In 2020, the underwriting fees of companies undergoing initial public offering (IPO) process, where the deal was valued between 500 million and one billion U.S. dollars, amounted to 5.4 percent of gross proceeds from the offering. This means that companies with an IPO of that size paid their underwriters a fee of 5.4 percent of the total IPO. These underwriters are usually large financial corporations, such as investment banks.

What is an IPO?

An IPO represents the decision of a private company to seek public funding. This opens the company to increased regulation, but the largest IPOs worldwide generate billions of dollars in investment. This money comes from newly issued stock, the sale of which becomes open to the public at the time of the IPO, the initial offering of that stock to the public.

IPOs in the United States

There are a large number of IPOs in the United States each year. In many cases, the IPO is a chance for the company to have a positive return and an increase in capital with which it can grow its operations. But a portion of IPO deals shows negative first day returns.

All but seven special purpose acquisition company (SPAC) IPOs completed globally in the first quarter 2021 were completed in the United States. The seven remaining deals were closed in Europe, and took place across only four stock exchanges. Special purpose acquisition companies are public companies with neither a specific business plan, nor a product or service to sell.

The New York Stock Exchange (NYSE) is the largest stock exchange in the world, with an equity market capitalization of almost ** trillion U.S. dollars as of June 2025. The following three exchanges were the NASDAQ, PINK Exchange, and the Frankfurt Exchange. What is a stock exchange? A stock exchange is a marketplace where stockbrokers, traders, buyers, and sellers can trade in equities products. The largest exchanges have thousands of listed companies. These companies sell shares of their business, giving the general public the opportunity to invest in them. The oldest stock exchange worldwide is the Frankfurt Stock Exchange, founded in the late sixteenth century. Other functions of a stock exchange Since these are publicly traded companies, every firm listed on a stock exchange has had an initial public offering (IPO). The largest IPOs can raise billions of dollars in equity for the firm involved. Related to stock exchanges are derivatives exchanges, where stock options, futures contracts, and other derivatives can be traded.

As of March 2025, Amartha, a growing microfinance technology platform, was Indonesia's leading startup based on its total funding amount in the past two years. The startup had a total funding amount of over 323 million U.S. dollars. The growth of startups and venture capital financing in Indonesia are tightly linked. In 2022, the value of venture capital funding in Indonesia amounted to over 3.6 billion U.S. dollars. The rise of Indonesian startups Having the largest market size in Southeast Asia, Indonesia benefits from its predominantly young, internet-savvy workforce, enabling the creation of notable startups and unicorns for its own domestic economy. While most Indonesian startups are digital startups, their unicorn companies span a range of industries, from logistics, travel and ticketing, to financial technology services. Indonesia has eight unicorns and two decacorns: GoTo Group and J&T Express, and GoTo Group launched their initial public offering (IPO) in 2022. The first five Indonesian e-commerce platforms to attain unicorn status, Gojek, Tokopedia, Traveloka, Bukalapak, and OVO, did so before the pandemic hit the country between 2016 and 2019. In 2021, Gojek and Tokopedia merged to create GoTo Group. Not long after the merger, GoTo announced the sale of 75 percent of Tokopedia's shares to TikTok in December 2023. Leading startups in Indonesia are currently facing difficulties In 2021, Bukalapak became the country’s first unicorn to be listed on the Indonesian Stock Exchange (IDX). However, it was reported that Bukalapak.com has lost more than half its value since raising 1.5 billion U.S. dollars in Indonesia's highest public offering. GoTo Group, one of Indonesia’s decacorns, also faced difficulties in 2022 after its IPO on the IDX in 2021. Due to the unfavorable macroeconomic conditions, GoTo Group had to lay off 1,300 people, or about 12 percent of its total employees in November 2022 to cut expenses and improve their finances.

Tesla's workforce experienced a significant shift in 2024, with employee numbers decreasing to approximately 125,700 by year-end. This decline followed a period of substantial growth, reflecting the dynamic nature of the electric vehicle industry. The reduction in workforce came amid announced layoffs, marking a notable change for the company that had previously seen consistent expansion in its employee base. Research and development fueling innovation Despite the workforce reduction, Tesla maintained its commitment to innovation. The company invested over 4.5 billion U.S. dollars in research and development in 2024, solidifying its position as the leading electric vehicle manufacturer in the United States. This substantial investment has contributed to Tesla's global success, with the company selling around 1.8 million vehicles in 2024. The focus on research and development has also helped Tesla's models remain in the top five electric vehicle models with the longest driving range. Market position and industry impact Tesla's influence extends beyond its immediate operations. As of March 2024, the company's market capitalization stood at 560 billion U.S. dollar. While this represents a 14.6 percent decrease from the previous year, Tesla still significantly outpaces some of its competitors in market value. The company's impact on the automotive sector is further evidenced by its expanding model range, including the introduction of the Cybertruck in late 2023.