How Is Nasdaq's IPO Outlook Shaping Exit Plans?

Nasdaq CEO Adena Friedman discussed the IPO outlook with Bloomberg as founders reassess timing and venue decisions. After a sharp slowdown in 2022, activity improved in 2023 with Arm listing on Nasdaq and Instacart and Klaviyo pricing offerings. In 2024, Reddit, Astera Labs, Ibotta, and Rubrik tested the market with tighter cost control and steadier revenue. Higher interest rates, with the Federal Reserve's target range at 5.25 to 5.50 percent for much of 2023 and into 2024, continue to shape valuations and risk appetite. Listing venue competition between Nasdaq and the New York Stock Exchange remains strong, and companies are preparing for disclosure requirements, including potential climate reporting. Founders are advised to build a nine to twelve month IPO readiness plan and to deliver multiple quarters of consistent performance before launch.

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