Market volatility, high interest rates, and ongoing geopolitical conflict continue to influence low levels of IPO activity in the U.S. capital markets. The trend is observed across all sectors, resulting in IPO levels similar to those seen during and in the aftermath of the 2009 financial crisis. While the third quarter of 2023 saw a boost with a handful of high-profile technology companies completing their IPOs, it did not usher in a wave of other transactions. Many companies continue to opt for a “wait-and-see” approach.