Pessimism surrounding the Federal Reserve’s interest rate hikes, combined with subdued business and consumer confidence as well as geopolitical concerns, weighed heavily on the IPO market in 2023.

With 117 IPOs in 2023 (excluding IPOs by special purpose acquisition companies (SPACs) and direct listings), deal activity increased 48% from the mere 79 IPOs completed in 2022, but still accounted for less than one-third of the 2021 total of 381 IPOs. Total gross proceeds in 2023 were $19.0 billion, up 144% from the $7.8 billion in 2022.