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Chart of the Week - IPO Boom & Bust

US IPO Activity — From Boom to Bust: This chart gives a sense for the magnitude and scale of the US IPO boom (and bust). Notably, IPO filings increased exponentially through the second half of 2020 into 2021. More recently though, IPO filings have tapered off rather significantly.

At the same time, IPO withdrawals spiked in January with a record number of IPOs withdrawn. This is not surprising given the volatility in markets and the Fed policy pivot towards tightening.

As a barometer for speculation and liquidity, we can clearly see the tides going in and out on this chart. Hence, I would chalk this up as another piece of evidence of the shift in sentiment — and steadily evolving risk vs return balance as this strange-yet-familiar cycle runs its course.

chart of IPO numbers vs the S&P 500

Key point: The Fed can probably hike multiple times before sinking stocks.

NOTE: this post first appeared on our NEW Substack:

Best regards,

Callum Thomas

Head of Research and Founder of Topdown Charts

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