Where have the unicorns gone?

The market for initial public offerings, as well as for SPACs — companies debuting through mergers with blank-check special purpose acquisition companies — often dries up in the summer. But there has been an even more pronounced dearth of IPOs this year due to the volatility in the broader market.

According to data from Renaissance Capital, a firm that researches and invests in IPOs, there have been only 53 IPOs so far this year, down more than 80% from the same period in 2021. What’s more, only 94 companies have filed for IPOs in 2022, a decrease of 70% from a year ago.