The IPO pipeline is bursting, what with Levi’s and Lyft having gone public, and several other household names on deck.

But there was another IPO statistic that caught my eye. And unless you were looking for it, you probably didn’t notice.

January 2019 saw an unusually low number of US-based IPOs: just one.

I’ve posted a chart showing the S&P 500 with red dots indicating every month where there was just one or zero IPO of a US-based company during the month.

And as you can see, when IPOs dried up during non-recessionary periods, the market tended to do pretty well after that.

[Note that we remove IPOs of companies that: go public on the Pink Sheets, go public as acquisition vehicles, are foreign corporation listed on a US exchange, priced under $5 per share.]


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