2023 saw several notable Initial Public Offerings (IPOs) that made significant impacts on the stock market. This article provides a comprehensive overview of the year’s most prominent IPOs and their performance.
Top 5 Biggest IPOs of 2023
- Arm Holdings plc (NASDAQ: ARM)
- Raised: $5.2 billion
- Sector: Computers & Electronics
- IPO Date: September 13, 2023
- Aftermarket Performance: 47% gain as of February 2025
- Kenvue Inc (NYSE: KVUE)
- Raised: $4.4 billion
- Sector: Consumer Products
- IPO Date: May 3, 2023
- Aftermarket Performance: 2% loss as of February 2025
- ADNOC Gas plc (ADX: ADNOCGAS)
- Raised: $2.5 billion
- Sector: Oil & Gas
- IPO Date: March 3, 2023
- Aftermarket Performance: 30% gain as of February 2025
- Hidroelectrica SA (BVB: H2O)
- Raised: $2.0 billion
- Sector: Utility & Energy
- IPO Date: July 5, 2023
- Aftermarket Performance: 23% gain as of February 2025
- Birkenstock Holding plc (NYSE: BIRK)
- Raised: $1.7 billion
- Sector: Consumer Products
- IPO Date: October 10, 2023
- Aftermarket Performance: 6% gain as of February 2025
Performance Analysis
The performance of 2023’s biggest IPOs has been mixed, with some standout successes and others showing more modest returns. Arm Holdings, the year’s largest IPO, has been a clear winner with a 47% gain since its debut14. This performance underscores the continued investor appetite for semiconductor and AI-related companies.On the other hand, Kenvue, a consumer health company spun off from Johnson & Johnson, has seen a slight decline since its IPO4. This reflects the challenges faced by consumer goods companies in the current economic climate.
Sector Breakdown
The technology sector, particularly companies involved in semiconductors and AI, dominated the IPO landscape in 2023. The Computer & Electronics sector raised the most capital, totaling $34.4 billion across all IPOs4. This was followed by Healthcare ($10.7 billion) and Finance ($9.6 billion)4.
Global Perspective
While U.S. listings like Arm Holdings and Kenvue grabbed headlines, 2023 saw significant IPOs from various global markets. ADNOC Gas in the UAE and Hidroelectrica in Romania were among the top 5 largest IPOs, highlighting the global nature of the IPO market4.
Outlook for 2024
As we move through 2024, the IPO market is expected to continue its recovery. Investor interest in AI and semiconductor companies remains strong, as evidenced by Arm’s successful listing and aftermarket performance. However, market volatility and economic uncertainties may continue to impact IPO activity and performance.
Conclusion
The 2023 IPO market was characterized by a few large, high-profile listings rather than a high volume of deals. Technology companies, especially those in the AI and semiconductor space, dominated the landscape. As we look ahead, the success of companies like Arm Holdings may encourage more tech firms to go public, potentially leading to a more active IPO market in the coming years.
