More than 100 companies are getting ready to list on Nasdaq after filing confidentially with the SEC, Nasdaq’s CEO Adena Friedman told investing publication Barron’s.
Barron’s called Friedman’s comment “startling,” and we have to agree with that description. If that does come to happen, the IPO drought that the tech industry has suffered through for months will draw to a close sooner rather than later.
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Considering the ripple effect that the lack of liquidity has had on all stages of venture capital investment, this would be excellent news for everyone dealing with startups. If true, of course. And that is why the source matters perhaps just as much as what was said. Confidential filings are obviously hard to track, but Friedman is likely better informed than we are.
Still, we at least know about one company filing confidentially for an IPO: Circle.
As we reported yesterday, the issuer of the stablecoin USDC has filed for an IPO, and unlike the last time Circle tried to list, it is not taking the SPAC route to the public market. We still have a few questions about the company’s finances, but this filing makes us more optimistic about its chances this time around.