After a reeeeal slow start to 2019 due to the government shutdown, initial public offerings picked up the pace in the second quarter, nearly doubling the number of IPOs in the first quarter and including two of the top 10 largest IPOs since 2000.
An Audit Analytics analysis revealed that between April 1 and June 30, 79 companies went public, raising more than $32.7 billion for the quarter—an increase of $7.7 billion from the same period last year. In comparison, the first quarter only had 40 IPOs, which raised more than $7.7 billion.
The two powerhouse IPOs in the second quarter were Uber Technologies, which raised $8.1 billion, and Slack Technologies, which raised $4.5 billion. Of the top 10 largest IPOs in terms of proceeds in the past 20 years, Uber’s ranks No. 6, while Slack’s ranks No. 10.
Uber’s IPO was audited by PwC, while Slack’s was audited by KPMG. But neither firm had the most IPO audit clients in the second quarter. That leaves Deloitte and EY.
With 17 IPO audit clients in Q2, the winner is …
The Green Dotters were followed by EY, PwC, and KPMG.
#Auditor Market Share for 79 #IPO companies in Q2 2019:
Deloitte [21.5%];
EY [20.3%],
PwC [13.9%];
KPMG [11.4%]
All Other Firms: [32.9%]— Audit Analytics (@AuditAnalytics) July 17, 2019
The Big 4 audited 67.1% of the IPO market in Q2.
Marcum, which led all firms in the first quarter with eight IPO audit clients, had the most in the second quarter among non-Big 4 firms with eight, followed by Withum and Friedman with three each, according to Audit Analytics.
Related article:
Which Firm Topped the Big 4 in IPO Audit Clients in Q1 of 2019?
