Icebreaker

The market is shaped by psychology, not financials. And the psychology around IPOs has been in trauma since retail investors were run over by a semitrailer whose mud flaps read SPAC and Rate Hike. Winter came for IPOs, and we're still waiting for the thaw. Despite a surplus of high-quality private companies and significant capital waiting to strike, new offerings are scant. With the broader market breaching all-time highs, the pent-up supply/demand of firms/capital is waiting for the green flag to drop. Specifically, a high-profile business whose first trade as a public company registers a healthy gain. I believe the ...