Signs of a comeback for the initial public offering market are emerging. Publicly listed companies raised $31.9 billion in secondary stock offerings in the second quarter, the most since the third quarter of 2021. Proceeds were up about 48% from the prior three-month period and have grown by 150% raised for the same time last year, according to Dealogic.
"This lines up with what we're seeing in the IPO pipeline as well," said Matthew Kennedy, senior strategist at Renaissance Capital, "We have seen some activity from the technology sector as well, with a secondary from Clearwater Analytics. It was a small but positive sign for the many tech deals waiting for a better IPO market." Some signs are emerging that the IPO market is starting to thaw out.