Global IPO Watch 2023 and outlook for 2024

January 2024

2023 was a quiet year for global IPOs, with bright spots in Chinese mainland. According to PwC’s Global IPO Watch 2023 and outlook for 2024, Chinese mainland was the most active market in global IPO activity and largest market on the world league table, raising a total of US$45.3 billion, which included three of the world’s top ten IPOs.

Cautious optimism for an IPO market recovery in 2024 as the macroeconomic landscape stabilises, along with growth in equity indices and a backlog of demand for exits, all point to potential re-opening of global IPO markets in 2024.

As always, being prepared to take advantage of these tight windows will be key for prospective issuers. There will be value in planning for optionality (e.g. dual track) and we expect alternative funding mechanisms (hybrid and convertible instruments) to continue to gain traction during 2024.