FILE PHOTO: Traders work on the floor of the NYSE in New YorkNEW YORK/LONDON - Bankers and investors are embracing a degree of optimism for the IPO market following a slew of major market debuts in September that made for one of the busiest months since the start of 2022.
"We're definitely seeing a bit of a soft open in the IPO market", said Lizzie Reed, global head of the ECM syndicate desk at Goldman Sachs. "The last cohort of IPOs ... provided a case study for issuers who might be contemplating markets access." "It's encouraging to see deals being priced, but it will continue to be a gradual re-opening of the market rather than the floodgates opening," said Suneel Hargunani, co-head of ECM at Citigroup for Europe, the Middle East and Africa .
Arm, Instacart and Klaviyo were all profitable at the time of their listings. Klaviyo's shares are now trading at a 21% premium to their IPO price.
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