Quarterly IPO volume skewed by single deal

U.S. initial public offerings picked up in the second quarter, but 57% of the proceeds came from one deal. The period's 23 IPOs raised $6.7 billion, including Johnson & Johnson's formally wholly owned subsidiary, Kenvue, selling shares worth $3.8 billion.

The quarter's four largest IPOs, completed in May and June, have positive performance. The stocks have increased by 19% to 94%. This includes Atmus Filtration Technologies, a wholly owned Cummins subsidiary before the IPO.