A-share IPO proceeds jump 180% in first three quarters of 2026

The surge reflects a reopening of mainland listing capacity after a subdued prior year, and the fact that proceeds grew far faster than deal count means average deal size expanded sharply. That shifts pricing power back toward issuers and bookrunners, with the league-table split — one firm leading volume, another leading fees — suggesting competition is being fought on deal quality rather than count alone. Whether the larger average size persists, or was driven by a handful of outsized listings, is the open question for the rest of the year.