"Q3 marked the most active IPO quarter since 2021, fueled by renewed investor appetite and a surge in high-growth tech listings. While the government shutdown introduces procedural delays at the SEC, historical precedent suggests the impact on Q4 IPOs may be modest—especially if the closure is brief. Strong investor demand and a healthy pipeline could help the market absorb short-term disruptions." Craig Clay, President of Global Capital Markets, DFIN

"Q1 started strong with fourteen $50M+ offerings in the initial six weeks. However, escalating concerns over tariffs, recession fears, sticky inflation, and budget talks led to market volatility, delaying hopes for a stabilized IPO market. Despite these challenges, Q1 concluded with CoreWeave entering the public market, and we are optimistic that Q2 will bring the clarity and stability needed for a normalized IPO market."  Craig Clay, President of Global Capital Markets, DFIN

"Despite entering Q2 with strong financials and compelling growth narratives, many companies chose to delay IPO plans amid persistent market volatility. However, a few standout issuers—such as Circle Internet—moved forward, drawing robust investor interest and signaling selective confidence in the public markets. Several significant filings at quarter-end have renewed optimism that the IPO window is reopening." Craig Clay, President of Global Capital Markets, DFIN

Dealmakers entered 2025 with cautious optimism, hoping that the tailwinds from late 2024 would carry through. The economic climate shifted toward volatility, with tariffs, policy shakeups, and global market swings dominating the headlines of the new year. However, as market conditions stabilized across May and June, we’ve seen encouraging trends in market activity kicking off the beginning of Q3.

Practical insights for APAC companies contemplating a listing in the U.S. capital market as Foreign Private Issuers (FPIs).

"The largest tech offering in years, ARM Holdings, raised ~$4.9 billion, making Q3 the busiest quarter by proceeds this year. Unicorns moved through the IPO pipeline, with Instacart and Klaviyo making their public debuts. All eyes are on inflation, market volatility, and the government shutdown and the impact it may have on exchange bells ringing in Q4." Craig Clay, President, DFIN

Could Europe’s loss be America’s gain? Big name companies across the pond have raised eyebrows by choosing New York-based stock exchanges rather than European counterparts.

In this video, Craig Clay, President of Global Capital Markets, DFIN, discusses how the Force Management Command Center allowed the company to be initially all virtual and then hybrid, while delivering engaging content in one location, providing the sales team with necessary resources.

In this video, Craig Clay, President of Global Capital Markets, DFIN, highlights DFIN’s five-year transformation journey from RR Donnelley’s legacy of print to the company’s strategic focus on software.

Amidst economic uncertainty, civil unrest, the pandemic, and more, DFIN has been able to create sales success in software utilizing Force Management through the following avenues:

DFIN Drives Revenue after Digitizing Its Product-Line

“Force Management gave us a galvanizing moment to memorialize our purpose…It's a framework we use with almost everything within the sales motion.”

- Craig Clay, President of Global Capital Markets, DFIN

The Client