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cover of episode ICYMI: A New Era for IPOs

ICYMI: A New Era for IPOs

2025/6/30
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Bloomberg Businessweek
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Michael Harris
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Tim Stenevek
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Tim Stenevek: 我观察到IPO市场表现强劲，特别是Circle和CoreWeave等公司实现了三位数的增长。数据显示，今年新上市的公司平均上涨了约53%，这与近年来的市场情况大相径庭。尽管这可能还未达到投资者期望的水平，但市场确实呈现出良好的发展势头和业绩，投资者也对这些公司保持了持续的关注。 Michael Harris: 我认为目前市场情绪已经发生了根本性的转变，可以用“180度大转弯”来形容。这种转变体现在IPO市场的多个方面。一方面，IPO的认购水平非常高，许多项目的超额认购倍数惊人，吸引了广泛投资者的兴趣。另一方面，实际定价结果往往对发行方非常有利。此外，市场表现也十分出色，首日表现和后续市场表现都非常强劲，这进一步激发了投资者的兴趣。因此，我们预计夏季和9月市场将保持活跃，并对2025年及以后的市场前景持乐观态度。当然，年初时由于地缘政治紧张，一些公司推迟了IPO计划，但现在他们已经准备好继续推进。此外，目前上市的公司类型更加多样化，我们的储备项目也更加多元化，包括规模更大的公司。总的来说，这是一个非常健康的局面。不过，我们纽约证券交易所并不关注小盘中国公司上市，因为这类公司存在一些问题。一些公司会因为流动性偏好选择在美国上市，但规模较大的公司也可能选择在本土市场上市。IPO更多的是一门艺术而非科学，需要在吸引合适的投资者和确保流动性之间取得平衡。IPO只是公司发展的第一天，管理团队应该关注公司的长期成功，而不是仅仅关注首日的市场表现。我们设立德州交易所是因为德州有很多上市公司，并且州长也在努力改善商业环境。我们仍然坚信纽约仍然是筹集资金和公司注册的好地方。我们将继续专注于为我们的社区提供最佳机会，并始终保持前瞻性。影响市场的因素包括华盛顿的政策、美联储的决策以及公司的盈利状况。

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Recent IPOs like Circle and CoreWeave saw triple-digit percentage increases, leading to a surge in investor optimism and market activity. The current environment shows high subscription levels, favorable pricing for issuers, and strong post-market performance, resulting in a robust pipeline of upcoming IPOs.
  • Triple-digit percentage increases for Circle and CoreWeave
  • Weighted average increase of 53% for this year's IPOs
  • High subscription levels and favorable pricing for issuers
  • Strong post-market performance
  • Active summer and September IPO activity predicted
  • More diverse range of companies going public

Shownotes Transcript

Roaring returns for US IPOs are driving fresh optimism that activity will pick up steam later this year and into 2026, even as worries over geopolitics and President Donald Trump’s tariffs hang over the market.

Led by triple-digit-percent increases for Circle Internet Group Inc. and CoreWeave Inc. — two of the year’s five largest initial public offerings on US exchanges — this year’s class of debutantes are trading up by a weighted average of about 53%, data compiled by Bloomberg show. That’s left investors hungry for more, particularly in a year where the S&P 500 Index has struggled to remain in the black.

Michael Harris, vice chairman and global head of markets at NYSE examines the health of the IPO market as well as his company's position of strength within the hierarchy of global trading platforms.

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