KPMG Leads in IPO Audit Clients for Q1 of 2024

May. 15, 2024

The Big Four firm audited eight of the 46 IPOs, tops among the 20 different firms with at least one IPO audit client in the first quarter.

KPMG audited the most newly listed companies in the first quarter of 2024, which saw 46 initial public offerings that raised a combined total of $8.9 billion, according to a new analysis from Ideagen Audit Analytics.

The Big Four firm was the auditor for eight of the 46 IPOs, tops among the 20 different firms with at least one IPO audit client in Q1. KPMG audited Amer Sports, a global group of outdoor wear and sports companies based in Finland, which was one of two companies that raised more than $1 billion in proceeds, known as a “unicorn IPO.”

The other unicorn in Q1, Kaspi.kz Joint Stock Co., which is primarily a consumer payments and marketplace fintech platform based in Kazakhstan, was audited by Deloitte, according to Audit Analytics.

Behind KPMG in the leaderboard were Marcum with seven IPO audit clients and four firms—Deloitte, PwC, EY, and Withum—tied for third with three IPO audit clients.

The 46 IPOs in Q1 are six more than the total IPO count in the fourth quarter of 2023. Compared to the first quarter of last year, the total IPO count decreased by only one, while proceeds increased in Q1 2024 by 183%, Audit Analytics said.

Forty-five of the 46 IPOs were traditional IPOs, with one direct listing. And for the first time since the second quarter of 2016, there were no special-purpose acquisition company IPOs, according to Audit Analytics.

[CPA Practice Advisor]