2025 Q1 U.S. Stock Underwriting Rankings by MSCI

In the first quarter of 2025, multiple policy adjustments have sparked uncertainty in the economic situation, with both primary and secondary markets of US stocks showing signs of cooling down. The Dow Jones Industrial Average fell by 1.28% in the first quarter, the Nasdaq Index fell by 10.42%, and the S&P 500 Index fell by 4.59%. According to Wind data statistics, the total amount raised in the first quarter of 2025 for equity financing (including IPOs and secondary offerings) was $44.4 billion, a decrease of -11.80% compared to the same period last year. In terms of IPOs, a total of 88 companies successfully went public in the first quarter of 2025, an increase of 36 from the same period last year; the total amount raised was $11.4 billion, an increase of 18.21% from the same period last year; the largest IPO fundraising amount was $1.75 billion by Venture Global. As for SPACs, in the first quarter of 2025, there were 19 IPO fundraising companies, an increase of 11 from the same period last year; the fundraising amount was $2.6 billion, an increase of 57.45% from the same period last year. In terms of Chinese concept stocks, in the first quarter, small and medium-sized enterprises dominated the US IPO market with 22 listings, an increase of 9 from the same period last year; the total fundraising amount was only $300 million, a decrease of 83.05% from the same period last year. Regarding secondary offerings, there were 209 secondary offering events in the first quarter of 2025, a decrease of 35 from the same period last year; the total amount raised was $33 billion, a decrease of 18.93% from the same period last year. From the perspective of IPO underwriting, Goldman Sachs ranked first with a underwriting amount of $1.431 billion, with 8 underwriting companies; JPMorgan Chase ranked second with an underwriting amount of $1.197 billion and 6 underwriting companies; Morgan Stanley ranked third with an underwriting amount of $907 million and 4 underwriting companies. In terms of underwriting secondary offerings, Morgan Stanley ranked first with an underwriting scale of $8.289 billion, with 10 underwriting events; Goldman Sachs had an underwriting scale of $5.133 billion, participating in 11 secondary offering events, ranking second; JPMorgan Chase had an underwriting amount of $3.631 billion, participating in 14 secondary offerings, ranking third. (Note: 1. The total amount raised in the rankings includes oversubscriptions; 2. IPO statistics include public offerings, SPACs, and introductions) Overview of the equity financing market 1.1 Trends in equity financing scale In the first quarter of 2025, the total amount of equity financing in the primary market of US stocks was $44.4 billion, a decrease of 11.80% from the equity financing amount of $50.3 billion in the same period last year. Among them, the IPO financing scale was $11.4 billion, an increase of 18.21% from the same period last year; the secondary offering scale was $33 billion, a decrease of 18.93% from the same period last year. 1.2 Distribution of financing methods In terms of specific financing methods, the IPO fundraising amount in the first quarter of 2025 was $11.4 billion, accounting for 25.71% of the total amount raised; the secondary offering amount was $33 billion, accounting for 74.29%. 1.3 Distribution of financing subjects by industry In terms of the distribution of financing by industry, the non-bank financial industry ranked first in financing amount at $16.2 billion; the oil and petrochemical industry ranked second with a financing amount of $4.9 billion; the pharmaceutical and biotech industry ranked third with a financing scale of $4.1 billion. In terms of the number of financing events in each industry, the pharmaceutical and biotech industry ranked first with 83 financing events; the non-bank financial industry ranked second with 31 financing events; the medical equipment and services industry ranked third with 30 financing events. First issuance 2.1 Trends in the number of IPO issuances and fundraising amounts In the first quarter of 2025, the number of IPOs issued in the US stock market was 88, an increase of 36 from the same period last year; the total IPO fundraising amount was $11.4 billion, an increase of 18.21% from the same period last year. 2.2 Distribution of IPO market In terms of the distribution of the IPO market, the most IPOs in the first quarter of 2025 still came from Nasdaq, with a total of 73 companies going public and a total fundraising amount of $7.472 billion, accounting for 65.48% of the total market size of US stocks; the NYSE achieved 10 IPOs, with a fundraising amount of $3.893 billion, accounting for 34.12% of the total market size of US stocks; the AMEX exchange achieved 5 IPOs, with a fundraising amount of $0.46 billion. 2.3 Distribution of IPO subjects by industry In terms of the distribution of IPO subjects by industry, the industry with the highest IPO fundraising amount was the software services industry, with a fundraising amount of $2.9 billion; the non-bank financial and oil and petrochemical industries both ranked second with a fundraising amount of $2.6 billion. In terms of the number of IPO issuances in each industry, the non-bank financial industry ranked first with a total of 22 IPO projects; the pharmaceutical and biotech industry ranked second with 11 projects, and the software services and enterprise services industries both ranked third with 6 projects. 2.4 IPO fundraising amount statistics based on ranges In the first quarter of 2025, there were a total of 44 IPOs with fundraising amounts of $100 million or less, accounting for half of all IPOs; there were 39 IPOs in the $1-5 billion range, 2 in the $5-10 billion range, and 3 with over $10 billion in fund-raising. 2.5 Top 10 IPO fundraising amounts The company with the highest IPO fundraising amount was Venture Global, at $1.75 billion. CoreWeave and SailPoint Parent ranked second and third with $1.5 billion and $1.38 billion, respectively. The top ten IPO projects raised a total of $7.5 billion, accounting for 65.99% of the total IPO fundraising amount. 2.6 Number of SPAC IPOs and fundraising amounts In the first quarter of 2025, a total of 19 SPACs were listed, an increase of 11 from the same period last year; fundraising totaled $2.6 billion, an increase of 57.45% from the same period last year. 2.7 Number of Chinese concept stock IPOs and fundraising amounts In the first quarter of 2025, a total of 22 Chinese companies went public in the US, an increase of 9 from the same period last year, with a fundraising amount of $300 million, a decrease of 83.05% from the same period last year. Only one top company, Yasheng Medicine ($126 million), raised over $100 million. Furthermore, (Continued translation in next response)Financing Section3.1 Refinancing Trends In the first quarter of 2025, the total amount raised in the US stock market through refinancing was $33 billion, a decrease of 18.93% compared to the same period last year; there were 209 refinancing events, a decrease of 14.34% compared to the 244 events in the same period last year. 3.2 Refinancing Project Market Distribution In terms of market distribution, the Nasdaq market had the most refinancing events in the first quarter of 2025, with a total of 171 events raising $10.33 billion; the New York Stock Exchange had 23 refinancing events raising $21.74 billion; and the AMEX Exchange had only 15 refinancing projects raising $1.56 billion. 3.3 Refinancing Subject Industry Distribution The industry with the highest amount raised through refinancing in the first quarter of 2025 was the non-bank financial sector, raising $13.6 billion; the automotive and parts industry ranked second with $3.2 billion raised; and the pharmaceutical and biotech industry ranked third with $3.1 billion raised. In terms of the number of refinancing events, the pharmaceutical and biotech industry had 72 events, ranking first; the medical equipment and services industry had 26 events, ranking second; and the software services industry had 13 events, ranking third. 3.4 Top 10 Refinancing Projects The company with the highest refinancing amount in the first quarter of 2025 was Charles Schwab, raising $13.11 billion; Ferrari and Keurig Dr. Pepper ranked second and third with $3.16 billion and $2.94 billion raised, respectively. Institutional Section 4.1 IPO Underwriting Scale Ranking In the first quarter of 2025, in terms of IPO underwriting amount, Goldman Sachs ranked first with an underwriting amount of $1.31 billion and 8 underwriters; JPMorgan ranked second with an underwriting amount of $1.97 billion and 6 underwriters; and Morgan Stanley ranked third with an underwriting amount of $9.07 billion and 4 underwriters. 4.2 IPO Underwriters Ranking In terms of the number of IPO underwritings, Bank of America and Revere Securities tied for first place with 10 IPO underwriting projects each; Goldman Sachs ranked third with 8 underwriting projects. 4.3 Refinancing Underwriting Scale Ranking In terms of refinancing underwriting scale, Daimler Securities ranked first with a scale of $8.89 billion and 10 underwritings; Goldman Sachs ranked second with a scale of $5.33 billion and 11 refinancing events; JPMorgan ranked third with a scale of $3.31 billion and 14 refinancing events. 4.4 Refinancing Underwriting Number Ranking H.C. Wainwright participated in 27 refinancing events in the first quarter of 2025, ranking first; Maxim ranked second with 24 refinancing underwritings; and Alliance Global Partners ranked third with 16 refinancing underwritings. Issuance Intermediary Section 5.1 IPO Accountant Ranking Marcum was ranked first in the accountant ranking list with 9 IPOs participated; Withum ranked second with 8 IPOs; EY and WWC tied for third, both participating in 7 IPOs. 5.2 IPO Lawyer Ranking In terms of IPO lawyers, Ogier participated in 19 IPOs, ranking first; Loeb ranked second with 12 participations; and Maples and Calder ranked third with 8 participations. This article is reprinted from Wind, GMTEight Editor: Chen Wenfang.