Fall IPO Pickup Stumbles on AI Concerns and Rising Rates
Despite a solid summer, IPO activity came in below expectations in the third quarter of 2026, as more concerns about AI spending, a 19-year high in bond yields, and resumed rate hikes weighed on the fall pickup. Deal count was fairly modest at 31 listings, while proceeds reached $34.9 billion, driven mostly by Korea-listed memory chip firm SK hynix’s $26.5 billion US offering; excluding the mega deal, proceeds fell to $8.4 billion. A total of 19 IPOs raised $100 million or more, featuring a wider variety of businesses than in previous quarters. Biotech and AI infrastructure remained key themes, but...
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