In 2024, the capital markets saw a lively 225 IPOs, featuring both equities and SPACs. Quite the party, right? Operating companies jumped into the IPO pool with around 176 deals, splashing out a cool $30.1 billion. Suddenly, the secondary market stole the show, raking in a jaw-dropping $168 billion—five times what IPOs managed to pull in.

An analysis of IPO trends shows a distinct split in deal sizes:

• Over 60 companies raked in more than $100 million, proving there's a hearty appetite for the big fish in the pond.
• A total of 35 companies managed to snag between $10 million and $99 million, showcasing some lively mid-market action.
• A whopping 81 companies managed to raise less than $10 million, proving that micro-cap IPOs are the reigning champions of the market.

Even with all that segmentation, market ups and downs and the election year threw a wrench in the works, causing some strategic decisions to take a bit longer than expected. But hey, the uptick in big deals shows that investors are really hungry for top-notch offerings! As we peer into 2025, around 300+ IPO filings are waiting in the wings, and market players are feeling a mix of hope and careful optimism. Looks like Cambodia Airlines is just hanging out on the runway, biding its time for that IPO in 2025! Is it ready for lift-off? Will anyone boarding this one?

Shoutout to Paul Hickey, the business whiz, operator, and investor, who just dropped "IPO vs. VC." This book makes a strong case for why small-cap companies should jump on the IPO bandwagon instead of twiddling their thumbs for venture capital—definitely a page-turner for both operators and investors!

In the past five years, the IPO market has been quite the rollercoaster, thanks to micro-cap and, dare to say, nano-crap deals. It is serious even the OTC is throwing shade at this. These little giants have raised eyebrows among regulators and left investors navigating a minefield of risks. Price spikes right after an IPO, only to plummet when the Greenshoe option expires, really shine a light on some serious structural issues. Sure, it's tempting to point fingers at issuers, but let's not forget the behind-the-scenes players who help shape those deals. As participants of the capital market, let's focus on delivering top-notch advice and playing by the rules to win back trust and build a strong, sustainable market.

Let's aim for top-notch issuances, win over investors, and tackle those pesky market hiccups to create a lively and thriving IPO scene in 2025!