Nasdaq recorded 46 IPOs on its exchange in the third quarter, down from 76 a year earlier, while the SK hynix ADR offering dominated U.S. operating-company IPO proceeds.
On Thursday, Oct. 22, Nasdaq Chair and CEO Adena Friedman said some companies in certain sectors were reconsidering IPO timing. She described recent conditions as a “modest softening” and said Nasdaq’s listings pipeline remained “robust.”
Nasdaq’s results filed with the Securities and Exchange Commission showed that 15 of the quarter’s IPOs were by operating companies, compared with 46 a year earlier. Special purpose acquisition companies (SPACs) accounted for 31, up from 30.
Across the broader U.S. market, Nasdaq Economic Institute counted 26 operating-company IPOs that raised $34 billion. An American depositary receipt (ADR) for SK hynix raised $26.5 billion, most of that total.
Oura said Sept. 29 it was postponing its planned Nasdaq IPO because of uncertainty in the IPO market, while noting that investor demand remained strong. It did not provide a new date. Holtec Nuclear Corp. filed on Sept. 25 to withdraw its registration statement, saying it no longer wanted to pursue an offering at that time. The filing said the registration was not yet effective and had not been used to issue or sell securities.
Forecasts differed. Reuters reported that Matt Kennedy, a senior strategist at Renaissance Capital, did not expect a major rebound by year-end unless enthusiasm for AI stocks returned. Nasdaq Economic Institute’s Oct. 8 analysis said U.S. IPO activity was likely to remain solid into early 2027. It tied higher rates to pressure on company valuations and debt values. The institute said its September IPO Pulse reading was the lowest in six months, though downturns in the past had been more severe.
The Federal Reserve raised its target range by 0.25 percentage point to 3.75% to 4% on Sept. 16. Its next scheduled policy meeting is Tuesday and Wednesday, Oct. 27-28.
