IPO Insights Q2 2022
The latest information and analysis on quarterly IPO activity and performance.
Crickets in the market
For the second quarter in a row, the doors to the IPO markets remained firmly locked. It was the worst 2Q since The Great Recession in 2009. And the results—where they exist—are moribund.
There were just 21 new issues brought to market in 2Q 2022, down from a record-setting 118 in 2Q 2021 (Renaissance Capital, 2022). Just $2.1 billion in proceeds were raised—down from $40.7 billion in the same quarter in 2021 (Renaissance Capital, 2022). Average deal size plummeted to just $22 million, from $189 million last year (Renaissance Capital, 2022). Only six new issues managed to raise more than $100 million. Private equity (PE) were once again completely absent; venture capital (VC) brought just two deals to market (Renaissance Capital, 2022).
Source: Renaissance Capital, IPO Intelligence. US IPO Market, 2Q 2022 Quarterly Review. July 1, 2022.
There is just way too much uncertainty in the market today. Nobody wants to take the risk that their IPO could get hammered by forces outside of their control. And there are very few sectors that seem resilient to the current market volatility. It will take good news on multiple fronts—the winding down of the conflict in Ukraine, the opening up of supply chains or interest rate clarity—to reopen the markets.
Conor Moore
National Leader, KPMG Private Enterprise
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