1
PitchBook Data, Inc.
Nizar Tarhuni Executive Vice President of
Research and Market Intelligence
Dylan Cox, CFA Head of Private Markets Research
Institutional Research Group
Analysis
Key takeaways 1
Historical relationship between M&A and
IPO cycles
2
Rationale for a public exit: Has anything
changed?
4
Prospective PE-backed IPOs 4
Completed PE-backed IPOs in 2024 7
Conclusion 8
Contents
Published on November 15, 2024
Publishing
Designed by Chloe Ladwig
Data
Nick Zambrano
Data Analyst
pbinstitutionalresearch@pitchbook.com
Top US PE-Backed IPO
Candidates and Outlook
A look back and forward on IPO cycles for US PE-
backed companies
PitchBook is a Morningstar company providing the most comprehensive, most
accurate, and hard-to-find data for professionals doing business in the private markets.
Key takeaways
PE investors and managers in the US are at a critical juncture following a boom and
bust cycle in dealmaking. With exits hindered and a sharp reduction in IPO volumes,
capital returns are struggling to recover from decade-low levels. Seeking direction
on the course of the US markets, we undertook an analysis of precedent transaction
data to yield several key insights:
• M&A rebound underway in 2024: After downturns in both 2022 and 2023,
M&A has staged a recovery in 2024. Typically, M&A and IPO dealmaking have
a symbiotic relationship. They reinforce each other’s cycles, with IPOs often
leading the way.
• Improved financing conditions ahead: As credit spreads have tightened and
base rates are lower, the controversy has shifted to the magnitude of future base
rate cuts and how long they will take to stimulate increased IPO activity.
• An IPO rebound is underway and set to continue: IPOs are rebounding in 2024,
and we believe 2025 is likely to see further growth if public markets continue to
be strong.
• Top 50 PE-backed IPO candidates identified: We present a list of the top 50 PE-
backed IPO candidates on US exchanges for the next 12 months, including those
with known filings and those that have yet to file.
Garrett Hinds
Senior Analyst, Private Equity
garrett.hinds@pitchbook.com
Tim Clarke
Lead Analyst, Private Equity
tim.clarke@pitchbook.com
Kyle Walters
Associate Analyst, Private Equity
kyle.walters@pitchbook.com
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