Wall Street bulls may have come thundering back in October as bears appear to have gone into hibernation. But there’s another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. There has been little demand for private companies to make their debuts with initial public offerings.
Only two companies went public last month. According to data from IPO research firm Renaissance Capital, that was the slowest October for the IPO market since 2011. What’s more, only 66 companies have gone public so far this year, down more than 80% from a year ago.
Several high-profile unicorns – the nickname bestowed upon startups that are valued at $1 billion or more based on their most recent round of funding – have reportedly pushed off plans to go public this year. Many hope to do so instead in 2023 if the broader market…