1
00:00:02,560 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,880 --> 00:00:10,960
Speaker 2: IPOs are making a comeback this summer, with the latest

3
00:00:10,960 --> 00:00:14,160
Speaker 2: Figma share surging more than two hundred and fifty percent

4
00:00:14,600 --> 00:00:17,280
Speaker 2: in its debut last week. So excited for this conversation.

5
00:00:17,400 --> 00:00:20,040
Speaker 2: Joining us now is Nicey President Lynn Martin Lind, Good morning,

6
00:00:20,239 --> 00:00:21,280
Speaker 2: Thanks for joining.

7
00:00:21,000 --> 00:00:23,439
Speaker 1: Us, Thanks for having me. So you told John.

8
00:00:23,320 --> 00:00:27,000
Speaker 2: Leson myself in May that you saw quote unprecedented levels

9
00:00:27,000 --> 00:00:29,880
Speaker 2: of volume following the April second Liberation Day, but for

10
00:00:29,920 --> 00:00:33,239
Speaker 2: the IPO landscape, you were optimistic, but the timeline.

11
00:00:32,720 --> 00:00:35,400
Speaker 1: Was shifted out. Where are we now in that timeline,

12
00:00:35,400 --> 00:00:36,280
Speaker 1: in that pipeline?

13
00:00:36,360 --> 00:00:39,479
Speaker 3: Well, I think as a result of the successful deals

14
00:00:39,520 --> 00:00:43,400
Speaker 3: we've been able to bring to market, really starting in

15
00:00:43,440 --> 00:00:49,000
Speaker 3: that end of May timeframe, but most manifestly over the

16
00:00:49,080 --> 00:00:52,159
Speaker 3: last two weeks when we had seven IPOs, I think

17
00:00:52,159 --> 00:00:55,000
Speaker 3: it's fair to say that the markets are open for IPOs.

18
00:00:55,440 --> 00:00:59,280
Speaker 4: Our market's open for all IPOs. Though, do we still

19
00:00:59,320 --> 00:01:01,520
Speaker 4: need to be selective among those that are being brought

20
00:01:01,560 --> 00:01:03,680
Speaker 4: in and they need to be tech companies for example,

21
00:01:03,920 --> 00:01:05,960
Speaker 4: or can we start to see some of the smaller

22
00:01:06,000 --> 00:01:07,120
Speaker 4: midcaps come back too.

23
00:01:07,160 --> 00:01:11,280
Speaker 3: Yeah, we've seen a variety of sizes and companies across

24
00:01:11,400 --> 00:01:14,440
Speaker 3: different sectors come to market. In the last few months,

25
00:01:15,280 --> 00:01:18,640
Speaker 3: tech in particular has, as you point out, had a

26
00:01:18,720 --> 00:01:21,280
Speaker 3: great reception in the market. You know, in the last

27
00:01:21,280 --> 00:01:23,119
Speaker 3: two weeks we saw Nils and i Q, we saw

28
00:01:23,200 --> 00:01:26,160
Speaker 3: McGrath hill, we saw Figma as you just had the

29
00:01:26,240 --> 00:01:28,720
Speaker 3: screen up, and then a couple months ago we saw

30
00:01:28,760 --> 00:01:32,360
Speaker 3: a Circle come to market, also Hinge Health and Mountains.

31
00:01:32,480 --> 00:01:37,800
Speaker 3: So some really tech led companies, but mostly pretty much

32
00:01:37,800 --> 00:01:38,440
Speaker 3: all sectors.

33
00:01:38,840 --> 00:01:41,280
Speaker 4: The market's right a bit of a split screen though, Lin,

34
00:01:41,280 --> 00:01:43,920
Speaker 4: because you start to have some IPOs coming back, and

35
00:01:43,959 --> 00:01:46,480
Speaker 4: at the same time you have these private equity players

36
00:01:46,520 --> 00:01:49,680
Speaker 4: coming up with liquidity solutions that just allows companies to

37
00:01:49,720 --> 00:01:52,200
Speaker 4: be private for longer, be it secondary funds, be it

38
00:01:52,480 --> 00:01:55,880
Speaker 4: perpetual capital. And their argument is companies just don't want

39
00:01:55,880 --> 00:01:57,800
Speaker 4: to be public, and we're giving the option not to

40
00:01:57,840 --> 00:02:01,520
Speaker 4: be longer term. Does that hinderpos.

41
00:02:00,720 --> 00:02:03,840
Speaker 3: Well, I think what it means is that the companies

42
00:02:03,880 --> 00:02:06,960
Speaker 3: that come to market are better companies. You look at

43
00:02:06,960 --> 00:02:09,240
Speaker 3: the companies that have come to market, it's not the

44
00:02:09,240 --> 00:02:13,960
Speaker 3: first time that they've been in the news about an IPO.

45
00:02:14,200 --> 00:02:17,200
Speaker 3: Look at Circle, for example, they were talking about going

46
00:02:17,240 --> 00:02:20,639
Speaker 3: public back in twenty twenty one when they came to market, though,

47
00:02:20,680 --> 00:02:23,200
Speaker 3: they're a better company. They have a more refined strategy,

48
00:02:23,639 --> 00:02:27,160
Speaker 3: a more refined P and L, a story for the

49
00:02:27,200 --> 00:02:31,240
Speaker 3: investors that generates a tremendous amount of excitement. And I

50
00:02:31,240 --> 00:02:35,080
Speaker 3: think what you're seeing with the reception of the companies

51
00:02:35,080 --> 00:02:38,280
Speaker 3: that have come to market is that pent up demand

52
00:02:38,600 --> 00:02:42,120
Speaker 3: in the public markets, that pent up excitement in the

53
00:02:42,200 --> 00:02:45,880
Speaker 3: public markets for new issues to come to market. It's

54
00:02:45,919 --> 00:02:49,720
Speaker 3: something that I talk with long only investors, something I

55
00:02:49,760 --> 00:02:53,800
Speaker 3: talk with retail about how they really want to see

56
00:02:53,840 --> 00:02:56,920
Speaker 3: these new names, these growth companies come to market to

57
00:02:56,960 --> 00:02:58,120
Speaker 3: add to their portfolio.

58
00:02:58,360 --> 00:03:00,720
Speaker 2: That pent up demand was it being held back because

59
00:03:00,760 --> 00:03:02,079
Speaker 2: of regulation in Washington.

60
00:03:02,520 --> 00:03:05,160
Speaker 3: It was really being held back because of volatility and

61
00:03:05,240 --> 00:03:09,440
Speaker 3: uncertainty in markets. You know, there've been a variety of

62
00:03:09,480 --> 00:03:12,720
Speaker 3: events that have occurred over the last three three and

63
00:03:12,720 --> 00:03:19,920
Speaker 3: a half years, wars, geopolitical uncertainty that have fueled that volatility.

64
00:03:20,240 --> 00:03:24,480
Speaker 3: Now that there is more certainty, more certainty around the

65
00:03:24,520 --> 00:03:30,080
Speaker 3: geopolitical landscape, more certainty around the market and the trajectory

66
00:03:30,280 --> 00:03:33,080
Speaker 3: of the market, that's why you're seeing these companies finally

67
00:03:33,120 --> 00:03:33,800
Speaker 3: come to market.

68
00:03:33,960 --> 00:03:35,600
Speaker 1: How has the change in regulatory leadership.

69
00:03:35,640 --> 00:03:39,040
Speaker 2: Though the SEC regulates the nicey, how has that potentially

70
00:03:39,440 --> 00:03:41,040
Speaker 2: changed your business going forward?

71
00:03:41,440 --> 00:03:44,120
Speaker 3: We're very optimistic. We had a great relationship with the

72
00:03:44,160 --> 00:03:49,119
Speaker 3: past administration and the past SEC. But we're very excited about.

73
00:03:49,040 --> 00:03:50,920
Speaker 1: Blackinso's very different than Gerrigance.

74
00:03:51,080 --> 00:03:53,520
Speaker 3: He is he is, and we've had a long relationship

75
00:03:53,560 --> 00:03:56,840
Speaker 3: with Paul Atkins. This isn't Paul akins first time in

76
00:03:56,960 --> 00:04:00,000
Speaker 3: the SEC, and we had a very productive working relationship

77
00:04:00,040 --> 00:04:02,720
Speaker 3: and ship with him. We've already had a very productive

78
00:04:02,760 --> 00:04:06,680
Speaker 3: working relationship in the short time that he's been chair,

79
00:04:06,840 --> 00:04:12,200
Speaker 3: and a lot of the modifications that he's looking to

80
00:04:12,320 --> 00:04:15,400
Speaker 3: make I think are going to benefit the public markets.

81
00:04:15,600 --> 00:04:17,760
Speaker 4: So we have a moment where public market volatility has

82
00:04:17,800 --> 00:04:20,480
Speaker 4: started to add. But even so, you have the rebirth

83
00:04:20,560 --> 00:04:22,800
Speaker 4: of memestocks, and you have these weird things happening where

84
00:04:22,800 --> 00:04:25,040
Speaker 4: you have open Door, for example, on one day, can

85
00:04:25,080 --> 00:04:28,200
Speaker 4: account for ten percent of all equity trading volume. What

86
00:04:28,200 --> 00:04:30,760
Speaker 4: do you make of just the health of these markets

87
00:04:30,800 --> 00:04:32,840
Speaker 4: at this moment is some of that starts to bubble up?

88
00:04:33,320 --> 00:04:35,600
Speaker 3: I think the markets are incredibly healthy. I mean, our

89
00:04:35,640 --> 00:04:38,840
Speaker 3: markets are the envy of the world. The breath, the depth,

90
00:04:38,880 --> 00:04:44,120
Speaker 3: the liquidity, the trade certainty. Any one day, though there

91
00:04:44,160 --> 00:04:47,960
Speaker 3: could be excitement about a different name. I think what

92
00:04:48,000 --> 00:04:50,200
Speaker 3: you're seeing is a lot of the pent up demand

93
00:04:50,760 --> 00:04:53,000
Speaker 3: looking for the new issues and new things to treat.

94
00:04:53,160 --> 00:04:55,520
Speaker 4: It's very different though, than twenty twenty one, where those

95
00:04:55,560 --> 00:04:57,840
Speaker 4: retail investors had all the money to go.

96
00:04:58,200 --> 00:04:59,599
Speaker 1: So when you look at that, you're like, Okay, this

97
00:04:59,680 --> 00:04:59,920
Speaker 1: is just.

98
00:04:59,880 --> 00:05:02,120
Speaker 4: A temporary phenomenon, or do we just need to get

99
00:05:02,240 --> 00:05:05,880
Speaker 4: used to single names getting this wind sweep of various

100
00:05:05,920 --> 00:05:08,440
Speaker 4: excitement built up online and that's just the new normal

101
00:05:08,480 --> 00:05:08,839
Speaker 4: we live in.

102
00:05:08,960 --> 00:05:11,520
Speaker 3: No, I really can't speak to what's driving a stock

103
00:05:12,200 --> 00:05:18,240
Speaker 3: on any given day. Certainly, the social media and the

104
00:05:20,440 --> 00:05:24,479
Speaker 3: conversation around stocks overall, I think is actually a good thing.

105
00:05:24,640 --> 00:05:28,440
Speaker 3: It means that people aren't interested in investing, they're interested

106
00:05:28,560 --> 00:05:31,720
Speaker 3: in adding to their portfolio. They're also interested in diversifying

107
00:05:31,800 --> 00:05:32,599
Speaker 3: their portfolio.

108
00:05:32,920 --> 00:05:34,000
Speaker 1: Speaking of diversification.

109
00:05:34,240 --> 00:05:36,120
Speaker 2: On Thursday, at and T says they're going to have

110
00:05:36,120 --> 00:05:38,080
Speaker 2: this dual listing in the ICY in Texas.

111
00:05:38,200 --> 00:05:40,000
Speaker 1: What's the business like in Texas?

112
00:05:40,320 --> 00:05:44,560
Speaker 3: Yeah, Well, we're very supportive of all of the changes

113
00:05:44,600 --> 00:05:47,279
Speaker 3: that Governor Abbott has rolled out in the state of

114
00:05:47,320 --> 00:05:51,280
Speaker 3: Texas to really foster that pro growth environment. Since we

115
00:05:51,440 --> 00:05:56,640
Speaker 3: announced NYS Texas and launched the exchange, which was the

116
00:05:56,800 --> 00:05:59,560
Speaker 3: end of March this year, we've added a twenty new

117
00:05:59,640 --> 00:06:04,240
Speaker 3: list things to the exchange. So we're very optimistic and

118
00:06:04,400 --> 00:06:06,920
Speaker 3: grateful for a governor abbit for really leading the way

119
00:06:06,960 --> 00:06:08,280
Speaker 3: on pro business atmosphere.

120
00:06:08,279 --> 00:06:10,239
Speaker 1: Do you see more money leaving New York though.

121
00:06:10,960 --> 00:06:14,679
Speaker 3: You know, I don't really, I don't know. I don't

122
00:06:14,720 --> 00:06:17,640
Speaker 3: think so. I think New York's always going to be

123
00:06:17,720 --> 00:06:21,360
Speaker 3: an important at the center for markets. But I think

124
00:06:21,360 --> 00:06:25,039
Speaker 3: it's interesting the pro business moves and then ultimately what

125
00:06:25,480 --> 00:06:29,080
Speaker 3: the pro business moves in Texas will lead to on

126
00:06:29,160 --> 00:06:31,840
Speaker 3: the federal level. More than anything, Lynn, thanks so much.

127
00:06:31,720 --> 00:06:32,080
Speaker 1: For your time.

128
00:06:32,120 --> 00:06:34,880
Speaker 2: Thanks for having great insight, Nicey President Lynn Martin