Finding Equilibrium in the Public Markets

“The markets have been open for issuers, but it’s been harder to find equilibrium between how sellers want to sell and buyers want to buy, and we’re seeing that equilibrium come closer together,” says David Ludwig, global head of equity capital markets, in the latest episode of The Insight.  

The total value of IPOs is up ~50% globally YoY, sparking hopes of an IPO revival, but listing volumes still haven’t recovered fully since the pandemic, with volumes roughly 25-30% below 2017 – 2019 averages. A recent acceleration in private equity-backed IPOs has helped drive the uptick as the need to return capital intensifies, Ludwig notes.  

Looking ahead? Investors can expect access to IPOs from a broader array of sectors in 2025 and a greater variety of regions than has been possible in recent years.

 

Listings are growing, but still below normalized levels