The second quarter of 2023 was the most active U.S. ECM new issue market since the fourth quarter of 2021. We have seen increased primary equity issuance across all sectors and secondary share transactions from financial sponsors/insiders.
While Q2 activity was been driven by public companies, the IPO market is continuing to show signs of its gradual re-opening. Jefferies was an active bookrunner on five IPOs in June. U.S. IPOs included CAVA Group, Savers Value Village and Fidelis Insurance as well as PT Amman Mineral and Noile-Immune Biotech.