Infinitesimal IPOs

In 2021, there were a record-breaking 1,033 IPOs of which 59%, or 613, were SPACs, “blank-check” shell companies designed to take firms public without going through the traditional IPO process. YTD there have been just 173 IPOs, a decline of 83%, and just 76 have been SPACs, a decline of 87.6%. No matter how you slice it, investor enthusiasm for IPOs is MIA.