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Expand chart
Adapted from a BDO report; Chart: Axios Visuals

Despite messaging app Slack reportedly opting for a direct listing rather than an initial public offering, investors still expect 2019 to be a good year for IPOs.

What they're saying: Of the 100 bankers polled for BDO's 2019 IPO Outlook Survey, 71% expected that 2019 would match or outpace 2018's IPO activity.

  • Tech is expected to lead the way with 71% of respondents saying they see the number of IPOs in the sector increasing, followed by biotech and healthcare. Conversely, 49% of those polled expect consumer retail to see a reduced number of IPOs this year.

Yes, but: The optimism came in the face of declining data and expectations by 52% of bankers for a market correction in 2019. The survey was taken during December's stock market swoon, the worst month for the S&P since the Great Depression.

Other takeaways from BDO's survey:

  • 42% of bankers believe IPO activity in 2019 will increase, 29% expect it to stay roughly the same as 2018, and 28% expect IPO activity to decrease.
  • 12% of bankers say the pricing of a Unicorn like Uber or Lyft will be the most likely factor to spur increased IPO activity overall this year.
  • 37% expect private equity portfolios to generate the most IPOs this year; 35% see venture capital as the top source.
  • 12% of bankers view ICOs as a threat to traditional IPOs, down from 19% in 2017.
  • 61% of bankers expect the average size of U.S. IPOs will be between $200 million–$299 million, on par with 2018 averages.

More than half of those surveyed said it was the pro-business climate of the Trump administration and increased confidence in the U.S. economy that would spur the increase in newly public companies this year.

Go deeper: Breaking down the Uber-Lyft-Slack IPO rush

Go deeper

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.