Dec 17, 2023 - Business

The IPO rebound faded just as quickly as it began

Illustration: Sarah Grillo/Axios

Initial public offerings weren't expected to return in full force until 2024. But the relatively modest trickling back was halted with the unexpected outbreak of the Israel-Hamas war in October.

Why it matters: Companies are anxious to hit the market — and investors (and their backers) are anxious to cash out.

By the numbers: After effectively having no tech or consumer public listings following the market downturn, a few companies — like Arm, Instacart and Klaviyo went public in the fall.

  • Overall, 107 U.S. IPOs this year raised $19.4 billion in proceeds, according to Renaissance Capital data. That's up from 71 IPOs raising $7.7 billion in 2022, but roughly on par with 2016's IPO market — the second-slowest year in the past decade.

What we're watching: Earlier this week, investment firm General Atlantic confidentially filed to go public.

  • It's a preliminary step that doesn't indicate much about timing, yet it does suggest the company wants to be ready when the right moment comes.
  • Others — like Shein, Apex Fintech and Panera Brands — have also confidentially filed and are waiting in the wings.
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