The U.S. IPO market continues its downward slide in 2024, with just 151 listings so far. While on track to beat 2023’s decade low of 154 IPOs, it hardly recovers from the dramatic decline in 2022, which saw the U.S. IPO deal volume plummet 83 percent from the record high of 1,035 in 2021. Investors had hoped that Reddit’s blockbuster listing in March would jumpstart the IPO market, but Jay Ritter, a finance professor at the University of Florida, cautioned against such optimism at the time, telling Yahoo Finance, “I don’t think there’s going to be a boom.” So far, it seems he is right. “It was a one-off. There was a lot of attention due to retail interest,” Ritter told Observer, adding that most companies seeking IPOs, pretty much anything in the business-to-business space, do not have the same brand recognition as Reddit (RDDT).

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