NEW YORK – Lynne Martin, President of NYSE and owner of InterContinental Exchange, mentioned on Thursday that the open market is poised for action, driven by robust investor demand, despite ongoing tariff concerns. This environment sets the stage for a potential rebound in the U.S. IPO market.
Although there’s some hope that 2025 might eventually see strong activity in the IPO market, uncertainties related to tariffs have tempered this optimism. Still, with recent volatility easing and stock prices recovering, the conditions appear to be aligning for renewed activity.
“For the last couple of years, there’s been a narrative in the market that it’s been challenging for companies to go public,” Martin said during the Piper Sandler Global Exchange & Trading Conference. She pointed out that successful debuts from companies like cybersecurity firm Rubrik and social media platform Reddit last year showcase that opportunities do exist.
Martin emphasized the importance of their listing standards in attracting businesses, highlighting that while not every company qualifies for the NYSE Standard, those that do tend to thrive. “They’re ready, they go for it, and they achieve great success,” she noted.
Analysts suggest the IPO market could be on the brink of a significant uptick, yet sustaining stability will be crucial for a complete reopening. Matt Kennedy, a senior strategist at Renaissance Capital, shared expectations of one or two deals weekly in June, with a slight increase anticipated in July. “If all goes well, we could fully rebound by September, with the usual summer slowdowns in October,” he added.
Regarding trading innovations, Martin announced that the NYSE is taking a “deliberate approach” by introducing 24-hour trading on key exchanges. “The main goal is to ensure reliability and resilience in our ecosystem, so we’re well-prepared for trading,” she explained.
The upcoming launch of the Texas Stock Exchange, which has backing from major players like BlackRock and Citadel Securities, is likely to intensify competition in the listing market. Martin remarked that the NYSE is reviewing its strategies and engaging with clients to understand the shift some are making toward Texas. The Texas Stock Exchange officially started operations in March, bringing on a few companies, including Trump Media & Technology Group, as its initial members.
