The market for initial public offerings (IPO) is heating up after being ice-cold for a lengthy stretch. According to Renaissance Capital, the 30 IPOs that launched in the third quarter of 2023 raised a collective $7.8 billion – more than the entire amount raised in all of 2022.
The vast majority of these funds (63%) were brought in by Softbank-backed chipmaker Arm Holdings (ARM), which raised $4.9 billion in its highly anticipated IPO. Not only did this make the ARM IPO the biggest tech offering since 2019, but it also made it one of the biggest IPOs in U.S. history.
