The global IPO market just hit its inflection point

Why it matters: We're done with "waiting until market conditions improve" or "uncertainty." If a company has the numbers or story to go public, the only impediment is inertia.

Domestic: Reddit deservedly got most of the headlines, raising $748 million and then closing up more than 48% from its IPO price on its first trading day. For more, check out our interview with Reddit CFO Drew Vollero (who was Snap's CFO when it went public in 2017).

• There also was chipmaker Astera Labs, which raised $713 million in an upsized offering and then saw its shares climb more than 78% over two days. In fact, Astera has a higher market cap than does Reddit ($9.7b vs. $8b).
• Auna, a Latin American hospital operator that lists today in New York, raised $360 million after pricing just below its offering range.

Switzerland: Galderma, a skin care company owned by EQT, raised the equivalent of $2.2 billion, with shares rising as much as 18% in its market debut. It was the largest Swiss franc-denominated IPO in seven years.

Japan: Discount retailer Trial Holdings raised the equivalent of $258 million in Tokyo's largest IPO so far this year, and saw its shares rise 29% on their first trading day.

UAE: Parkin, a Dubai-based public parking facilities operator, raised $429 million in an IPO that reportedly attracted a record amount of orders ($71 billion).

Germany: Douglas, a high-end cosmetics and perfume retailer owned by CVC Capital Partners, raised the equivalent of $967 million.

• It was Germany's largest IPO of 2024, but also something of a disappointment — pricing at the bottom of its offering range and then watching its shares sink on both of its first two trading days.