The IPO market is booming again, but is the surgeon activity a sign of market strength
or a warning that the market is at its peak?
I'm Allison Nathan and this is Goldman Sachs Exchanges.
Today I'm sitting down with my colleague in Goldman Sachs Research, Ben Snyder, chief US equity strategist.
Ben, welcome back to exchanges.
Good to be with you.
So Ben, let's get into it.
I know you're getting lots of questions about this topic.
We've obviously seen years of muted issuance,
and that was a topic for quite some time, but IPO activity has clearly accelerated.
So just give us the context, put some numbers on it for us.
How much growth have we seen?
We're just about halfway through the calendar year.
And so far, we've seen just shy of 50 US IPOs.
That's about double what we saw at this point last year.
And it's the largest number of deals at this point in the calendar year since 2021,
which was one of the largest IPO years on record.
So we are definitely seeing a recovery.
What's notable though is that the size of the deals on average has been very large.
And so in dollar terms, we're already basically tied with 2021 for a record year of about $120 billion in issuance.