Customer Logins
Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.
Customer Logins
BLOG
Apr 17, 2023
Q1 2023 Global Markets Group US Equity Capital Markets Summary
US New Issuance Market Update
The US equity new issue market priced 194 deals (42 IPOs, 133 FOs, 19 CVTs) for $31.5B in aggregate proceeds in Q1 2023, up 8% from the 179 deals seen during the same period the prior year.
- Overall, volumes were driven by the 49% year-over-year uptick in follow-on offerings with 133 deals that raised $20.1B in total proceeds, led by the $1.7B offering from American Water Works Company, Inc.'s offering out of the utilities sector.
- The healthcare sector was the most active with 55 deals coming to market for $5.5B in proceeds, as Karuna Therapeutics, Inc. raised $460.0M in proceeds
- The IPO market saw volumes fall 48% from the analogous period the prior year, to 42 deals that raised a combined $3.1B in proceeds.
- A decline in SPAC issuance largely drove IPO issuance down, with just 11 deals coming to market compared to the 55 deals seen the previous year.
- The energy sector produced the biggest IPO in 2023 thus far, as Nextracker Inc. raised $734.2M in proceeds after pricing about its initial filing range at $24 per share and rose 27% in its first day on the market.
- The largest deal of the year came in the form of a convertible offering as HSBC Holdings Plc raised $2.0B in total proceeds.
US IPO Pipeline
- Currently there are 131 IPOs in the 12-month backlog, with the healthcare, SPAC, and tech sectors appearing to be the most active, having 25, 24, and 22 respective issuers in the pipeline.
- Separately, there is looming speculation that some notable companies such as Discord, Reddit, and Instacart could launch IPOs toward the second half of the year.
S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
{"items" : [
{"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fq1-global-markets-group-us-equity-capital-markets-summary.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fq1-global-markets-group-us-equity-capital-markets-summary.html&text=Q1+2023+Global+Markets+Group+US+Equity+Capital+Markets+Summary+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fq1-global-markets-group-us-equity-capital-markets-summary.html","enabled":true},{"name":"email","url":"?subject=Q1 2023 Global Markets Group US Equity Capital Markets Summary | S&P Global &body=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fq1-global-markets-group-us-equity-capital-markets-summary.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Q1+2023+Global+Markets+Group+US+Equity+Capital+Markets+Summary+%7c+S%26P+Global+ http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fq1-global-markets-group-us-equity-capital-markets-summary.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"}
]}