Bloomberg Businessweek ICYMI: A New Era for IPOs
Jun 30, 2025
Michael Harris, vice chairman and global head of markets at the New York Stock Exchange, offers a keen look at the revitalized IPO market. He discusses the impressive performance of recent high-profile listings and growing investor enthusiasm, despite geopolitical concerns. Harris also explores the strategic considerations behind IPO pricing and the launch of NYSE Texas, which could reshape capital markets. With optimism for sustained activity, he highlights how companies must adapt to the new trading dynamics driven by today’s economic landscape.
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IPO Market Sentiment Reversal
- IPO sentiment has made a full 180-degree turnaround, showing high subscription levels and favorable pricing for issuers.
- This positive performance cycle keeps investors engaged and drives momentum in the market.
IPO Pipeline Diversifies Post-Delay
- Companies delayed IPOs due to geopolitical tensions and waited for positive IPO market reception.
- Now, the pipeline is more diverse and includes larger companies, signaling a healthy IPO market.
Chinese IPO Trends and Market Focus
- Chinese micro-cap IPOs still occur but aren't a focus for the NYSE due to associated risks.
- Larger Chinese companies prefer listing in home or other global markets for liquidity and attractiveness.