Deals
Powell Holds the Keys to Reopening the US IPO Window in 2023
- IPO investors hold out for more certainty around rate outlook
- Proceeds sunk to the lowest in decades during volatile year
Jerome Powell
Photographer: Al Drago/BloombergThis article is for subscribers only.
The US IPO market needs more certainty on the outlook for interest rates to spark a reopening after a historically bad year for new listings.
New York’s initial public offerings raised just $24 billion in proceeds so far in 2022, putting it on pace for the worst performance since 1990, according to data compiled by Bloomberg. It’s a jarring 93% reversal from last year, when proceeds hit a record of more than $338 billion as the broader equity market soared to all-time highs.