GITNUXREPORT 2026

Ipo Statistics

US IPO volume surged in 2021 but fell sharply in 2022 before beginning a recovery in 2023.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Statistic 1

Globally, 2021 saw 2,834 IPOs raising $608 billion, the strongest year since 1980 records began.

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China led global IPOs in 2021 with 1,156 deals raising $141 billion, 23% of worldwide volume.

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In 2023, global IPO proceeds fell 56% to $111 billion from 2022's $251 billion across 1,671 deals.

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India recorded 243 IPOs in 2023 raising $9.7 billion, a record surpassing 2021's volume.

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Hong Kong IPO market raised $5.7 billion in 2023 across 73 listings, down 54% from 2022.

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Europe saw 205 IPOs in 2023 raising $22 billion, with Germany hosting 42 deals.

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Saudi Arabia's Tadawul exchange had 32 IPOs in 2023 raising $4.8 billion, led by Aramco follow-ons.

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Global SPAC IPOs peaked at 698 in 2021 raising $162 billion, 27% of total proceeds.

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In 2022, Asia-Pacific ex-China IPOs raised $45 billion across 450 deals, Japan contributing 25%.

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Brazil's B3 exchange hosted 78 IPOs in 2021 raising $6.2 billion, a 10-year high.

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Global tech IPOs numbered 456 in 2021 raising $245 billion, 40% of all proceeds.

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Australia’s ASX saw 15 IPOs in 2023 raising AUD 2.1 billion, mining sector dominant.

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In Q1 2024, global IPOs raised $28.3 billion across 312 deals, up 80% from Q1 2023.

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UK main market IPOs totaled 22 in 2023 raising £4.5 billion, down from 37 in 2021.

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UAE's DFM and ADX combined for 12 IPOs in 2023 raising $2.9 billion, real estate heavy.

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Global average IPO valuation multiple was 15.2x revenue in 2023, down from 22.4x in 2021.

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South Korea's Kospi and Kosdaq had 162 IPOs in 2023 raising KRW 12 trillion.

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Africa-wide IPOs numbered 18 in 2023 raising $1.8 billion, Nigeria and South Africa leading.

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Canada’s TSX and TSXV saw 31 IPOs in 2023 raising CAD 3.2 billion, resource firms key.

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Global biotech IPOs raised $18.5 billion in 2021 across 120 deals, US dominating 70%.

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In 2022, Latin America IPOs totaled 45 raising $10.1 billion, Mexico with 18 deals.

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Singapore Exchange had 9 IPOs in 2023 raising SGD 1.4 billion, REITs comprising 44%.

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Global first-day returns averaged 14.7% in 2023, lowest since 2009 excluding outliers.

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Turkey's Borsa Istanbul recorded 25 IPOs in 2023 raising TRY 15 billion despite inflation.

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In 2023, 68% of global IPOs occurred in Asia, raising 52% of total proceeds.

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Post-IPO, Snowflake shares returned 4.2x from IPO price by end-2023, outperforming S&P 500's 1.8x.

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Airbnb stock gained 12% one-year post-IPO as of Dec 2021, versus Nasdaq's -22% decline.

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DoorDash shares down 45% from IPO peak by end-2022, but up 15% YTD 2024 from trough.

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Coinbase stock returned -35% one-year post-listing as of April 2022 amid crypto winter.

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Roblox shares up 25% one-year post-IPO by March 2022, driven by metaverse hype.

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UiPath stock declined 62% from IPO price by end-2022, underperforming Russell 2000 by 50%.

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Coupang shares returned -18% one-year post-IPO as of March 2022, logistics challenges.

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Rivian EV stock down 82% from $78 IPO price by end-2023, production delays impact.

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Palantir shares up 120% one-year post-direct listing by Sept 2021, AI contracts boost.

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Asana stock fell 55% from IPO price by end-2021, remote work demand normalization.

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Unity Software shares down 64% YTD 2022 post-IPO, gaming slowdown post-pandemic.

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GitLab stock returned +8% one-year post-IPO by Oct 2022, steady DevOps growth.

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Monday.com shares surged 150% one-year post-IPO by June 2022, work OS adoption.

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Freshworks stock up 22% one-year post-IPO as of Sept 2022, SMB CRM traction.

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Thoughtworks shares declined 70% from IPO price by mid-2023, consulting margin pressures.

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Confluent stock gained 35% one-year post-IPO by June 2022, data streaming demand.

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HashiCorp shares down 25% YTD 2023 post-IPO, cloud competition intensifies.

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Cloudflare stock returned 250% one-year post-IPO by Sept 2020, cybersecurity boom.

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Bill.com shares up 180% one-year post-IPO by Nov 2020, fintech payments surge.

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Okta stock gained 120% three-years post-IPO by 2020, identity market expansion.

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Twilio shares returned 300% five-years post-IPO by 2021, comms platform dominance.

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CrowdStrike stock up 450% two-years post-IPO by 2021, endpoint security leader.

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Average US tech IPO one-year return was -15% for 2022 cohort as of 2023 end.

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European SaaS IPOs averaged 8% return three-years post-IPO per 2023 study.

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Global IPO three-year median return was -12% for 2021 vintage by 2024.

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Biotech IPOs post-2021 averaged -40% one-year returns amid rate hikes.

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Snowflake's five-year projected IRR post-IPO estimated at 35% annually to 2025.

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Tech giants like Snowflake debuted with $3.4 billion raised in 2020, valuing at $33 billion post-IPO.

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Airbnb's 2020 IPO priced at $68/share, opening at $146 for 115% first-day gain, raising $3.5 billion.

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DoorDash went public in 2020 at $102/share, peaking at $189 on day one, market cap $71 billion.

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Coinbase's April 2021 direct listing opened at $381/share, valuing crypto exchange at $85 billion.

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Roblox IPO in 2021 raised $520 million at $45/share but closed up 54% at $69.50.

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UiPath's 2021 IPO valued RPA leader at $35 billion, shares jumping 37% on debut.

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Coupang's 2021 NYSE debut raised $4.6 billion at $35/share, Korea's e-commerce giant.

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Rivian EV IPO in 2021 raised $11.9 billion at $78/share, Amazon-backed firm.

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Palantir's 2020 direct listing debuted at $10/share, reaching $45 intraday, $22 billion valuation.

Statistic 62

Asana's 2020 IPO priced at $21, opened at $28, work management software firm.

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Unity Software 2020 IPO raised $1.3 billion at $52/share, gaming engine leader up 31% day one.

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GitLab's 2021 IPO priced at $77/share, DevOps platform valuing at $15 billion post-pop.

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Monday.com 2021 IPO raised $1.1 billion at $155/share, Israeli work OS firm up 15% debut.

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Freshworks 2021 IPO valued CRM firm at $13 billion, shares up 25% on Nasdaq debut.

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Thoughtworks 2022 IPO priced at $26/share, digital engineering firm down 40% first day.

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Confluent 2021 IPO raised $828 million at $36/share, Kafka streaming data firm up 18%.

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HashiCorp 2022 IPO at $80/share valued infrastructure automation at $11.8 billion debut.

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Cloudflare 2019 IPO priced at $15/share, cybersecurity firm soaring 43% first day to $28.

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Bill.com 2019 IPO raised $229 million at $22/share, payments platform up 65% debut.

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Okta 2017 IPO priced at $17/share, identity mgmt firm jumping 97% to $33.55 first day.

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Twilio 2016 IPO at $15/share, communications API up 92% to $28.95 on debut.

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CrowdStrike 2019 IPO raised $612 million at $34/share, cybersecurity up 51% first day.

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Snowflake's 2020 IPO remains largest software debut at $3.4 billion raised, 111% first-day pop.

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In 2021, the United States recorded 1,035 IPOs that collectively raised $147.4 billion, marking the highest annual total since the dot-com peak in 2000.

Statistic 77

The average IPO size in the US for 2023 was $112 million, down 42% from $193 million in 2021 due to market volatility.

Statistic 78

SPACs accounted for 613 IPOs in the US in 2021, representing 59% of all listings but raising only 13% of total proceeds.

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Nasdaq hosted 71% of US tech IPOs in 2022, compared to NYSE's 29%, with tech firms raising $12.5 billion.

Statistic 80

US IPO volume dropped 72% year-over-year in 2022 to 181 deals, the lowest since 2009 excluding SPACs.

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In Q1 2024, US IPOs raised $4.8 billion across 35 offerings, a 125% increase from Q4 2023.

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Biotech sector led US IPOs in 2023 with 45 deals raising $2.1 billion, despite overall market slowdown.

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Average first-day pop for US IPOs in 2023 was 25.6%, compared to 37.2% in 2021.

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Women-led companies represented only 2.3% of US IPOs in 2022, with 8 firms raising $1.2 billion.

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Direct listings in the US totaled 12 in 2023, raising $3.4 billion, led by Instacart's $660 million debut.

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US IPO proceeds in 2020 surged 67% to $84.8 billion, driven by remote work tech firms amid COVID-19.

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Venture-backed IPOs in the US fell to 128 in 2023 from 442 in 2021, a 71% decline.

Statistic 88

NYSE-listed IPOs averaged $285 million in proceeds in 2022, versus Nasdaq's $89 million.

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Underpricing in US IPOs averaged 18.4% in 2023, costing issuers $8.2 billion in left-on-the-table value.

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Fintech IPOs in the US raised $15.6 billion in 2021 across 37 deals, including Coinbase's $86 billion valuation.

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In 2019, US IPOs numbered 159 raising $46.7 billion, with software firms comprising 28% of volume.

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Confidential IPO filings in the US reached 200 in 2023, up 50% from 2022, aiding quieter market entries.

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Healthtech IPOs in the US totaled 22 in 2022, raising $3.9 billion, with average valuation of $4.2 billion.

Statistic 94

US megadeals over $1 billion numbered 28 in 2021, accounting for 55% of total IPO proceeds.

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Long-term IPO returns in the US averaged -28.5% over three years for 2022 cohorts as of 2024.

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In 2023, 65% of US IPOs were priced below their expected range, reflecting cautious investor sentiment.

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Consumer tech IPOs in the US dropped to 15 in 2023 from 42 in 2021, raising $2.8 billion total.

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Average time from S-1 filing to IPO pricing in the US was 105 days in 2023, down from 132 in 2020.

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US IPOs by unicorns numbered 24 in 2023, raising $9.1 billion, with Stripe postponing its debut.

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Industrial sector US IPOs raised $1.7 billion across 12 deals in 2023, up 40% from 2022.

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In Q4 2023, US IPOs totaled 39 raising $5.2 billion, the strongest quarter since Q1 2022.

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Energy IPOs in the US were 8 in 2022, raising $2.4 billion, driven by oil price surges.

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Diversity in US IPO leadership: only 8.2% of 2023 CEOs were women, per audit of 150 filings.

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US IPO withdrawal rate hit 25% in 2023, with 72 deals pulled amid rising rates.

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Real estate IPOs in the US numbered 5 in 2023, raising $1.1 billion, including multifamily REITs.

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Valuation at IPO for Snowflake was 120x forward sales, peaking at 200x post-pop.

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Airbnb raised $3.5 billion at 15x revenue multiple in 2020 IPO, highest travel tech ever.

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DoorDash IPO valued at 22x 2021 revenue estimate, $71 billion market cap debut.

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Coinbase direct listing implied $90 billion valuation at 25x 2021 revenue forecast.

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Roblox IPO at $30 billion valuation, 50x 2021 bookings multiple for gaming platform.

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UiPath priced IPO at 45x forward sales, $35 billion valuation for RPA leader.

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Coupang's $80 billion IPO valuation at 10x sales, cheapest among 2021 megadeals.

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Rivian raised $11.9 billion at 40x 2023 revenue projection, EV unicorn premium.

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Palantir direct listing at $22 billion, 25x 2020 revenue despite profitability concerns.

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Asana IPO valued at 25x ARR, $15 billion for project mgmt software.

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Unity IPO at 30x 2021 revenue, $13.7 billion for game engine amid metaverse hype.

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GitLab IPO at $11 billion, 35x ARR multiple for open-source DevOps.

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Monday.com raised $1.1 billion at 30x revenue, $7.5 billion Israeli SaaS unicorn.

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Freshworks IPO valued at $13 billion, 20x sales for India-based CRM.

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Thoughtworks IPO at $4.5 billion, 8x revenue multiple reflecting services model.

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Confluent raised $828 million at $14 billion valuation, 25x ARR for Kafka streaming.

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HashiCorp IPO at $11.8 billion, 40x forward revenue for infra automation.

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Cloudflare 2019 IPO at $4.4 billion, 15x sales despite losses, cybersecurity premium.

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Bill.com IPO raised $229 million at $4.8 billion valuation, 25x revenue fintech.

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Okta 2017 IPO at $6.5 billion, 12x revenue for identity management leader.

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Twilio 2016 IPO valued at $5.8 billion, 10x revenue comms platform growth.

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CrowdStrike 2019 IPO at $6.6 billion, 20x ARR cybersecurity endpoint focus.

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From the record-shattering $147.4 billion IPO boom of 2021 to the cautious resurgence of 2024, the world of public listings is a rollercoaster where fortunes are made and billions are left on the table, as we reveal through a deep dive into the data behind the deals.

Key Takeaways

In 2021, the United States recorded 1,035 IPOs that collectively raised $147.4 billion, marking the highest annual total since the dot-com peak in 2000.
The average IPO size in the US for 2023 was $112 million, down 42% from $193 million in 2021 due to market volatility.
SPACs accounted for 613 IPOs in the US in 2021, representing 59% of all listings but raising only 13% of total proceeds.
Globally, 2021 saw 2,834 IPOs raising $608 billion, the strongest year since 1980 records began.
China led global IPOs in 2021 with 1,156 deals raising $141 billion, 23% of worldwide volume.
In 2023, global IPO proceeds fell 56% to $111 billion from 2022's $251 billion across 1,671 deals.
Tech giants like Snowflake debuted with $3.4 billion raised in 2020, valuing at $33 billion post-IPO.
Airbnb's 2020 IPO priced at $68/share, opening at $146 for 115% first-day gain, raising $3.5 billion.
DoorDash went public in 2020 at $102/share, peaking at $189 on day one, market cap $71 billion.
Post-IPO, Snowflake shares returned 4.2x from IPO price by end-2023, outperforming S&P 500's 1.8x.
Airbnb stock gained 12% one-year post-IPO as of Dec 2021, versus Nasdaq's -22% decline.
DoorDash shares down 45% from IPO peak by end-2022, but up 15% YTD 2024 from trough.
Valuation at IPO for Snowflake was 120x forward sales, peaking at 200x post-pop.
Airbnb raised $3.5 billion at 15x revenue multiple in 2020 IPO, highest travel tech ever.
DoorDash IPO valued at 22x 2021 revenue estimate, $71 billion market cap debut.

US IPO volume surged in 2021 but fell sharply in 2022 before beginning a recovery in 2023.

Global Market

Globally, 2021 saw 2,834 IPOs raising $608 billion, the strongest year since 1980 records began.
China led global IPOs in 2021 with 1,156 deals raising $141 billion, 23% of worldwide volume.
In 2023, global IPO proceeds fell 56% to $111 billion from 2022's $251 billion across 1,671 deals.
India recorded 243 IPOs in 2023 raising $9.7 billion, a record surpassing 2021's volume.
Hong Kong IPO market raised $5.7 billion in 2023 across 73 listings, down 54% from 2022.
Europe saw 205 IPOs in 2023 raising $22 billion, with Germany hosting 42 deals.
Saudi Arabia's Tadawul exchange had 32 IPOs in 2023 raising $4.8 billion, led by Aramco follow-ons.
Global SPAC IPOs peaked at 698 in 2021 raising $162 billion, 27% of total proceeds.
In 2022, Asia-Pacific ex-China IPOs raised $45 billion across 450 deals, Japan contributing 25%.
Brazil's B3 exchange hosted 78 IPOs in 2021 raising $6.2 billion, a 10-year high.
Global tech IPOs numbered 456 in 2021 raising $245 billion, 40% of all proceeds.
Australia’s ASX saw 15 IPOs in 2023 raising AUD 2.1 billion, mining sector dominant.
In Q1 2024, global IPOs raised $28.3 billion across 312 deals, up 80% from Q1 2023.
UK main market IPOs totaled 22 in 2023 raising £4.5 billion, down from 37 in 2021.
UAE's DFM and ADX combined for 12 IPOs in 2023 raising $2.9 billion, real estate heavy.
Global average IPO valuation multiple was 15.2x revenue in 2023, down from 22.4x in 2021.
South Korea's Kospi and Kosdaq had 162 IPOs in 2023 raising KRW 12 trillion.
Africa-wide IPOs numbered 18 in 2023 raising $1.8 billion, Nigeria and South Africa leading.
Canada’s TSX and TSXV saw 31 IPOs in 2023 raising CAD 3.2 billion, resource firms key.
Global biotech IPOs raised $18.5 billion in 2021 across 120 deals, US dominating 70%.
In 2022, Latin America IPOs totaled 45 raising $10.1 billion, Mexico with 18 deals.
Singapore Exchange had 9 IPOs in 2023 raising SGD 1.4 billion, REITs comprising 44%.
Global first-day returns averaged 14.7% in 2023, lowest since 2009 excluding outliers.
Turkey's Borsa Istanbul recorded 25 IPOs in 2023 raising TRY 15 billion despite inflation.
In 2023, 68% of global IPOs occurred in Asia, raising 52% of total proceeds.

Global Market Interpretation

It appears we collectively experienced the financial equivalent of a frantic, record-breaking party in 2021, only to spend the next two years nursing a global hangover of declining valuations and quieter listings, while a few resilient guests—namely India and parts of the Middle East—kept the music playing in their own corners of the room.

Post-IPO Performance

Post-IPO, Snowflake shares returned 4.2x from IPO price by end-2023, outperforming S&P 500's 1.8x.
Airbnb stock gained 12% one-year post-IPO as of Dec 2021, versus Nasdaq's -22% decline.
DoorDash shares down 45% from IPO peak by end-2022, but up 15% YTD 2024 from trough.
Coinbase stock returned -35% one-year post-listing as of April 2022 amid crypto winter.
Roblox shares up 25% one-year post-IPO by March 2022, driven by metaverse hype.
UiPath stock declined 62% from IPO price by end-2022, underperforming Russell 2000 by 50%.
Coupang shares returned -18% one-year post-IPO as of March 2022, logistics challenges.
Rivian EV stock down 82% from $78 IPO price by end-2023, production delays impact.
Palantir shares up 120% one-year post-direct listing by Sept 2021, AI contracts boost.
Asana stock fell 55% from IPO price by end-2021, remote work demand normalization.
Unity Software shares down 64% YTD 2022 post-IPO, gaming slowdown post-pandemic.
GitLab stock returned +8% one-year post-IPO by Oct 2022, steady DevOps growth.
Monday.com shares surged 150% one-year post-IPO by June 2022, work OS adoption.
Freshworks stock up 22% one-year post-IPO as of Sept 2022, SMB CRM traction.
Thoughtworks shares declined 70% from IPO price by mid-2023, consulting margin pressures.
Confluent stock gained 35% one-year post-IPO by June 2022, data streaming demand.
HashiCorp shares down 25% YTD 2023 post-IPO, cloud competition intensifies.
Cloudflare stock returned 250% one-year post-IPO by Sept 2020, cybersecurity boom.
Bill.com shares up 180% one-year post-IPO by Nov 2020, fintech payments surge.
Okta stock gained 120% three-years post-IPO by 2020, identity market expansion.
Twilio shares returned 300% five-years post-IPO by 2021, comms platform dominance.
CrowdStrike stock up 450% two-years post-IPO by 2021, endpoint security leader.
Average US tech IPO one-year return was -15% for 2022 cohort as of 2023 end.
European SaaS IPOs averaged 8% return three-years post-IPO per 2023 study.
Global IPO three-year median return was -12% for 2021 vintage by 2024.
Biotech IPOs post-2021 averaged -40% one-year returns amid rate hikes.
Snowflake's five-year projected IRR post-IPO estimated at 35% annually to 2025.

Post-IPO Performance Interpretation

This parade of post-IPO fortunes reads like a stark reminder that for every Snowflake becoming a blizzard of returns, there’s a Rivian running out of road, proving that the public markets are less a golden ticket and more a brutal meritocracy where hype dies and execution gets its report card.

Technology Sector

Tech giants like Snowflake debuted with $3.4 billion raised in 2020, valuing at $33 billion post-IPO.
Airbnb's 2020 IPO priced at $68/share, opening at $146 for 115% first-day gain, raising $3.5 billion.
DoorDash went public in 2020 at $102/share, peaking at $189 on day one, market cap $71 billion.
Coinbase's April 2021 direct listing opened at $381/share, valuing crypto exchange at $85 billion.
Roblox IPO in 2021 raised $520 million at $45/share but closed up 54% at $69.50.
UiPath's 2021 IPO valued RPA leader at $35 billion, shares jumping 37% on debut.
Coupang's 2021 NYSE debut raised $4.6 billion at $35/share, Korea's e-commerce giant.
Rivian EV IPO in 2021 raised $11.9 billion at $78/share, Amazon-backed firm.
Palantir's 2020 direct listing debuted at $10/share, reaching $45 intraday, $22 billion valuation.
Asana's 2020 IPO priced at $21, opened at $28, work management software firm.
Unity Software 2020 IPO raised $1.3 billion at $52/share, gaming engine leader up 31% day one.
GitLab's 2021 IPO priced at $77/share, DevOps platform valuing at $15 billion post-pop.
Monday.com 2021 IPO raised $1.1 billion at $155/share, Israeli work OS firm up 15% debut.
Freshworks 2021 IPO valued CRM firm at $13 billion, shares up 25% on Nasdaq debut.
Thoughtworks 2022 IPO priced at $26/share, digital engineering firm down 40% first day.
Confluent 2021 IPO raised $828 million at $36/share, Kafka streaming data firm up 18%.
HashiCorp 2022 IPO at $80/share valued infrastructure automation at $11.8 billion debut.
Cloudflare 2019 IPO priced at $15/share, cybersecurity firm soaring 43% first day to $28.
Bill.com 2019 IPO raised $229 million at $22/share, payments platform up 65% debut.
Okta 2017 IPO priced at $17/share, identity mgmt firm jumping 97% to $33.55 first day.
Twilio 2016 IPO at $15/share, communications API up 92% to $28.95 on debut.
CrowdStrike 2019 IPO raised $612 million at $34/share, cybersecurity up 51% first day.
Snowflake's 2020 IPO remains largest software debut at $3.4 billion raised, 111% first-day pop.

Technology Sector Interpretation

The year 2020 ushered in a giddy casino of IPO debuts where software and speculation collided, proving that for a hot minute, the only thing better than a unicorn was a public one whose stock price could moonwalk on its very first day.

US Market

In 2021, the United States recorded 1,035 IPOs that collectively raised $147.4 billion, marking the highest annual total since the dot-com peak in 2000.
The average IPO size in the US for 2023 was $112 million, down 42% from $193 million in 2021 due to market volatility.
SPACs accounted for 613 IPOs in the US in 2021, representing 59% of all listings but raising only 13% of total proceeds.
Nasdaq hosted 71% of US tech IPOs in 2022, compared to NYSE's 29%, with tech firms raising $12.5 billion.
US IPO volume dropped 72% year-over-year in 2022 to 181 deals, the lowest since 2009 excluding SPACs.
In Q1 2024, US IPOs raised $4.8 billion across 35 offerings, a 125% increase from Q4 2023.
Biotech sector led US IPOs in 2023 with 45 deals raising $2.1 billion, despite overall market slowdown.
Average first-day pop for US IPOs in 2023 was 25.6%, compared to 37.2% in 2021.
Women-led companies represented only 2.3% of US IPOs in 2022, with 8 firms raising $1.2 billion.
Direct listings in the US totaled 12 in 2023, raising $3.4 billion, led by Instacart's $660 million debut.
US IPO proceeds in 2020 surged 67% to $84.8 billion, driven by remote work tech firms amid COVID-19.
Venture-backed IPOs in the US fell to 128 in 2023 from 442 in 2021, a 71% decline.
NYSE-listed IPOs averaged $285 million in proceeds in 2022, versus Nasdaq's $89 million.
Underpricing in US IPOs averaged 18.4% in 2023, costing issuers $8.2 billion in left-on-the-table value.
Fintech IPOs in the US raised $15.6 billion in 2021 across 37 deals, including Coinbase's $86 billion valuation.
In 2019, US IPOs numbered 159 raising $46.7 billion, with software firms comprising 28% of volume.
Confidential IPO filings in the US reached 200 in 2023, up 50% from 2022, aiding quieter market entries.
Healthtech IPOs in the US totaled 22 in 2022, raising $3.9 billion, with average valuation of $4.2 billion.
US megadeals over $1 billion numbered 28 in 2021, accounting for 55% of total IPO proceeds.
Long-term IPO returns in the US averaged -28.5% over three years for 2022 cohorts as of 2024.
In 2023, 65% of US IPOs were priced below their expected range, reflecting cautious investor sentiment.
Consumer tech IPOs in the US dropped to 15 in 2023 from 42 in 2021, raising $2.8 billion total.
Average time from S-1 filing to IPO pricing in the US was 105 days in 2023, down from 132 in 2020.
US IPOs by unicorns numbered 24 in 2023, raising $9.1 billion, with Stripe postponing its debut.
Industrial sector US IPOs raised $1.7 billion across 12 deals in 2023, up 40% from 2022.
In Q4 2023, US IPOs totaled 39 raising $5.2 billion, the strongest quarter since Q1 2022.
Energy IPOs in the US were 8 in 2022, raising $2.4 billion, driven by oil price surges.
Diversity in US IPO leadership: only 8.2% of 2023 CEOs were women, per audit of 150 filings.
US IPO withdrawal rate hit 25% in 2023, with 72 deals pulled amid rising rates.
Real estate IPOs in the US numbered 5 in 2023, raising $1.1 billion, including multifamily REITs.

US Market Interpretation

The IPO landscape is a capricious beast: its 2021 champagne-popping frenzy of record-breaking volume and SPAC-mania gave way to a 2022 hangover of shrunken deals, volatile pricing, and sobering long-term returns, proving that what the market giveth, it also very taketh away.

Valuation and Fundraising

Valuation at IPO for Snowflake was 120x forward sales, peaking at 200x post-pop.
Airbnb raised $3.5 billion at 15x revenue multiple in 2020 IPO, highest travel tech ever.
DoorDash IPO valued at 22x 2021 revenue estimate, $71 billion market cap debut.
Coinbase direct listing implied $90 billion valuation at 25x 2021 revenue forecast.
Roblox IPO at $30 billion valuation, 50x 2021 bookings multiple for gaming platform.
UiPath priced IPO at 45x forward sales, $35 billion valuation for RPA leader.
Coupang's $80 billion IPO valuation at 10x sales, cheapest among 2021 megadeals.
Rivian raised $11.9 billion at 40x 2023 revenue projection, EV unicorn premium.
Palantir direct listing at $22 billion, 25x 2020 revenue despite profitability concerns.
Asana IPO valued at 25x ARR, $15 billion for project mgmt software.
Unity IPO at 30x 2021 revenue, $13.7 billion for game engine amid metaverse hype.
GitLab IPO at $11 billion, 35x ARR multiple for open-source DevOps.
Monday.com raised $1.1 billion at 30x revenue, $7.5 billion Israeli SaaS unicorn.
Freshworks IPO valued at $13 billion, 20x sales for India-based CRM.
Thoughtworks IPO at $4.5 billion, 8x revenue multiple reflecting services model.
Confluent raised $828 million at $14 billion valuation, 25x ARR for Kafka streaming.
HashiCorp IPO at $11.8 billion, 40x forward revenue for infra automation.
Cloudflare 2019 IPO at $4.4 billion, 15x sales despite losses, cybersecurity premium.
Bill.com IPO raised $229 million at $4.8 billion valuation, 25x revenue fintech.
Okta 2017 IPO at $6.5 billion, 12x revenue for identity management leader.
Twilio 2016 IPO valued at $5.8 billion, 10x revenue comms platform growth.
CrowdStrike 2019 IPO at $6.6 billion, 20x ARR cybersecurity endpoint focus.

Valuation and Fundraising Interpretation

From Snowflake's astronomical 200x sales to Coupang's relatively modest 10x, the IPO market revealed that investor enthusiasm was priced not in multiples of revenue, but in multiples of hype.

Sources & References

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