Public markets primed for US IPO revival despite tariff uncertainty, NYSE President Martin says
By Arasu Kannagi Basil
(Reuters) -Intercontinental Exchange-owned NYSE's President Lynn Martin said on Thursday that public markets were ready for well-prepared companies despite tariff unease as easing volatility was setting the stage for a rebound in U.S. IPO activity.
Optimism that 2025 would finally be the year for a strong rebound in U.S. IPO market activity has recently been tempered by tariff-driven uncertainty, but the window seems to be opening up again after volatility eased and equities bounced back.
"There's been this narrative in the market, particularly for the last two years. It's a bit false that companies can't go public," Martin said at the Piper Sandler Global Exchange & Trading Conference.
The companies debuting at this time were public-market ready, she said, highlighting the successful listings of cybersecurity firm Rubrik and social media platform Reddit last year.
"They were ready to go. They went, and they've done extraordinarily well," Martin said.
Analysts say the IPO market could be in the early stages of a broader pickup, but that sustained stability was needed before the window opens fully.
"We expect approximately one or two deals per week in June, ramping up a bit in July after Independence Day, and if all goes well, a full rebound in September, October after the summer lull," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
NYSE TEXAS
The impending launch of the Texas Stock Exchange, backed by Wall Street giants BlackRock and Citadel Securities, is set to heat up the competition in listings markets.
The NYSE was following its playbook, talking to its customers about why more of them were moving to Texas, Martin said.
NYSE Texas officially opened for business in March and has secured a handful of companies over the past few weeks - including Trump Media & Technology Group - as its "founding" members.
"The conversations we're having are incredibly positive," Martin said, adding that NYSE Texas had another double-digit dual listing lined up.
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