Companies Go Public When Markets Are Booming, Not Before the Crash

Companies Go Public When Markets Are Booming, Not Before the Crash

Deutsche Bank Research found that initial public offerings cluster during strong market rallies, not during downturns. Companies raise capital when stock prices are high and buyers are plentiful—the opposite of what many assume. The pattern held from the tech boom of 1999–2000 through the 2020–2021 SPAC wave, then reversed sharply after each peak.

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