Top Morgan Stanley Banker on IPO Pipeline 4/29/24

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 29 April 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

The IPO market is "back," according to Colin Stewart, a top Morgan Stanley banker who led the Reddit and Astera Labs debuts. He expects 10-15 more tech IPOs to come this year, and an even better 2025, especially as the market gets more comfortable with paying for growth again. We chat with him about startup valuations, how the presidential election might impact IPO timing, and more.

Transcript

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0:00.0	Some signs of life in the IPO market after the recent knockout debuts of Astera Labs,
0:04.7	Reddit and Rubric for today's Tech Check.
0:07.2	Our Deirdre Bosa joins us with a very special guest.
0:09.6	Hey, D.
0:10.6	Hey Carl, thanks very much for that.
0:12.0	Yes, we've got Colin Stewart, Morgan Stanley's Vice Chairman, Global Head of Technology Equity
0:16.3	Capital Markets.
0:17.3	He's worked on the biggest IPOs of the last three decades, and he joins us now in his very
0:21.2	first broadcast interview.
0:22.4	Colin, welcome. Thank you, Deidje. Glad to be here. us now in his very first broadcast interview.
0:22.5	Colin, welcome.
0:23.6	Thank you, Deidje.
0:24.2	Glad to be here.
0:25.2	So let's start really broad.
0:26.7	What do the recent IPOs, Carl just named some of them, Rubik,
0:29.7	Reddit, Asterolabs, what do they tell us
0:31.5	about this current market and appetite for new listings?
0:34.4	I'd like to say, and I think I can say we're back, the IPO market's back.
0:38.2	It's been a long two and a half years where we've had really nothing.
0:41.4	We've had a handful of IPOs, 2 and 22, and we've had really nothing we've had a handful of IPOs 2 and 22 and we've had 6 and 23.
0:45.6	So now we've had four in rapid succession.
0:48.0	They've all priced well.
	...

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