The IPO market is at its worst pace in decades, leaving startups with little choice but to spend money while they wait for the stock market to calm down. From the report: At the end of last year, hundreds of companies were in the final stages of preparing to go public, buoyed by the best 18 months in US IPO history. Then a combination of factors – skyrocketing inflation, rising interest rates and Russia’s invasion of Ukraine – sent shockwaves through the stock market. The IPO pipeline has frozen. Traditional IPOs have raised just $5.1 billion this year, Dealogic data show. Typically at this time of year, traditional IPOs have raised about $33 billion, according to 1995 Dealogic data. At this point last year, these offerings had raised more than $100 billion. The last time the level was this low was in 2009, when the US was emerging from the depths of the financial crisis and the IPO market reopened towards the end of the year. IPO advisers say they don’t expect 2022 to follow that pattern, meaning it could turn out to be the worst year for IPO fundraising since research firm Dealogic began tracking it in 1995.