2024 Annual Ranking of US Stock Equity Underwriting

In 2024, the performance of the US secondary market was strong, with the Federal Reserve continuously cutting interest rates in the second half of the year to drive funds into the securities market. The Dow Jones Industrial Average rose by 12.88% for the whole year, the Nasdaq index rose by 28.64%, and the S&P 500 index rose by 23.31%. Influenced by the secondary market, the primary market for US stocks saw increased financing activity, with the amount and number of financing relative to 2023 increasing significantly. According to Wind data, the total amount of equity financing (including IPOs and follow-on offerings) in 2024 was $176.6 billion, an increase of 47.67% compared to 2023's $119.6 billion. In terms of IPOs, a total of 272 companies successfully went public in 2024, with an increase of 55 companies compared to 2023. The total amount raised was $40.7 billion, an increase of 48.75% compared to 2023. The largest IPO fundraising was by Lineage, which raised $5.102 billion. In terms of SPACs, there were 51 financing companies in 2024, an increase of 21 compared to 2023, with a total fund raised of $9.2 billion, an increase of 175.78% compared to 2023. As for follow-on offerings, there were 891 events in 2024, an increase of 115 compared to 2023, with a total amount of $135.9 billion raised, an increase of 47.35% compared to 2023. In addition, the improvement of the overseas listing system for Chinese companies has stimulated domestic companies' enthusiasm for listing in the US, with 61 Chinese concept stocks listed in the US in 2024, an increase of 25 compared to 2023, with a total financing amount of $3 billion, an increase of 207.72% compared to 2023. From the perspective of IPO underwriting, Morgan Stanley ranked first in IPO underwriting with a underwriting amount of $5.437 billion by 33 companies; JPMorgan Chase ranked second with a underwriting amount of $5.283 billion by 32 companies; Goldman Sachs ranked third with a underwriting amount of $4.023 billion by 24 companies. (Notes: 1. The total amount raised in the rankings includes oversubscription; 2. IPO statistics include public offerings, SPACs, and introductions) Overview of the equity financing market 1.1 Equity financing scale trend The total amount of equity financing in the US primary market in 2024 was $176.6 billion, an increase of 47.67% compared to the financing amount of $119.6 billion in 2023, and the financing environment continued to improve. Among them, the IPO financing scale was $40.7 billion, an increase of 48.75% compared to 2023; the follow-on financing scale was $135.9 billion, an increase of 47.35% compared to 2023. 1.2 Distribution of financing methods Specifically in terms of financing methods, the IPO fundraising amount in 2024 was $40.736 billion, accounting for 23.06% of the total amount raised; the follow-on amount was $135.899 billion, accounting for 76.94%. 1.3 Distribution of financing main industries In terms of the distribution of financing in various industries, the pharmaceutical and biotechnology industry ranked first in financing amount at $33.1 billion; the non-banking financial industry ranked second at $19.8 billion; and the defense industry ranked third with a financing scale of $19.5 billion. In terms of the number of financing events in various industries, the pharmaceutical and biotechnology industry ranked first with 393 financing events; the non-banking financial industry ranked second with 99 financing events; and the medical devices and services industry ranked third with 95 financing events. First-time listing 2.1 IPO issuance and fundraising trends In 2024, the number of IPOs in the US was 272, an increase of 55 compared to 2023; the total amount raised by IPOs was $40.7 billion, an increase of 48.75% compared to 2023. The fourth quarter saw 90 IPOs, an increase of 43 compared to the same period in 2023; IPO fundraising amounted to $9.5 billion, an increase of 137.76% compared to 2023. 2.2 IPO market distribution In terms of IPO market distribution, the largest number of companies listed on the US stock market in 2024 still came from the Nasdaq, with a total of 201 companies listed and a total fundraising amount of $24.187 billion, accounting for 59.38% of the total market scale of the US stock market; the New York Stock Exchange achieved 49 IPOs with a fundraising amount of $16.204 billion, accounting for 39.78% of the total market scale of the US stock market; the AMEX exchange achieved 22 IPOs with a fundraising amount of $3.45 billion. 2.3 Distribution of IPO listing industries In terms of the distribution of industries of the listed companies, the industry with the highest IPO fundraising amount was non-banking financials, with a fundraising amount of $9.5 billion; followed by the real estate investment trust industry, with a fundraising amount of $5.9 billion; and the software services industry ranked third with a fundraising amount of $5.3 billion. In terms of the number of IPOs issued in each industry, the non-banking financial industry ranked first with a total of 72 IPO projects; the pharmaceutical and biotechnology industry ranked second with 34 projects, and the software services industry ranked third with 24 projects. 2.4 Statistical distribution of IPO fundraising amounts In 2024, a total of 181 IPOs raised $100 million or less, accounting for 67% of the total number of IPOs; 72 companies raised between $1-5 billion, 13 companies raised between $5-10 billion, and 6 companies raised more than $10 billion. 2.5 Top 10 IPO fundraising amounts The company with the highest IPO fundraising amount in 2024 was Lineage, with $5.102 billion. StandardAero and Amphenol Sports ranked second and third with $1.656 billion and $1.571 billion respectively. The top ten IPO projects raised a total of $15.2 billion, accounting for 37.40% of the total IPO fundraising amount. 2.6 Number of SPAC IPOs and fundraising amounts In 2024, a total of 51 SPACs went public, an increase of 21 compared to 2023; the total funds raised were $9.2 billion, an increase of 175.78% compared to 2023. 2.7 Number of Chinese concept stock IPOs and fundraising amounts In 2024, a total of 61 Chinese companies went public in the US, an increase of 25 compared to 2023, with a total fundraising amount of $3 billion, a significant increase of 207.72% compared to 2023. Among them, the top three in terms of fundraising amount were Amphenol Sports ($1.571 billion)} .Jike (US$441 million) and Pony.ai (US$260 million).Re-financing Section 3.1 Re-financing Trends In 2024, the total amount raised through re-financing in the US stock market was $135.9 billion, an increase of 47.35% compared to 2023; there were 891 re-financing events, a 14.82% increase from 776 events in 2023. In the fourth quarter, funds raised were $39.9 billion, a 68.48% increase year-on-year; there were 242 re-financing events, a 29.41% increase from the previous year. 3.2 Distribution of Re-financing Projects in the Market In terms of market distribution, in 2024, the NASDAQ market had the highest number of re-financing events with 713 events raising a total of $66.729 billion; there were 127 re-financing events on the NYSE raising $68.294 billion; and the AMEX exchange had 51 re-financing projects raising $8.76 billion. 3.3 Distribution of Re-financing by Industry In 2024, the industry with the highest amount raised through re-financing was the pharmaceutical and biotech sector, with $29.1 billion; the defense industry ranked second with $17.4 billion raised; and the real estate investment trust industry ranked third with $13.1 billion raised. In terms of the number of re-financing events, the pharmaceutical and biotech industry had 359 events, ranking first; the medical devices and services industry ranked second with 77 events; and the software services industry ranked third with 61 events. 3.4 Top 10 Re-financing Projects In 2024, Boeing was the company with the highest amount raised through re-financing at $16.88 billion; Realty Income and Keurig Dr Pepper ranked second and third with $6.23 billion and $4.01 billion raised respectively. Institutional Section 4.1 IPO Underwriting Scale Ranking In 2024, Morgan Stanley ranked first in IPO underwriting amount with $5.37 billion and 33 underwritten deals; J.P. Morgan ranked second with $5.83 billion and 32 deals; and Goldman Sachs ranked third with $4.23 billion and 24 deals. 4.2 IPO Underwriting Number Ranking In terms of the number of IPO underwritings, Morgan Stanley led with 33 deals; J.P. Morgan ranked second with 32 deals; and Goldman Sachs and Bank of America tied for third with 24 deals each. 4.3 Re-financing Underwriting Scale Ranking In terms of re-financing underwriting scale, Goldman Sachs ranked first with $16.17 billion underwritten and 90 deals; Morgan Stanley ranked second with $15.68 billion underwritten and 80 deals; and J.P. Morgan ranked third with $14.75 billion underwritten and 87 deals. 4.4 Re-financing Underwriting Number Ranking Goldman Sachs participated in 90 re-financing events in 2024, ranking first; J.P. Morgan ranked second with 87 events; and Bank of America ranked third with 84 events. Issuing Intermediary Section 5.1 IPO Accountant Ranking Withum led the IPO accountant ranking by participating in 29 IPOs; Marcum ranked second by participating in 28 IPOs; and PwC ranked third by participating in 18 IPOs. 5.2 IPO Lawyer Ranking In terms of IPO lawyers, Ogier participated in 40 IPOs, ranking first; Maples and Calder ranked second with 24 IPOs; Conyers and EGS tied for third by participating in 17 IPOs each. This article is reprinted from "Wind Information" and edited by GMTEight. Editor: Liu Jiayin.