A Podcast Conversation featuring Jane Ross and John Hyland
Key Takeaways:
- Mixed IPO landscape in 2025: Deal volumes are uneven, but standout successes signal strong investor appetite in certain sectors.
- Broad market strength: Gains are not limited to large-cap tech—small caps and cyclical sectors have outperformed since April.
- Sectors to watch: AI infrastructure, defense tech, cybersecurity, and digital assets are driving new issuance interest.
- Lingering COVID-era effects: The 2021 IPO boom pulled forward activity, leading to slower years in 2022–2023 before a gradual rebound.
- Risks remain: Tariffs, geopolitical tensions, and fiscal deficits could impact markets in the months ahead.
- Oppenheimer’s positioning: Integrated capabilities make us well-suited to serve issuers from micro-cap to marquee names.
In this episode of Let’s Talk Future, Jane Ross welcomes John Hyland, Managing Director in Equity Capital Markets at Oppenheimer, to unpack the evolving landscape of U.S. deal activity in 2025. Early in the year, expectations were high for a surge in IPOs, M&A, and equity issuance—but the reality has been mixed. While volumes have been uneven, standout placements like the Figma IPO, which tripled on its first day of trading, have captured market attention.
John offers a deep dive into the factors shaping this environment: broad market strength beyond just large-cap tech, easing volatility, resilient economic data, and shifting expectations from private companies and their backers. He discusses key themes fueling investor appetite—from AI infrastructure to defense tech, cybersecurity, and digital assets—and notes how these trends are driving both IPO and follow-on activity.
The conversation also touches on the lingering aftershocks of the COVID-era IPO boom, the rebound (and limits) of SPAC activity, and the risks posed by tariffs, deficits, and geopolitical tensions. Looking ahead to the second half of 2025, John is optimistic about the market’s receptivity to quality offerings and outlines why Oppenheimer’s integrated capabilities position the firm to serve issuers of all sizes.
Whether you’re an investor, market watcher, or simply curious about how IPO trends ripple through the economy, this episode offers insight into the opportunities—and challenges—that lie ahead.
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