PwC: Q3 2018 Capital Markets Watch


The US IPO markets continued to roar, posting the busiest Q3 since 2014

The US IPO market had its best third quarter since 2014 with 60 IPOs raising $13.4 billion. The trend continued from Q2’18, which also had its best second quarter since 2014. Well-positioned issuers in rapidly growing industries with increasingly addressable markets and proven management teams fared well. The Q3 macroeconomic environment combined with strong corporate profits also produced outperforming investment returns.

The quarter saw larger IPO pricings compared to Q3’17, with the average deal size up 24%, primarily due to three large IPOs raising more than $1 billion each. Despite a typical summer slowdown, the US IPO market continued to show strength in Q3’18 with 24 pricings in September, marking the busiest September in more than seven years.

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