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Goldman Sachs The Markets

Are there green shoots in the IPO market?

Jun 30, 2023
09:04

Podcast summary created with Snipd AI

Quick takeaways

  • Global equity capital markets issuance has seen a positive change in 2023, with a 30% increase in US listed businesses.
  • The IPO market is reopening, with a focus on highly durable companies with strong margins and management teams.

Deep dives

Increase in ECM Issuance

In 2023, global equity capital markets (ECM) issuance has shown a positive change compared to the quiet year of 2022. Issuance is up 6% globally, with US listed businesses seeing a 30% increase. The drivers of ECM issuance include opportunistic raises by companies seeking to fund their businesses, secondary monetizations of existing positions, and active issuance from corporate cross holdings.

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