I think volume is going to be the real marker because we've always had a few here and there. But once we see sponsors feel like they can go back into the market and exit their portfolio companies and start reusing some of that capital for new investments, I think it'll trigger an outpouring of M&A as well. So the IPO market as an early indicator of what we're going to see in the M&A market, a lot of the change is just at the level of rhetoric.But even toning down the rhetoric has helped a lot to restore con ...

Investcorp Executive Chairman Mohammed Alardhi says there is "value in pockets" across GCC investment opportunities and that the region's IPO market is gaining momentum. He spoke with Bloomberg's Joumanna Bertcetche on the sidelines of the 2026 World Economic Forum in Davos, Switzerland. ...

Group 1 - Medline Inc. (NASDAQ:MDLN) is a medical supplies distributor and medical device maker, which recently had a successful IPO priced at $29, with the stock rising to $41 on its first trading day [1] - The IPO market experienced a cooling-off period due to a government shutdown, which allowed for a self-correction and ultimately led to Medline's IPO being the largest deal in four years [1] - Currently, Medline's stock is trading at around $40, indicating a healthy performance post-IPO, and is considered a strong investment opportunity if the stock price decreases [1] Group 2 - Medline supplies medical and surgical products to hospitals, surgery centers, and other healthcare facilities, highlighting its role in the healthcare industry [2] - While Medline shows potential as an investment, there are AI stocks that are perceived to offer greater upside potential and lower downside risk [2]

Core Insights - OneStream is going private just 17 months after its IPO, highlighting challenges in the public market despite initial success [1][2] - The IPO market is open but companies face significant valuation reductions, with examples like Navan and JAMF illustrating the harsh realities of current market conditions [6][12][21] Company Performance - OneStream had a valuation of $6 billion at its IPO, but is being acquired for $6.4 billion, reflecting a 31% premium despite a 35% drop from its IPO highs [2][3] - Navan, with a current trading price of $17, is 32% below its IPO price of $25, trading at 4x ARR, indicating a tough market for non-AI B2B software [6][21] - JAMF, despite tripling its ARR from $225 million to $710 million, was acquired for $2.2 billion, which is less than half its initial IPO valuation, due to a significant slowdown in growth [9][20] Market Dynamics - The median public SaaS multiples have reset to 6-7x ARR, reflecting a return to 2016-2017 levels, with a widening gap between top and bottom performers [13][14] - Private equity investment in enterprise software has increased by 28% year-to-date in 2025, as PE firms can operate profitably at lower multiples [14][21] Investment Considerations - Companies need to achieve 25-40% growth to command premium multiples; those growing below 20% are likely to receive valuations of 3-7x ARR [15][23] - GAAP profitability is becoming increasingly important, with investors now seeking both growth and profitability, contrasting with previous years where growth alone sufficed [16][21] - The timeline to IPO is longer than anticipated, as seen with Navan's delayed public offering and OneStream's brief public tenure [17][21] Future Outlook - The IPO window is not closed but is characterized by a more realistic assessment of company valuations, particularly for those not in the AI sector [19][22] - Companies achieving 30%+ growth with GAAP profitability may still find favorable IPO conditions, while others may face acquisition at lower multiples by private equity [23]

Company Overview - Alexandria Real Estate Equities, Inc. (NYSE:ARE) is a real estate investment trust (REIT) that focuses on office space for the life sciences industry, including laboratories [2]. Performance Insights - The company has been identified as one of the worst performers in the market, with a decline of almost 50% [1]. - The muted tenant demand has been attributed to a weaker IPO market over the past few years, impacting small biotech companies' ability to raise funds and occupy real estate [1]. Dividend Changes - Alexandria Real Estate Equities recently cut its dividend by 45%, which was a significant move after a period of financial struggles [1]. - Prior to the cut, the dividend yield was just under 10%, and it currently stands at almost 6% [1]. Market Context - The high dividend yield, while attractive, is often indicative of underlying problems within the company rather than a straightforward investment opportunity [1].

Core Insights - State Bank of India (SBI) aims to be the first bank to achieve an annual net profit of ₹1 lakh crore and has ruled out equity dilution for the next five years [1][12] - SBI expects to grow its loan market share for small and medium enterprises (SMEs) from 13% to 16-17% [1][12] - The bank anticipates a structural transformation in balance sheets as customers diversify their savings into mutual funds, insurance, and pensions [3][19] Business Growth and Strategy - SBI is adding approximately ₹10 lakh crore in business annually and prefers organic growth over consolidation [2][10] - The bank's credit growth is projected at 12-14%, primarily driven by retail, agriculture, and MSME sectors, which constitute 65% of its domestic book [13][25] - SBI has simplified its lending process for MSMEs, resulting in quicker approvals and competitive pricing [25] Market Conditions and Economic Outlook - SBI expects India's economic growth to exceed 7.5% in FY27, with inflation remaining below 4% [9][24] - The bank has not observed significant impacts on exporters from US tariffs, as many are diversifying their markets [8][24] Wealth Management and Investment - SBI is serious about wealth management, targeting an increase in assets under management (AUM) from ₹1 lakh crore to ₹15 lakh crore by 2030 [20] - The bank is developing products for loans against shares, aligning with its wealth management strategy [21] Environmental and Governance Initiatives - SBI has established an ESG department with goals to make 7.5% of its portfolio green by 2030, currently at 2-3% [23]

Economic Outlook - The current economic data is incomplete and presents a "data fog," making it difficult to ascertain the true state of the economy, particularly regarding inflation and the labor market [2][3] - There are concerns about the sustainability of AI infrastructure spending and whether major tech companies can maintain profitability to manage their increasing debt [4] Market Sentiment - Despite uncertainties, there is some optimism in the market, with expectations that the Federal Reserve may cut interest rates in early 2026, which typically benefits market performance [7][8] - The market may experience a "Santa Claus rally," but this is uncertain and may not be significant for long-term investors [5][6] International Markets - International markets have significantly outperformed the U.S. this year, with some regions, particularly in Asia, showing gains of 50-60% [10][12] - A weaker dollar could benefit U.S. investors by amplifying profits when repatriated, making international exposure increasingly attractive [13] Investment Strategy - A cautious approach is advised for 2026, with a focus on diversification and potential exposure to international markets, as the U.S. may not remain the best investment destination [9][11] - Investors should be selective in AI investments, focusing on companies that enhance productivity rather than those heavily indebted for infrastructure buildout [15][16] IPO Market - The IPO market is expected to pick up, driven by venture capital firms seeking exits, although it will be selective, favoring strong companies [19] Risks - Key risks include the independence of the Federal Reserve, geopolitical tensions, and potential political changes that could impact market stability [20][21] - There is a concern about market overvaluation, which could lead to a significant correction if inflation reaccelerates or if the Fed has to reverse its monetary policy [24][28]

The IPO of the year, the biggest one, uh, popping on its open last hours, just a few minutes ago, really after some middling performance in the IPO market generally. Is it a sign of pent-up demand into mega offerings like SpaceX next year. A sigh of relief for the private equity space, too.Leslie Picker has more over at the NASDAQ. Leslie, hey, Kelly, [music] yes. The largest IPO of the year, Medline, opening for trading about 15 minutes ago at $35 per share.That's up more than 20% from its IPO price of $29 ...

Joining me now to discuss CNBC contributor Plexo Capitals Low Tony. It's good to see you. >> Good to see you as well.>> Think it's going to happen in the biggest ever. >> Yeah, I think so. >> $800 billion valuation today.>> Yes, >> man. What What does that make you think about when you think about a name and a and a valuation and a raise that big. It's big and I think it's one that everyone's been waiting for because this is one of the top five most valuable private companies and everyone's been waiting for ...

I wonder Gina, from a market participants perspective, how does this influence how you will approach today, trading or otherwise. >> Well, you've given us a range that goes from nothing to a lot. So, uh it's a it's a pretty wide range, but look, our 2026 road map um does assume that we continue to see significant capex spending into the infrastructure of AI.Um and we do think that that continues to support uh the kind of let's call it the picks and shovels uh of that uh ecosystem which includes Nvidia, it i ...