2024前三季度IPO市场总结及全年展望：IPO市场温和回升，持续服务实体经济

Investment Rating - The report indicates a neutral outlook for the IPO market, with expectations of a relatively low-speed issuance in 2024, projecting a total of 70 to 100 new listings and a fundraising scale of around 60 billion yuan [3][6]. Core Insights - The IPO market has shown a mild recovery, with 69 companies listed and a total fundraising of 47.868 billion yuan in the first three quarters of 2024, although this represents a decline compared to 2023 [2][3]. - The average first-day gain for newly listed stocks in 2024 reached 135.59%, with a notable performance in Q3 where the average first-day increase was 144.28% [2][3]. - The issuance valuation continues to decline, with the average PE ratio for new listings in Q3 2024 at 18.88, reflecting a historical low [3][6]. Summary by Sections 1. "科创八条" Implementation and IPO Issuance - The implementation of the "科创八条" measures has led to a slight increase in IPO issuance speed, with 25 new listings in Q3 2024, an increase of 11 from Q2 [3][6]. - The new requirement for a minimum holding value of 6 million yuan for subscription to new shares on the Sci-Tech Innovation Board has been officially implemented [6][7]. 2. IPO Fundraising - The total fundraising amount for IPOs in the first three quarters of 2024 was 47.868 billion yuan, with a significant portion of new listings having a fundraising amount below 1 billion yuan [3][9]. - The average fundraising amount per IPO was 6.94 million yuan, indicating a trend towards smaller offerings [9]. 3. New Stock Performance - The first-day performance of new stocks has been strong, with only one instance of a stock breaking below its issue price in 2024, reflecting a high demand and low supply environment [3][12]. - The average first-day gain for new stocks on the main board, ChiNext, and Sci-Tech Innovation Board was 82.25%, 211.64%, and 99.55% respectively [11][12]. 4. Participation and Subscription Strategies - The number of participating accounts for new stock subscriptions has decreased in 2024, with a notable drop in the number of offline inquiry accounts [6][7]. - The report highlights the importance of subscription strategies, indicating that different institutional strategies have led to varied performance in new stock subscriptions [3][6]. 5. IPO Review and Approval Process - The report notes a slowdown in the IPO review process, with only 3 companies accepted for listing in the first three quarters of 2024, and a backlog of 335 projects awaiting approval [3][6]. - The average time from acceptance to listing has extended, particularly for innovative and entrepreneurial boards, now exceeding two years [3][6].