Not all IPOs result in long-term gains for the respective company; however, the average year-end gains for all companies that went public in the United States have been mostly positive each year over the past decade. In 2023, however, the average returns amounted to a negative ** percent in the first year after their IPO.

Initial IPO returns in the United States fluctuated between 2005 and 2023. Throughout the period considered, 2020 was the best year for first-day gains, amounting to ** percent. In 2023, the average first-day gain after an IPO in the U.S. was **** percent, as IPOs maintained their offering prices on their first day of trading.

In 2023, financial services was the best performing sector for an initial public offering (IPO) in the United States. The average IPO returns for this sector was **** percent. Most sectors had negative returns, with the lowest returns seen in the communication services sector, where the average amounted to ***** percent.

More than half of IPOs in the United States in 2023 generated negative first day returns, up from **** percent of IPOs in the previous year. This represents *** of the highest share of negative returns throughout the period considered, second only to that recorded in 2008.

In the second quarter of 2024, the Middle East and North Africa (MENA) region registered ** initial public offerings (IPOs). First-day IPO returns were highest for Miahona Company and Rasan Information Technology Company, with both achieving a ** percent gain. In contrast, first-day returns for Yaqeen Capital Company stood at negative ** percent.

IPO Market Outlook

According to our latest research, the global IPO market size reached USD 248.5 billion in 2024, reflecting a strong resurgence in public offerings after a period of volatility in previous years. The market is projected to grow at a CAGR of 7.1% from 2025 to 2033, reaching an estimated USD 464.3 billion by 2033. This robust growth is primarily driven by high investor appetite for new listings, ongoing digital transformation across industries, and favorable regulatory environments in key financial hubs. As per our analysis, the IPO market’s expansion is closely tied to macroeconomic stability, the evolution of capital markets, and the increasing participation of both institutional and retail investors.

One of the most significant growth factors for the IPO market is the accelerating pace of innovation and digital transformation across multiple industry verticals. Technology companies, in particular, are leveraging IPOs to access capital for scaling operations, investing in research and development, and expanding into new markets. The proliferation of digital platforms and fintech solutions has lowered barriers to entry for smaller enterprises, enabling a broader array of companies to consider public offerings as a viable growth strategy. Additionally, the growing adoption of ESG (Environmental, Social, and Governance) criteria by investors is prompting companies to enhance transparency and governance, making them more attractive IPO candidates. This convergence of technological advancement and investor preferences is expected to sustain high levels of IPO activity in the coming years.

Another key driver is the increased participation of institutional investors, who are seeking to diversify portfolios and capture early-stage growth opportunities. The global low-interest-rate environment has prompted asset managers, pension funds, and sovereign wealth funds to allocate more capital to equities, including IPOs. This influx of institutional capital provides a stable foundation for new listings, encouraging companies from diverse sectors such as healthcare, energy, and consumer goods to pursue public offerings. Furthermore, regulatory reforms in regions like Asia Pacific and North America have streamlined the IPO process, reduced compliance burdens, and enhanced market transparency, making it more attractive for companies to go public. These reforms have also fostered greater cross-border listings, further expanding the global IPO market.

Retail investor participation has also surged, fueled by the democratization of investing through online trading platforms and mobile apps. This trend has been especially pronounced in emerging markets, where retail investors are increasingly active in IPO subscriptions. The rise of social media and financial influencers has heightened public awareness of IPO opportunities, leading to oversubscription in several high-profile listings. This democratization of access has not only increased the liquidity of IPO markets but also introduced new dynamics in pricing and aftermarket performance. However, it also necessitates enhanced investor education and regulatory oversight to ensure market stability and protect less experienced investors from speculative risks.

Regionally, the Asia Pacific and North America markets continue to dominate global IPO activity, accounting for over 60% of total proceeds in 2024. Asia Pacific, led by China and India, has become a hotbed for technology and consumer goods IPOs, while North America remains the preferred destination for high-growth startups, particularly in the technology and healthcare sectors. Europe has also witnessed a resurgence in IPOs, driven by strong investor demand and supportive monetary policies. Meanwhile, Latin America and the Middle East & Africa are emerging as promising markets, benefiting from economic reforms and increased foreign direct investment. The regional outlook suggests a broadening of the IPO market, with significant opportunities for both issuers and investors across geographies.

Type Analysis

This dataset is about stocks per day. It has 2,905 rows and is filtered where the stock is IPO. It features 3 columns: stock, and opening price.

In 2020, the popularity of special purpose acquisition companies (SPACs) exploded in the United States and the average initial return was also higher than in recent years. Initial return is the percentage value difference between the IPO offer price and the first-day market price. The mean initial return was *** percent in 2023, up from *** percent in the previous year.

This dataset is about stocks per day. It has 2,905 rows and is filtered where the stock is IPO. It features 3 columns: stock, and closing price.

This dataset is about stocks per day. It has 2,905 rows and is filtered where the stock is IPO. It features 3 columns: stock, and lowest price.

DIPO-HK (Data of IPOs in Hong Kong) is a comprehensive dataset providing real-time insights into the Hong Kong IPO market. It offers in-depth coverage throughout the IPO lifecycle, featuring:

• Detailed company information,
• Subscription and allotment analytics
• Grey market trading insights.

Users can access crucial data fields such as offered share details, cornerstone investors and executive profiles, subscription levels, margin loan data, allotment success rates, trading prices, and volumes.

Designed for accuracy and timeliness, DIPO-HK sources IPO subscription/allotment data and grey market trading data from major local brokerages. It delivers daily and intraday updates and processes historical data in a point-in-time (PIT) manner since 2022.

With rich, structured datasets and advanced analytics, including forecasts for subscription success rates, DIPO-HK equips actionable insights to navigate the dynamic IPO landscape.

• Coverage: Newly Listed HK stocks • History: From 2022-01-01 • Update Frequency: Daily/Intra-day

Descriptive statistics of first-week returns on the issuing firms’ securities.

IPO Services Market Outlook

The global IPO services market size was valued at approximately USD 8 billion in 2023 and is forecasted to reach more than USD 21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.2% during the forecast period. This robust growth can be attributed to several factors, including increasing corporate activities, favorable regulatory environments, and heightened investor interest worldwide.

One of the primary growth factors in the IPO services market is the surge in corporate activities, particularly in emerging markets. Businesses are increasingly looking to go public as a means to raise capital for expansion and innovation. This is particularly evident in sectors such as technology, healthcare, and financial services, where companies are keen to leverage the favorable market conditions to fuel their growth. The rise in the number of unicorns—privately held startup companies valued at over $1 billion—also significantly contributes to the demand for IPO services.

Another key driver is the favorable regulatory environment in various regions. Regulatory bodies are making concerted efforts to streamline the IPO process, reduce administrative burdens, and increase transparency. For instance, regulatory reforms in Asia Pacific and Europe have made it more feasible and attractive for businesses to go public. These efforts include simplifying disclosure requirements and enhancing investor protection mechanisms, thereby fostering a conducive environment for IPO activities.

Heightened investor interest is also playing a crucial role in the expansion of the IPO services market. With interest rates remaining relatively low, investors are increasingly looking for alternative investment avenues, and IPOs present a lucrative opportunity. Additionally, the rise of retail investors, facilitated by online trading platforms, has further fueled demand. The high performance of recent IPOs has led to increased investor confidence, contributing to the market's growth.

Regionally, North America continues to dominate the market, driven by the strong presence of financial markets and tech companies. However, the Asia Pacific region is emerging as a significant hotspot for IPO activities, largely due to the rapid economic growth and increased number of high-growth companies in countries like China and India. Europe also shows promising growth, supported by regulatory reforms and a robust financial ecosystem.

Service Type Analysis

The IPO services market is segmented by service type into advisory services, underwriting services, legal services, accounting services, and others. Advisory services hold a significant share of the market, driven by the need for strategic guidance and expertise in navigating the complexities of going public. These services often include market assessment, valuation, and strategic planning, all of which are crucial for the success of an IPO. Companies seek advisory services to ensure they are well-prepared for the rigorous scrutiny and regulatory requirements of the public markets.

Underwriting services play a pivotal role in the IPO process, as they involve the financial backing and risk assessment necessary for the issuance of new shares. Investment banks and financial institutions offering underwriting services are instrumental in determining the initial pricing, managing the distribution of shares, and stabilizing the stock after it begins trading. The demand for underwriting services remains robust, particularly among large enterprises with complex financial structures.

Legal services are another critical component of the IPO services market. These services encompass a wide range of legal expertise, including compliance with securities laws, corporate governance, and contractual agreements. Legal advisors ensure that all regulatory requirements are met, helping to mitigate legal risks and safeguard the interests of the company and its shareholders. With the increasing complexity of global financial regulations, the demand for specialized legal services continues to grow.

Accounting services are essential for ensuring financial transparency and accuracy. These services include auditing, financial reporting, and internal controls, all of which are scrutinized during the IPO process. Accurate financial statements are crucial f

Descriptive statistics of four-week returns on the issuing firms’ securities.

Renewable Energy IPO Market Outlook

According to our latest research, the global Renewable Energy IPO market size reached USD 21.6 billion in 2024, reflecting robust investor appetite for clean energy ventures amidst global decarbonization efforts. The market is anticipated to expand at a compound annual growth rate (CAGR) of 11.8% from 2025 to 2033, projecting a total market value of USD 60.2 billion by 2033. The principal growth factor driving this surge is the escalating demand for sustainable energy solutions, underpinned by favorable regulatory frameworks and heightened environmental consciousness across both developed and emerging economies.

One of the most significant growth factors for the Renewable Energy IPO market is the global transition toward decarbonization and net-zero targets. Governments worldwide are enacting stringent climate policies and offering incentives to accelerate the adoption of renewable energy technologies. This regulatory push is encouraging both established energy companies and innovative startups to seek public funding through IPOs, which in turn is attracting a diverse pool of investors. The increasing frequency of climate-related disasters and mounting pressure from stakeholders are compelling companies to invest in renewables, further boosting IPO activity in this sector. Additionally, the integration of Environmental, Social, and Governance (ESG) criteria into investment strategies has led institutional investors to prioritize clean energy assets, thereby increasing the volume and value of renewable energy IPOs.

Another pivotal driver is the rapid technological advancements and cost reductions in renewable energy generation. The cost of solar panels, wind turbines, and associated storage solutions has decreased significantly over the past decade, making renewable projects more economically viable and attractive for public markets. The proliferation of distributed generation and microgrid solutions is enabling smaller companies and technology providers to access capital markets, thereby democratizing renewable energy investments. Furthermore, the rise of digital platforms and fintech innovations is simplifying the IPO process, reducing barriers to entry, and broadening the investor base. As a result, a diverse mix of companies, from utility-scale project developers to technology innovators, are increasingly leveraging IPOs to fuel their growth and scale their operations globally.

Capital market trends are also shaping the landscape of the Renewable Energy IPO market. The growing popularity of green bonds and sustainable finance instruments is providing additional fundraising avenues for renewable energy companies. Public offerings are being complemented by follow-on offerings and hybrid instruments, enabling companies to tap into deeper pools of capital over time. Investor sentiment is buoyed by the long-term growth prospects of renewables, especially as traditional fossil fuel investments face increased regulatory scrutiny and declining returns. Moreover, the rise of retail investing platforms and ESG-focused funds is democratizing access to renewable energy IPOs, allowing a wider range of investors to participate in the sector’s growth story. This confluence of factors is fostering a vibrant, competitive, and rapidly expanding market for renewable energy IPOs.

Regionally, the Asia Pacific market is emerging as a powerhouse in renewable energy IPO activity, driven by aggressive government targets, vast untapped resources, and significant investments in infrastructure. North America and Europe continue to lead in terms of market maturity and technological innovation, with a steady pipeline of IPOs from both established players and emerging disruptors. Latin America and the Middle East & Africa, while currently smaller in scale, are witnessing accelerated growth due to favorable policy shifts and increasing investor interest. Each region presents unique opportunities and challenges, with local regulatory environments, resource availability, and investor preferences shaping the trajectory of renewable energy IPOs.

This line chart displays highest price by date using the aggregation sum. The data is filtered where the stock is IPO. The data is about stocks per day.

Korea Capital Raised: Case: Stocks: KRX: Stock Market: IPO data was reported at 0.000 Unit in Oct 2018. This records a decrease from the previous number of 3.000 Unit for Sep 2018. Korea Capital Raised: Case: Stocks: KRX: Stock Market: IPO data is updated monthly, averaging 0.000 Unit from Jan 1998 (Median) to Oct 2018, with 250 observations. The data reached an all-time high of 6.000 Unit in Nov 2015 and a record low of 0.000 Unit in Oct 2018. Korea Capital Raised: Case: Stocks: KRX: Stock Market: IPO data remains active status in CEIC and is reported by Financial Supervisory Service. The data is categorized under Global Database’s South Korea – Table KR.Z023: Korea Exchange: Capital Raised.

ABSTRACT The objective of this study was to verify the effects of the lock-up expiration on the behavior of prices and volumes in IPOs and follow-ons in the Brazilian market and to identify factors that may explain the existence and magnitude of abnormal returns. Few studies were found to investigate this phenomenon in Brazil, which were limited to the analysis of IPOs without examining the effect on follow-ons and the construction of abnormal accumulated returns compared to the Ibovespa, instead of benchmarks appropriate to each stock's risk. Lock-up clauses exist to mitigate the problem of information asymmetry in public offers but expose investors to the risk of a price drop after its expiration. Understanding the magnitude of this impact is essential for investors in the stock market. Through this article's analysis, investors will be able to estimate the magnitude of the price variation around the lock-up expiration, what factors explain the returns, and whether there are indications of short selling limitations. The event study method was applied, comparing returns to the Ibovespa and an individual reference portfolio composed of similar companies. Database: 313 offers that occurred on the Brazilian stock market between 2004 and 2019. Evidence of volume increase was found around the expiry of lock-up in IPOs, but the price drop was verified only in companies with private equity funds as shareholders. In follow-ons, in which the asymmetry of information about the issuer is less pronounced, the opposite situation was verified. There are several extensions and lock-up formats worldwide, which provide different impacts on volume and price. This article contributes to the literature when analyzing this event in Brazil and extending the analysis to follow-ons. A possible interpretation for the phenomenon is the restrictions on short-selling in the Brazilian market.

Equity returns remained high in 2020, in spite of the uncertainty and volatility caused by the coronavirus pandemic and related partial shutdowns. Initial public offerings (IPOs) ended the year with the highest rate of equity returns, which amounted to ** percent returns for investors. However, the most compelling financial story in the second half of the year revolved around the huge increase in IPOs via special purpose acquisition companies (SPACs). SPAC mergers refer to the practice of a SPAC, which is a publicly listed company with no operations, merging with a private company to take the latter public without following the normal IPO process. In 2021, however, IPOs and SPAC mergers experienced negative returns. Why are NASDAQ and S&P 500 relevant benchmarks? The Nasdaq and the S&P 500 are two of the most important stock indices in the United States, if not the world. The Nasdaq Composite Index includes over 2,500 stocks listed on the Nasdaq stock market, which is the second largest stock exchange globally. The S&P 500 index tracks the stock value of 500 large companies, such as Facebook and Alphabet, listed on the New York Stock Exchange. What level of impact did the pandemic have on these indices? Over the past decade, both the NASDAQ Composite index and the S&P 500 index have skyrocketed in value. However, both indices took a hit in February and March 2020 when the uncertainty caused by the pandemic led to investors selling off assets en masse. This dip was short-lived and both indices had fully recovered by the third quarter.