Core Viewpoint - The ongoing government shutdown is expected to impact the IPO market, with companies potentially delaying their public offerings until the situation stabilizes. Group 1: IPO Market Dynamics - Approximately a dozen companies are currently on file to go public, with notable interest in Alliance (a laundry equipment company) and University of Phoenix (a secondary education company) [2] - Both Alliance and University of Phoenix initiated their road shows despite the looming government shutdown, betting on a short duration for the shutdown [3] - Fermy, an energy company backed by Rick Perry, successfully went public just before the shutdown, indicating that some companies are still able to navigate the situation [3][4] Group 2: Impact of the Shutdown - The effectiveness statement for IPOs needed to be secured before the SEC's closure, which could lead to a backlog if the shutdown extends [5] - Companies may not feel pressured to go public in Q4 if the shutdown lasts longer, as historically, January and February are also favorable months for IPOs [6][7] - If the shutdown persists for a week or two, many companies may choose to postpone their plans until the new year [8] Group 3: SEC Operations During Shutdown - The SEC continues to accept filings for already traded companies, including quarterly reports, but is not processing new IPO approvals during the shutdown [9][10] - The prioritization of document reviews during the upcoming earnings season could further delay the IPO pipeline if the SEC remains unable to approve new offerings [9][10]