U.S. ECM activity declined 9.4% from Q2, but IPOs were the standout—issuance more than doubled, with several large-cap deals posting outsized first-day gains. Follow-ons slowed due to smaller average deal sizes, while convertibles continued to provide steady issuance.

Explore the key data points and takeaways that defined this quarter in our Q3 2025 U.S. ECM Recap.

Key Highlights

• 279 offerings raised $73.1B (including SPACs)
  
• IPO issuance was up 106.7% QoQ to $16.6B across 67 deals
  
• September marked the most active month of issuance in Q3, with 93 offerings raising $25.5B
  
• Eight IPOs each raised more than $750M — the highest number since Q4 2021
  
• 53 convertible offerings raised $36.2B, with an average deal size of $683.5M
  
• IPOs returned 41.8% (dollar-weighted, offer to first-day close) versus a mean of 18.7%

Download the full report for charts, analysis, and sector-level ECM insights from Q3 2025.

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