Morgan Stanley, which led the Reddit and Astera Labs IPOs, expects 10 to 15 more tech offerings this year and a"better year" in 2025.
"What's happened in the last six to 12 months is that the market has gotten more comfortable with paying for growth again," Stewart said.global head of technology equity capital markets. In an interview with CNBC's"TechCheck" on Monday, Stewart said 10 to 15 more tech companies could go public before the end of 2024, with an even"better year" in store for 2025.
Stewart, who's had a hand in some of the largest IPOs of the last few decades, said it usually takes six months to take an IPO to the finish line. That means companies currently considering an IPO are likely to hold off until next year to avoid intersecting with the U.S. presidential election in November, he said.
"What's happened in the last six to 12 months is that the market has gotten more comfortable with paying for growth again," Stewart said."We're not back to the levels of 2021, but we are getting a fair price for growth. And I think at those prices, you're starting to see companies say, 'You know, it's actually not bad to be a public company.'"
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