Firms Prepared to Sit Out 2023 on IPOs, Goldman TMT Co-Head Says

Private companies are prepared to continue holding off on going public through next year if the market doesn’t improve, said one of Goldman Sachs Group Inc.’s top technology bankers.

Many of the bank’s clients that are candidates for initial public offerings raised private capital in 2020 and 2021 when it was abundant, Matt Gibson, co-head of the bank’s global technology, media and telecom group, said Friday in a Bloomberg Television interview. Those firms showed the financial discipline — preserving capital and cutting costs — to comfortably extend their IPO runway this year.

Matt Gibson

Photographer: Andrew Harrer/Bloomberg

“Most of the clients that ...