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Nasdaq Wins 100% of IPOs Last Week as Listings Market Heats Up

Investors have been cautiously optimistic about a rebound in the IPO market this year, most expecting a boost in the latter half of the year. But some are seeing the signs of recovery already, with a strong start in January compared to most of 2022. Building upon January’s IPO activity, last week, Nasdaq continued to lead this resurgence as the sole exchange to bring companies to the public market with eight new listings, bringing the total proceeds raised on Nasdaq to $2.01 billion since the start of the year.

As of Feb. 10, Nasdaq has listed nine out of 10 of the year’s top listings so far, representing a 93% win-rate for new listings. Last week was the most active IPO market since October of 2022, raising a total of $1.46 billion on the exchange, with every IPO choosing Nasdaq as their exchange of choice.

Speaking on the TD Ameritrade Network, Jeff Thomas, Executive Vice President of Nasdaq’s Corporate Platforms business unit, celebrated Nasdaq’s success, seeing it as an indicator of future IPO market activity.

“We had some great IPO activity this week...[it’s] looking like we're getting some momentum back in the markets,” Thomas said.

Nasdaq kicked off 2023 with a bang, bringing the spin-switch listing of GE Healthcare (GEHC), an approximately $19 billion listing to the market and the year’s largest listing to date.

Nextracker (NXT), the most successful new listing last week, became the highest IPO in 2023 by proceeds raised, bringing in over $600 million. As a solar tracker and software solutions business, Nextracker plans to grow in the sustainable technology space, optimizing utility-scale power plant performance by enabling solar panels to better follow the sun’s daily movement. According to Thomas, Nextracker priced above its range in an upsized deal and traded up in its listings debut.

Nextracker was joined by Enlight Renewable Energy (ENLT), a next-generation global renewables platform. Raising $252 million, the company aims to accelerate the energy transition by combining unique greenfield development activities with power production. Enlight joined Nasdaq from the Tel Aviv Exchange.

Another highlight of the week was HESAI Group (HSAI), a global leader in LiDAR solutions, with a focus on advanced driver assistance systems for passenger and commercial vehicles. HESAI is looking to grow its foothold in the expanding market for autonomous vehicles, raising $190 million.

Thomas’ optimism on future IPOs hinges on renewed market certainty as interest rates start to normalize, noting that “[investors] really want to see markets that they can understand and have the data that they can expect.”

These top IPOs reflect strengthening investor interest, as they are in industries predicted to grow sustainably within the new market environment.

“That's one thing that investors are looking at,” said Thomas. “It's not just growth at all costs, but profitable growth.”

For example, HESAI group is going public just as the autonomous vehicles market is seeing rapid growth, and is expected to reach $614.9 billion by 2030. Meanwhile, the success of both Nextracker and Enlight Renewable Energy signals the continued interest from investors in environmental, social, and governance (ESG) assets. With record temperatures in January of 2023, nature-related risk continues to be at the forefront of investors’ minds.

“The energy sector is really popular right now,” Thomas added. “That's on the strength of the Inflation Reduction Act legislation that passed last year.”

The other five IPOs that listed on Nasdaq last week were:

Nasdaq Wins 100% of IPOs in a week_Chart

Nasdaq's total dominance in the IPO market last week exemplifies how the exchange continues to attract the most innovative companies. With its consistent IPO win rate and the more than 200 companies in the pipeline to join the public market by listing with Nasdaq, the company is poised to continue its growth journey while helping bring new companies and investors together.


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