Public markets primed for US IPO revival despite tariff uncertainty, NYSE President Martin says

Reuters
2025/06/06
UPDATE 1-Public markets primed for US IPO revival despite tariff uncertainty, NYSE President Martin says

Adds more quotes from Martin

By Arasu Kannagi Basil and Anirban Sen

NEW YORK, June 5 (Reuters) - Intercontinental Exchange-owned ICE.N NYSE's President Lynn Martin said on Thursday that public markets were ready for well-prepared companies even amid tariff concerns, as robust investor demand sets up the U.S. IPO market for a potential rebound.

Optimism that 2025 would finally be the year for a strong rebound in U.S. IPO market activity has recently been tempered by tariff-driven uncertainty, but the window seems to be opening up again after volatility eased and equities bounced back.

"There's been this narrative in the market, particularly for the last two years. It's a bit false that companies can't go public," Martin said at the Piper Sandler Global Exchange & Trading Conference.

The companies debuting at this time were public-market ready, she said, highlighting the successful listings of cybersecurity firm Rubrik RBRK.N and social media platform Reddit RDDT.N last year.

"When we think about attracting companies, it's why we're so deliberate about our listing standards. Not every company

qualifies for the NYSE standard, but when they do, they have tremendous success," said Martin.

"They were ready to go. They went, and they've done extraordinarily well," she added.

Analysts say the IPO market could be in the early stages of a broader pickup, but that sustained stability was needed before the window opens fully.

"We expect approximately one or two deals per week in June, ramping up a bit in July after Independence Day, and if all goes well, a full rebound in September, October after the summer lull," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

24X7 TRADING

NYSE is taking a "deliberate approach" on rolling out 24-hour trading on its flagship exchange, Martin said on Thursday.

"From our perspective, the most important thing is to add reliability and resiliency to the ecosystem, to allow someone the certainty that when they actually transact on us, to know they're going to have it in their portfolio, they're going to see it settle in their account, and they're operating under the resiliency of our trading infrastructure," said Martin.

The impending launch of the Texas Stock Exchange, backed by Wall Street giants BlackRock BLK.N and Citadel Securities, is set to heat up the competition in listings markets.

The NYSE was following its playbook, talking to its customers about why more of them were moving to Texas, Martin said.

NYSE Texas officially opened for business in March and has secured a handful of companies over the past few weeks - including Trump Media & Technology Group DJT.O - as its "founding" members.

"The conversations we're having are incredibly positive," Martin said, adding that NYSE Texas had another double-digit dual listing lined up.

(Reporting by Arasu Kannagi Basil in Bengaluru and Anirban Sen in New York; Editing by Pooja Desai and Diane Craft)

((ArasuKannagi.Basil@thomsonreuters.com;))

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