The $SPX is up 12%+ YTD and companies are still delaying IPOs because of "market conditions."
This tells you everything about the IPO market right now. It's not about whether stocks are going up. It's about whether your specific deal can get done at the valuation you want.
Most IPO candidates spent 2021-2022 getting told they were worth the moon. Now they're being told reality. And reality hurts.
So they wait. And wait. Hoping the "conditions" magically improve to justify the fantasy numbers their last private round implied.
Meanwhile, public market investors have moved on. They're buying actual businesses with actual cash flows. Not stories with 8x revenue multiples.
The disconnect isn't the market. It's the expectations.
This tells you everything about the IPO market right now. It's not about whether stocks are going up. It's about whether your specific deal can get done at the valuation you want.
Most IPO candidates spent 2021-2022 getting told they were worth the moon. Now they're being told reality. And reality hurts.
So they wait. And wait. Hoping the "conditions" magically improve to justify the fantasy numbers their last private round implied.
Meanwhile, public market investors have moved on. They're buying actual businesses with actual cash flows. Not stories with 8x revenue multiples.
The disconnect isn't the market. It's the expectations.