Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: IPOs are making a comeback this summer, with the latest
Speaker 2: Figma share surging more than two hundred and fifty percent
Speaker 2: in its debut last week. So excited for this conversation.
Speaker 2: Joining us now is Nicey President Lynn Martin Lind, Good morning,
Speaker 2: Thanks for joining.
Speaker 1: Us, Thanks for having me. So you told John.
Speaker 2: Leson myself in May that you saw quote unprecedented levels
Speaker 2: of volume following the April second Liberation Day, but for
Speaker 2: the IPO landscape, you were optimistic, but the timeline.
Speaker 1: Was shifted out. Where are we now in that timeline,
Speaker 1: in that pipeline?
Speaker 3: Well, I think as a result of the successful deals
Speaker 3: we've been able to bring to market, really starting in
Speaker 3: that end of May timeframe, but most manifestly over the
Speaker 3: last two weeks when we had seven IPOs, I think
Speaker 3: it's fair to say that the markets are open for IPOs.
Speaker 4: Our market's open for all IPOs. Though, do we still
Speaker 4: need to be selective among those that are being brought
Speaker 4: in and they need to be tech companies for example,
Speaker 4: or can we start to see some of the smaller
Speaker 4: midcaps come back too.
Speaker 3: Yeah, we've seen a variety of sizes and companies across
Speaker 3: different sectors come to market. In the last few months,
Speaker 3: tech in particular has, as you point out, had a
Speaker 3: great reception in the market. You know, in the last
Speaker 3: two weeks we saw Nils and i Q, we saw
Speaker 3: McGrath hill, we saw Figma as you just had the
Speaker 3: screen up, and then a couple months ago we saw
Speaker 3: a Circle come to market, also Hinge Health and Mountains.
Speaker 3: So some really tech led companies, but mostly pretty much
Speaker 3: all sectors.
Speaker 4: The market's right a bit of a split screen though, Lin,
Speaker 4: because you start to have some IPOs coming back, and
Speaker 4: at the same time you have these private equity players
Speaker 4: coming up with liquidity solutions that just allows companies to
Speaker 4: be private for longer, be it secondary funds, be it
Speaker 4: perpetual capital. And their argument is companies just don't want
Speaker 4: to be public, and we're giving the option not to
Speaker 4: be longer term. Does that hinderpos.
Speaker 3: Well, I think what it means is that the companies
Speaker 3: that come to market are better companies. You look at
Speaker 3: the companies that have come to market, it's not the
Speaker 3: first time that they've been in the news about an IPO.
Speaker 3: Look at Circle, for example, they were talking about going
Speaker 3: public back in twenty twenty one when they came to market, though,
Speaker 3: they're a better company. They have a more refined strategy,
Speaker 3: a more refined P and L, a story for the
Speaker 3: investors that generates a tremendous amount of excitement. And I
Speaker 3: think what you're seeing with the reception of the companies
Speaker 3: that have come to market is that pent up demand
Speaker 3: in the public markets, that pent up excitement in the
Speaker 3: public markets for new issues to come to market. It's
Speaker 3: something that I talk with long only investors, something I
Speaker 3: talk with retail about how they really want to see
Speaker 3: these new names, these growth companies come to market to
Speaker 3: add to their portfolio.
Speaker 2: That pent up demand was it being held back because
Speaker 2: of regulation in Washington.
Speaker 3: It was really being held back because of volatility and
Speaker 3: uncertainty in markets. You know, there've been a variety of
Speaker 3: events that have occurred over the last three three and
Speaker 3: a half years, wars, geopolitical uncertainty that have fueled that volatility.
Speaker 3: Now that there is more certainty, more certainty around the
Speaker 3: geopolitical landscape, more certainty around the market and the trajectory
Speaker 3: of the market, that's why you're seeing these companies finally
Speaker 3: come to market.
Speaker 1: How has the change in regulatory leadership.
Speaker 2: Though the SEC regulates the nicey, how has that potentially
Speaker 2: changed your business going forward?
Speaker 3: We're very optimistic. We had a great relationship with the
Speaker 3: past administration and the past SEC. But we're very excited about.
Speaker 1: Blackinso's very different than Gerrigance.
Speaker 3: He is he is, and we've had a long relationship
Speaker 3: with Paul Atkins. This isn't Paul akins first time in
Speaker 3: the SEC, and we had a very productive working relationship
Speaker 3: and ship with him. We've already had a very productive
Speaker 3: working relationship in the short time that he's been chair,
Speaker 3: and a lot of the modifications that he's looking to
Speaker 3: make I think are going to benefit the public markets.
Speaker 4: So we have a moment where public market volatility has
Speaker 4: started to add. But even so, you have the rebirth
Speaker 4: of memestocks, and you have these weird things happening where
Speaker 4: you have open Door, for example, on one day, can
Speaker 4: account for ten percent of all equity trading volume. What
Speaker 4: do you make of just the health of these markets
Speaker 4: at this moment is some of that starts to bubble up?
Speaker 3: I think the markets are incredibly healthy. I mean, our
Speaker 3: markets are the envy of the world. The breath, the depth,
Speaker 3: the liquidity, the trade certainty. Any one day, though there
Speaker 3: could be excitement about a different name. I think what
Speaker 3: you're seeing is a lot of the pent up demand
Speaker 3: looking for the new issues and new things to treat.
Speaker 4: It's very different though, than twenty twenty one, where those
Speaker 4: retail investors had all the money to go.
Speaker 1: So when you look at that, you're like, Okay, this
Speaker 1: is just.
Speaker 4: A temporary phenomenon, or do we just need to get
Speaker 4: used to single names getting this wind sweep of various
Speaker 4: excitement built up online and that's just the new normal
Speaker 4: we live in.
Speaker 3: No, I really can't speak to what's driving a stock
Speaker 3: on any given day. Certainly, the social media and the
Speaker 3: conversation around stocks overall, I think is actually a good thing.
Speaker 3: It means that people aren't interested in investing, they're interested
Speaker 3: in adding to their portfolio. They're also interested in diversifying
Speaker 3: their portfolio.
Speaker 1: Speaking of diversification.
Speaker 2: On Thursday, at and T says they're going to have
Speaker 2: this dual listing in the ICY in Texas.
Speaker 1: What's the business like in Texas?
Speaker 3: Yeah, Well, we're very supportive of all of the changes
Speaker 3: that Governor Abbott has rolled out in the state of
Speaker 3: Texas to really foster that pro growth environment. Since we
Speaker 3: announced NYS Texas and launched the exchange, which was the
Speaker 3: end of March this year, we've added a twenty new
Speaker 3: list things to the exchange. So we're very optimistic and
Speaker 3: grateful for a governor abbit for really leading the way
Speaker 3: on pro business atmosphere.
Speaker 1: Do you see more money leaving New York though.
Speaker 3: You know, I don't really, I don't know. I don't
Speaker 3: think so. I think New York's always going to be
Speaker 3: an important at the center for markets. But I think
Speaker 3: it's interesting the pro business moves and then ultimately what
Speaker 3: the pro business moves in Texas will lead to on
Speaker 3: the federal level. More than anything, Lynn, thanks so much.
Speaker 1: For your time.
Speaker 2: Thanks for having great insight, Nicey President Lynn Martin