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Nasdaq CEO Expects Rebound In IPO Market During 2024

Adena Friedman, the chief executive officer (CEO) of the Nasdaq stock exchange, says that close to 100 companies have filed confidentiality to hold initial public offerings (IPOs) this year.

In an interview with Barron’s magazine, Friedman said that she anticipates a major rebound for the IPO market in 2024 after new stock issuance has been largely frozen over the last two years due to a downturn in equities and high interest rates.

In fact, the last two years were the slowest period for IPOs in more than 40 years, with only nine tech IPOs held in 2023, and six in 2022, down from 121 deals in 2021 amid a bull market rally.

A few high-profile technology IPOs held last September, including Arm Holdings (ARM) and
Instacart (CART) did little to revive investors’ interest in IPOs.

However, Friedman said the current situation is likely to change this year amid more favourable market conditions that include declining inflation and interest rates.

Friedman added in the interview that she anticipates a few IPOs in this year’s first quarter, in both healthcare and technology, with other deals occurring in the second quarter.

High-profile IPOs that are anticipated this year include financial technology firm Stripe, social media company Reddit, and digital communications platform Discord.

Friedman also said that she expects an increase in mergers and acquisitions (M&A) in 2024 as interest rates decline, reducing the cost of capital for companies.