October laid the groundwork for a busy Q4, with $33.6B raised via 46 offerings with market capitalization over $250M in the U.S.—the largest monthly dollar volume since November 2021. This total consisted of $4.0B via 9 IPOs and $29.6B via 38 follow-on offerings, trading up 24.1% and 4.8% respectively on a dollar-weighted basis on Day 1. The month’s average file-to-offer discount was 9.3%, tied for the highest monthly average in the past two years.
The volume was bolstered by Boeing Co. (BA), which completed a historic marketed follow-on offering in late October, raising $18.5B. This was the largest follow-on since American International Group Inc. (AIG) priced a $20.7B marketed follow-on in September 2012. Boeing concurrently priced a $5.0B convertible bond, tied as the fourth-largest convertible on CMG record. Together, this marketed follow-on and convertible bond pairing marked the largest of its kind.
While October saw major contributions from large issuers, microcap offerings also set new watermarks. Excluding offerings with market caps over $250M, 29 smaller offerings collectively raised $427.7M, including 20 IPOs—the highest such volume on record, underscoring signs of a risk-on trade.
Additionally, SPAC IPOs made a resurgence, with 9 offerings raising $1.6B, marking the highest monthly count and dollar volume since Q1 2022.
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