Initial public offering activity ended 2023 on a slow note, marking the slowest year for new market debuts since 2019.

There were just 370 IPOs launched globally in the fourth quarter of 2023, down from 417 in the fourth quarter of 2022 and 921 in the same period of 2021, according to the latest S&P Global Market Intelligence data. This was the slowest fourth quarter since 2012, when there were 285 IPOs worldwide. A total 1,429 IPOs were launched globally in 2023, the lowest number since 2019, a nearly 16% drop from 2022 and just over 40% of the amount launched in 2021.

There was just $24.91 billion offered globally in the fourth quarter of 2023 and a total of $120.31 billion offered throughout the year. By comparison, there was $150.54 billion offered in fourth quarter 2021 and $628.35 billion offered throughout 2021.

US activity

While the S&P 500 rallied 5.6% in the last three months of 2023, there were just 26 IPOs launched by US companies in the fourth quarter. This was up from 20 launched in the same quarter in 2022 but well below the 232 launched in the fourth quarter of 2021.

The cumulative worth of the securities sold through IPOs in 2023 was $15.76 billion in 2023, down from $20.91 billion in 2022 and well below the $286.86 billion sold in 2021.

Kenvue Inc. was the largest US IPO in 2023, with $4.37 billion offered in May, followed by Nextracker Inc. with $734 million offered in February and Maplebear Inc. with $660 million offered in September.

European activity

IPO activity also stalled in Europe as 43 IPOs were launched in the fourth quarter of 2023 by companies headquartered in the region, the same as the fourth quarter in 2022 and well below the 204 launched in the same period of 2021. While activity was slower, high-profile market debuts from the likes of British chipmaker Arm Holdings PLC dotted the year.

There was $17.14 billion sold through IPOs in 2023, down just $540 million from 2022, but well below the $111.50 billion sold in 2021.