On September 13, 2023, Arm Holdings plc raised 5.2 billion U.S. dollars on its public debut on the Nasdaq Stock Market, making it the largest initial public offering (IPO) in the United States in 2023. Only three of the ten largest IPOs in the U.S. that year each raised over one billion U.S. dollars in capital.
Why do companies go public?
Private companies have limited access to capital and mainly use traditional sources to finance their expenditures. While such firms have more freedom to operate without reporting to investors, this also blocks the companies from raising access directly from the public. The value raised by IPOs can be significant. In hopes of gaining access to this capital, the number of IPOs in the United States generally exceeds 100 firms each year.
Risks of an IPO
IPO is a long and costly process. It necessitates cooperation with investment advisory firms to ensure that all requirements are met and that the process is optimally planned. A public company is subject to governmental and public scrutiny – any negative information, such as rumors about insider trading, can result in falling stock prices. Also, the time when going public is crucial. Even a prospering company can have a very low return in times of recession.
Largest initial public offerings (IPOs) in the United States in 2023, by deal size
(in billion U.S. dollars)
Characteristic
Deal size in billion U.S. dollars
Arm Holdings plc
5.23
Kenvue Inc
4.37
Birkenstock Holding plc
1.48
Nextracker Inc
0.73
Instacart
0.66
Klaviyo Inc
0.66
Acelyrin Inc
0.62
Ares Acquisition Corp II
0.5
ODDITY Tech Ltd
0.49
Savers Value Village Inc
0.46
Created with Highcharts 7.2.2Deal size in billion U.S. dollars5.235.234.374.371.481.480.730.730.660.660.660.660.620.620.50.50.490.490.460.46Arm Holdings plcKenvue IncBirkenstock Holding plcNextracker IncInstacartKlaviyo IncAcelyrin IncAres Acquisition Corp IIODDITY Tech LtdSavers Value Village Inc
00.511.522.533.544.555.56
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Wall Street Journal. (February 7, 2024). Largest initial public offerings (IPOs) in the United States in 2023, by deal size (in billion U.S. dollars) [Graph]. In Statista. Retrieved January 23, 2025, from https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/
Wall Street Journal. "Largest initial public offerings (IPOs) in the United States in 2023, by deal size (in billion U.S. dollars)." Chart. February 7, 2024. Statista. Accessed January 23, 2025. https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/
Wall Street Journal. (2024). Largest initial public offerings (IPOs) in the United States in 2023, by deal size (in billion U.S. dollars). Statista. Statista Inc.. Accessed: January 23, 2025. https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/
Wall Street Journal. "Largest Initial Public Offerings (Ipos) in The United States in 2023, by Deal Size (in Billion U.S. Dollars)." Statista, Statista Inc., 7 Feb 2024, https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/
Wall Street Journal, Largest initial public offerings (IPOs) in the United States in 2023, by deal size (in billion U.S. dollars) Statista, https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/ (last visited January 23, 2025)
Largest initial public offerings (IPOs) in the United States in 2023, by deal size (in billion U.S. dollars) [Graph], Wall Street Journal, February 7, 2024. [Online]. Available: https://www.statista.com/statistics/251168/largest-ipos-in-the-united-states/
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