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When will the IPO come back? Nasdaq CFO has a prediction

There’s no secret IPO market has cooled down considerably. But will it heat up again any time soon?

“This year, we won 85% of the new listings,” Nasdaq CFO Ann Dennison said in an interview in Barclays Global Financial Services Conference on Monday in New York City. “Of course, not much happened this year.” Nasdaq is “working with a lot of companies to help them on their journey, although that journey may be delayed,” she said.

Dennison continued, “Coming out of the second quarter, we had more companies in the pipeline than at any other point in the last two years.” But as the second quarter ended, Nasdaq received word from companies, “We’re looking at the end of the third quarter,” said Denison. “Now, what we’re hearing is, ‘Probably early 2023,'” she said.

Nasdaq, a global technology company, is also the headquarters of the stock exchange that lists tech giants like Apple, Microsoftand Amazon. The second half of August was tough for tech stocks. And September, historically, was the worst month of the year for tech stock returns, Luck report. In Dennison’s talk with Barclays analyst Ben Budish, she provided insight into the company from both the product offering and the listing side as the macroeconomic environment continues.

The August Consumer Price Index report, the most prominent inflation gauge in the US, is released today. Some experts consumer price expectations will continue to cool. However, historically high inflation has put pressure on the labor market to tighten, according to Dennison.

“There are some tough ones to talk about like inflation,” she said. “One of the things that I think inflation has done for us and for others is to really put the focus on talent. And the competition for talent has been unbelievable.”

Dennison continued, “We did a few things from last year when thinking about the size of our salary. We have been investing in culture and making sure we create an environment that people want to be. But inflation is a factor. We’ve lost about two percentage points to our expenses this year that we’ve accumulated since day one knowing we were operating in a tougher inflationary environment.” In Q2 2022 of Nasdaq earnings call In July, Dennison said annual wage growth was higher than in previous years due to inflationary pressures on compensation.

When it comes to attracting customers, Dennison points to factors like the list of major tech companies affiliated with Nasdaq. And a full suite of market data solutions and services is offered to clients through the IPO process, which is a free service for about three years, including a social and environmental reporting tool. and governance (ESG), she said.

Nasdaq provides cryptocurrency exchange software that supports the exchange of digital assets. But the cryptocurrency market has been incredibly volatile. “How did the demand drop and flow with the broader crypto market?” Budish asks her.

“The power of our technology, I believe there are 10 exchanges now,” said Dennison. “And we are also monitoring 10 markets. We just signed a contract to monitor cryptocurrency trade. We are continuing to expand and we are thinking about fighting financial crime.” Last year, Nasdaq completed the acquisition of Verafin, a crime-fighting financial management solutions company. “We are in the testing (testing) phase right now for the tools in the money laundering module, as it relates to cryptocurrencies,” Dennison said.

“I think what’s interesting to us is that there doesn’t seem to be any withdrawal of institutional interest, despite the crypto winter,” she said. “So we think it’s here to stay and we have a big role to play on the infrastructure side.” But it could get colder before crypto winter is over. For example, “macroeconomic forces – especially more interest rate hikes and energy turmoil in Europe – are poised to push crypto prices further, while regulators are eager to boost the industry while it goes down” Luck report. Last week, Bitcoin price fell below $19,000 for the first time in almost two years.


See you tomorrow.

Sheryl Estrada
sheryl.estrada@uckyne.com

Upcoming events: This month, Luck The CFO community will meet face-to-face at Chicago and Dallas for two in-depth dinner conversations that dive into the new leadership strategies CFOs must adopt. Finance director, Click here to apply join us in Chicago at Sepia on September 22 or Click here to apply Join us on September 29 at The Mansion Turtle Creek in Dallas. Please note that attendance is free and subject to approval. See you there!

Big deal

U.S. retail sales, excluding autos, are expected to grow 7.1% year-over-year during the holiday season, according to the report. Mastercard Spend. The report shows that the early holiday shopping season (November 1 to December 24) is expected to start earlier in October. Due to inflation, consumers will be hunting for bargains. And retailers are expected to boost in-store shopping with the return of holiday shutter films, for example. Mastercard SpendPulse measures in-store and online retail sales across all forms of payment and is not adjusted for inflation, according to the company.

Licensed by Mastercard

Go deeper

Impact of Covid-19 on employees“, a new report by the National Office of Economic Research highlights a study of how illness reduces the labor supply. Researchers estimate that workers who miss a week of work due to Covid- 19 are less likely to stay in the workforce a year later than workers who don’t take a week off for health reasons.” Our estimates show that Covid-19 has reduced the workforce. U.S. workforce is about 500,000 people and implies a median income without each Covid-19 absence of at least $9,000, about 90%,” according to the report.

Charts

Deepak Ahuja was named the first chief financial and sales officer in Zipline, an instant delivery and logistics system for businesses, governments and consumers, effective September 30. Ahuja brings more than 20 years of financial leadership experience to its management team. Zipline. Most recently, Ahuja was CFO at Verily Life Sciences. Prior to that, he was the CFO of Tesla. In his new role at Zipline, he will oversee all aspects of the company’s global financial operations, including finance, accounting, investor relations and global sales, excluding Europe. Phi, according to the company.

Julien Lafouge was named the group’s chief financial officer at Spendesk, a French startup that produces expense management software. Lafouge will provide financial and legal oversight for the group as part of the Spendesk operating team. Having spent the first part of his career at Technip, a technology supplier to the energy industry, Lafouge held positions as financial controller, chief financial officer of a subsidiary in Angola, and Head of Internal Audit. Lafouge joined Boston Consulting Group in 2007 and worked in strategic consulting in Europe and South America until 2015. He then joined BlaBlaCar, a French car sharing platform, to launched his business in Brazil and Mexico and was the CFO of BlaBlaCar Group. from 2017 to 2021 before joining EMPG, a real estate portal based in the UAE.

Listen

“Despite investor concerns about the US stock market, we believe it offers greater risk-adjusted and absolute return potential than the depressed European markets. economic recession. The path to US growth may be uncertain, but the economic situation in Europe is dire.”

—Goldman Sachs analysts, led by chief US equity strategist David Kostin, wrote in a note to clients on Monday, Luck report.

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