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Useful Stats: Initial Public Offering (IPO) totals and trends from fiscal years 2019-2022

December 01, 2022
By: Emily Schabes

Over the past four fiscal years, there have been 1,977 initial public offerings (IPOs) completed by companies headquartered in the U.S., according to PitchBook, yielding more than $549 billion in capital invested. These companies are located in 45 states, D.C., and Puerto Rico. Almost 20% of those companies are no longer publicly held, having been returned to private ownership, been acquired, merged or gone out of business.

Across the four years, data shows a spike of IPO size and count in 2021, with a total IPO count of 956 and total IPO size of $315.7 billion for the year. 

The Pitchbook data used in this analysis shows full transactions on completed IPOs for companies headquartered in the U.S. between October 1, 2018 and September 30, 2022. 

The map below shows the total number of companies that held their initial public offering in each state over the past 16 quarters (Q4 2018 to Q3 2022)). 

California, Florida, Massachusetts, New York and Texas were the states with the greatest number of successful IPOs in fiscal year 2021, with at least 50 IPOs completed per state. The data shows a sharp increase in 2021 IPO count for New York and California, as well as significant increases for Florida, Massachusetts, and Texas. The graph below shows IPO counts for these five states for FYs 2019-2022. 

There was over $549 billion of capital invested into companies through IPOs across all years, all quarters and all states. This number reflects how much money was raised through the IPOs, not total company valuation. 

The amount of capital invested depends on the state, number, and size of IPOs. States that had high IPO counts and large investing sectors typically led in the amount of capital invested. In this case, the two states with the highest number of IPOs in 2021, California and New York, accounted for over $300 billion in capital invested from 2019 to 2022. 

Below is a map of capital invested per state for the past four years. However, the map is based on available data, and therefore does not include the capital invested for all IPOs. 

Of the companies that held an IPO during this period, 369 are no longer publicly held, having been returned to private ownership, been acquired, merged or gone out of business, leaving 1,608 that are still publicly-held companies. 

Data used in this article can be accessed here

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