1Q19 IPO Rankings for the Big Four Accounting Firms
In the 1Q19, 18 IPOs raised $4.7 billion, a quiet first quarter ahead of what is expected to be a very active year. Biotechs continued to dominate issuance, while ridesharing giant Lyft accounted for 50% of quarterly proceeds. The Big 4 accounting firms appeared on 16 of the quarter’s 18 IPOs (89%), which raised 99% of proceeds. Blank check companies hit a 10-year record, as 15 SPACs raised $3 billion. With every offering requiring audited financials, there were 33 auditing engagements with 9 accounting firms.
Because of the SPAC flood, the Big Four did not take all of the top four spots. SPAC specialist Withum Smith+Brown appeared at #1, auditing six SPACs and one micro-cap biotech which raised a total of $1.4 billion. Ernst & Young was also on seven IPOs, raising $1.1 billion, as the auditor of choice for healthcare companies. Marcum audited five deals, all SPACs. Deloitte came in at #4, appearing on four deals raising $383 million, including three biotechs and a Chinese fintech. PricewaterhouseCoopers fell to #5 with just three deals, but its IPOs raised $3.1 billion, including the quarter’s two largest, Lyft and Levi Strauss. KPMG audited three deals, two biotechs and a large SPAC.
View the 1Q19 US IPO Auditor Rankings
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Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
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