So we’ve talked quite a bit about how SaaS revenues are the best ever, but the public markets are way down.  Down 75% from their peak.

And so are IPOs.  While we all can sort of sense it — the breakneck pace of IPOs in late 2020 and 2021 are clearly behind us — it can be hard to quantify.

Axios and Renaissance Capital have the latest data.  IPO proceeds in the U.S. are down a stunning 94.1%.

Now, this is to be expected.  IPOs are fair-weather events.  When times are good, like 2021, everyone rushes to IPO.  Even SPACs with zero revenues, and some marginal SaaS companies.

And when markets are down, the best can still IPO.  But even the best tend to wait, if they don’t need the money.  Then tend to wait until the market is up, so they can get a higher price for the shares they do sell or float.

So it’s not that bad, but it’s still an important metric.  If the IPO window stays mostly closed for a little while, no one cares.  You just IPO a little bit later.

But down 94.1% sure is a lot.

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