After this year's IPO slump, bankers are now wary of relief in 2023

Initial public offerings are heading for their longest drought since the global financial crisis —  and bankers don’t expect a revival anytime soon. 

A mix of rising inflation and interest rate hikes aimed at taming it have hurt stock market valuations and eroded investor appetite for the high-growth IPO candidates that have driven deals in recent years. Just $207 billion have been raised this year from listings  — 68% down versus last year — as a surge in flotations in China and the Middle East failed to make up for a frozen US market. 

“Two things are needed for ECM