While the IPO market’s annual fall pickup was not as robust as anticipated, Q3 2024 still produced 37 IPOs, raising a combined $8.0 billion. Although markets stumbled (as they often do) in early August amongst signs of economic weakness, stocks recovered quickly as investors responded to cooling inflation and impending rate cuts.
REIT Lineage’s $4.4 billion IPO led the pack of thirteen IPOs that raised $100 million or more in Q3. Volatile trading from the 24 smaller issuers skewed numbers in terms of overall performance, but the group of $100+ million IPOs averaged a respectable 25% return. Q3 tech IPOs included OneStream, Inc., BloomZ, OrangeKloud Technology Inc. and YXT.com. In general, private company news points to more robust issuance in 2025 as the IPO market hopefully fully normalizes; though U.S. political dynamics could impact the trajectory.