2024 Going Public: US IPO Report

Following headwinds and underwhelming performance in 2022 and 2023, the IPO market in 2024 showed signs of stabilization. While the market continued to lag behind on a proceeds basis due to a larger number of smaller IPOs during 2024, the year saw a return to historical norms on a deal-count basis. As we move through 2025, what should potential issuers expect?

In the 2024 Going Public: U.S. IPO Report, our team examined key trends in the IPO market through the most significant of the 170 traditional IPOs that priced last year, which collectively raised over $29.4 billion in gross proceeds.

Some of the leading market trends included:

• Significant year-over-year growth in the volume of IPOs that went to market;
• Year-over-year growth in the number of IPO issuers that raised at least $75 million;
• Year-over-year growth in large IPOs across various sectors; and
• While the percentage of foreign private issuer IPOs overall has increased, the percentage of foreign private issuers raising over $75 million in gross proceeds has decreased.