Q2 2023 Global Markets Group US Equity Capital Markets Summary

US New Issuance Market Update

The US equity new issuance market priced 202 deals (33 IPOs, 157 FOs, 12 CVTs) for $42.1B in aggregate proceeds, up 68% from the 120 deals seen during the same period the prior year.

• The largest deal of the quarter came from Kenvue Inc. with the consumer services company raising $4.4B from its IPO offering in May. The issue priced at $22 per share, which was within its initial filing range and saw a 22% uptick during its first day of trading
• Kenvue marks the largest IPO since Rivian Automotive, Inc. raised $13.7B in November 2021 and the third largest consumer services IPO since 2001.
• Overall, 33 IPOs hit the market during the quarter for $7.9B in combined proceeds, down marginally from the 38 IPOs that raised $4.0B in proceeds during Q2 2022.
• Volumes were driven again this quarter by follow-on offerings, as 157 deals priced, which was more than double the 74 deals issued in Q2 2022.
• Agilon Health, Inc. priced a $2.0B healthcare offering in May, which was the largest deal from the sector. Healthcare remained the most active sector in Q2, with 82 deals coming to market for $12.8B in proceeds.

US IPO Pipeline

• Currently there are 126 IPOs in the 12-month backlog, with the healthcare and tech sectors appearing to be the most active with 26 and 23 issuers, resepctively, in the pipeline.
• The semiconductor company Arm Holdings confidentially filed for its IPO in late-April, paving the way for a possible second half deal and joining other noteworthy filings like Navan, Stripe, and Instacart that could potentially to go public later this year.

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