Maybe This Isn’t Such a Terrible Moment for IPOs After All

The market for US initial public offerings has been sluggish. High interest rates, a banking crisis, economic uncertainty and poor returns from recent IPOs have weighed on investors. Spirits may revive in the wake of a strong showing from chip designer Arm, which gained 25% on Sept. 14, its first day of trading. Instacart hopes to go public soon at a valuation of more than $9 billion, and Birkenstock has filed for its own IPO.

The slowdown came after a surge in money raised through offerings primarily by technology and consumer companies. Financials and communications businesses also helped ...