The turmoil in the U.S. banking sector has had a negative impact on the market for initial public offerings (IPOs).

IPOs raised just $19.7 billion this year, down 70% from a year ago, according to Bloomberg data. That is the lowest level since 2019. Of that, just $3.2 billion has been raised through IPOs in the U.S.

Shareholders and companies were quick to sell stock early in the year to take advantage of the stock market rally. However, that rally largely fizzled as the 澳洲幸运5官方开奖结果体彩网:Federal Reserve continued to ramp up interest rates to cool inflation. The problems in the banking sector following the collapse of Silicon Valley Bank have also had an impact on companies' IPO plans. 澳洲幸运5官方开奖结果体彩网:Secondary offerings have been the sole br☂ight spot, raising $76 billion this year, a 48% increase from a year ago. 

Companies like electric vehicle maker Rivian have also turned to 澳洲幸运5官方开奖结果体彩网:convertible bonds to raise money more cheaply. Some $6.4 🎃billion in convertible bonds have been issued globally so fa♚r this year.

The Renaissance IPO ETF (IPO), a benchmark for the performanc🌱e of newly-public stocks in the U.S., is down 36% over the past year.