There were 39 initial public offerings (IPOs) during Q3 that raised a combined $3.1 billion. This aligns IPO numbers with what was previously seen in Q1 2021 (38). Q3’s amount raised was the smallest amount raised since Q1 2016 ($2.9 billion). Both traditional and special purpose acquisition company (SPAC) IPOs continued the decline seen throughout 2022. Compared to Q3 2021, the number of traditional IPOs declined by 72%. Similarly, the number of SPAC IPOs declined by 91%.

In this article, Audit Analytics further examines the major decrease in the number and size of IPOs during the third quarter of 2022.