) followed by Technology $12.5B (19.3% market share) and Industrials $6.0B (9.2% market share)
  • On a dollar-weighted basis, IPOs returned 18.2% from offer to first day close (vs. a mean of 8.8%) and returned 32.0% from offer to current (vs. a mean of (2.6%)
  • On a dollar-weighted basis, registered follow-ons returned 4.1% from offer to first day close (vs. a mean of 4.4%) and returned 10.7% from offer to current (vs. a mean of 9.0%)

Q1 2024 vs. FY 2023 Dollar-weighted One-day Returns

IPOs18.2% vs. 18.0%

SPACs1.0% vs. 1.0%

Marketed FOs4.3% vs. 2.5%

Overnight FOs6.2% vs. 4.0%

Registered Blocks1.3% vs. 0.0%

Unregistered Blocks(0.9)% vs. 0.2%


Largest Q1 Dollar-weighted Alpha Contributors with Mean Deal Size >$100M (1-Day)

Astera Labs, Inc.

02/21/24$712.8M IPO +72.3%

CG Oncology, Inc.

01/02/24$437.0M IPO +95.6%

Reddit, Inc.

02/22/24$860.2M IPO +48.4%


Largest Q1 Dollar-weighted Alpha Contributors with Mean Deal Size >$100M (Current)

Astera Labs, Inc.

02/21/24$712.8M IPO +106.1%

CG Oncology, Inc.

01/02/24$437.0M IPO +131.1%

Joint Stock Co Kaspi.kz

01/18/24$1,039.6M IPO +39.8%


Discount Trends (Median File to Offer): FY 2023 & Q1 2024

Marketed FOs(17.0%), (10.6%)

Overnight FOs(10.9%), (8.7%) vs. FY23 & Q1 2024 % to VWAP of: (11.4%), (8.7%)

Registered Blocks(3.7%), (3.3%) vs. FY23 & Q1 2024 % to VWAP of: (3.8%), (3.8%)

Unregistered Blocks(2.4%), (2.1%) vs. FY23 & Q1 2024 % to VWAP of: (2.3%), (2.1%)


IPO vs. Follow-On Composition as a % of Proceeds Raised: Q1 2024 vs. FY 2023

IPOs13.5% vs. 14.2%

FOs86.5% vs. 85.8%


Follow-On Composition as a % of Proceeds Raised: Q1 2024 vs. FY 2023

Marketed FOs22.5% vs. 20.1%

Overnight FOs33.5% vs. 33.2%

Registered Blocks27.3% vs. 25.2%

Unregistered Blocks16.7% vs. 27.8%


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.

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