After about 18 months of historically low activity, the US IPO market is finally poised to accelerate heading into the fall. Growth stocks have staged a strong rally in 2023, thanks to easing inflation and excitement over advances in AI. A leading indicator of IPO conditions, the Renaissance IPO Index (IPOUSA) has outperformed the Nasdaq year-to-date. The year’s largest IPOs have been well-received, including both defensive plays and high-growth consumer names. 16 companies submitted initial filings in August, and while that number includes numerous micro-caps and is still below the 10-year average of 22 filings, there are clear signs that the IPO market’s logjam is starting to break. Semiconductor giant Arm filed for what should be one of largest tech IPOs in the past 20 years, while Instacart and Klaviyo became the first tech unicorns to file since 2021.
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