The IPO window cracks open for fintech, but valuations remain a hard sell
Public markets will take the company. They will not take the 2021 deck.
Priya NairFinance Reporter
Stock exchange and city skyline
NEW YORK — Equity capital markets desks are making calls again. That is news. The calls are not, however, an invitation to relitigate 2021. Buyers want rule-of-40 arithmetic, not a total-addressable-market poem.
Fintech issuers that already print cash can have a conversation. Issuers that need the IPO to become profitable will be told to wait or to sell privately.
The window is a crack, not a gate. A couple of well-priced deals will widen it. A single overreached roadshow will slam it.
Priya Nair
Finance Reporter
Writes on banks, private credit, and the regulatory perimeter around nonbank lenders.