Following a record-breaking year for initial public offerings (IPOs) in 2021, the U.S. capital markets screeched to a halt in 2022 with the lowest IPO activity levels seen in decades. This trend was observed across all sectors as increasingly risk-adverse investors have been deterred from growth stories and projections. Instead, many are opting for a “wait-and-see” approach, resulting in IPO levels similar to those seen at the height of the financial crisis in 2009.

While we have typically provided an analysis of IPOs that were completed in the mid-year issue of this semi-annual report, we used this unique opportunity to take a different approach, providing:

1. An analysis of the state of the IPO market (or lack thereof)

2. Practical advice for companies that are currently in registration or are planning to pursue an IPO once market conditions become more favorable

3. An overview of alternative financing trends, including private financings, alternatives to equity financings, special purpose acquisition companies (SPACs), reverse mergers, and M&A exits