Ed. note: Welcome to our daily feature, Quote of the Day.
The IPO market has been incredibly challenged. The technology deals completed in September did not usher in a wave of other transactions, and market conditions are generally viewed as unfavorable at present.
In some instances, we are seeing a resetting of valuation expectations and with that, more discussions about moving forward with deals than any time over the past 18 months. In many other cases, boards and management teams have opted to remain on the sidelines, focusing on their businesses for the remainder of the year while leaving optionality for IPOs in the second half of 2024.
— Michael Nordtvedt, co-leader of Wilson Sonsini’s capital markets practice, in comments given to the American Lawyer on the state of the IPO market in 2023. “Hopefully, we will see the beginning of a return to a more normal market next year,” Nordtvedt said.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.