A SNEAK PEEK INTO THE 2024 IPO SUMMARY

By Sam Van, Founder and CEO

Summary

In 2024, the capital markets saw a lively 225 IPOs, featuring both equities and SPACs. 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.

Key 2024 Trends

  • Large Deals: 62 companies raised over $100 million, showing strong demand.
  • Mid-Sized: 35 companies raised $10–99 million, reflecting a healthy mid-market.
  • Micro-Caps: 81 companies under $10 million dominated by volume.

2025: A Mixed Outlook

With over 300 filings, 2025 holds promise, but optimism is tempered by caution. Notably, Cambodia Airlines is gearing up for a potential launch.

"IPO vs. VC" by Paul Hickey

Paul Hickey's book, IPO vs. VC, advocates for small-cap IPOs over venture capital, offering fresh insights for operators and investors.

Lessons and Focus Areas

Micro-cap deals have drawn scrutiny due to volatility and risks, emphasizing the need for transparency and ethical practices to rebuild investor trust.

IPO Overview
IPOs: 176
Priced > $6: 84 (47.7%)
Priced < $6: 92 (52.2%)
Deal Size
Raised: $30.1bn
Over $100mn: 62
$20-100mn: 15
$10-20mn: 20
Under $10mn: 81
Secondary
Raised: $168bn
5x more than IPO
proceeds in 2024
Underwriter Fees
Total: $217.7mn
IPO Admin Costs:
$250.4mn
ADV #
Shares: 12.1bn
(YoY +10%)
ADV $
Value: 630bn+
Performance
Nano (NNE) +531%
Reddit (RDDT) +385%
Vcodia (VHAI) -99%
Haoxi (HAO) -97%
IPO Pipeline
Total: 393
Highlight:
Cambodia Airways
Co., Ltd (CAKR)
Broker Dealers
Firms: 3,298
Large: 155
Mid: 198
Small: 2,945

Summary:

  • In 2024, the capital markets hosted 225 IPOs, including equities and SPACs. Among these, 176 deals involved operating companies that collectively raised $30.1 billion, while the secondary market outperformed with $168 billion—five times the IPO total. Trends revealed a split in deal sizes: over 60 companies raised more than $100 million, 35 secured $10–99 million, and 81 deals raised less than $10 million.
  • With 300+ IPO filings anticipated in 2025, optimism blends with caution. Notably, Cambodia Airlines is gearing up for a potential launch.
  • Paul Hickey's book IPO vs. VC champions small-cap IPOs over venture capital, offering strategic insights for operators and investors. However, concerns persist about micro-cap volatility, regulatory scrutiny, and structural market issues, particularly post-IPO price fluctuations.

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