ANALYSIS: Bears Claw IPOs in 2022; New Rules for Direct Listings

Traditional and SPAC IPOs endured a dismal year in 2022, but a look back at past bear markets reveals that it was a fairly typical pullback. New rules for direct listings on US exchanges should make them more competitive with traditional IPOs going forward, placing traditional IPOs under additional pressure. Uncertainty about when the Federal Reserve will stop increasing interest rates and continuing competition for listings from China’s exchanges, combined with a strong pipeline of companies in China ready to go public and the movement by Chinese companies to delist in the US, further dims prospects for a quick ...