

A SNEAK PEEK INTO THE 2024 IPO SUMMARY
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.
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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