Spurt of Initial Public Offerings Fails to Lift VC-Backed Companies
The reports of the IPO market’s return have been greatly exaggerated. In truth, it’s much more of a debt-swap market for private equity firms.
Udayan Gupta
December 17, 2025
A trader scratches his head while working on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, April 3, 2013. U.S. stocks fell, after the Standard & Poor's 500 Index climbed to a record yesterday, as data on private payrolls and services-industry growth trailed economists' estimates. Photographer: Scott Eells/Bloomberg
Scott Eells/Bloomberg
