Nasdaq’s Adena Friedman says IPO pipeline remains healthy

By Laura Matthews

NEW YORK (Reuters) -There is a healthy pipeline of U.S. initial public offerings, but investors are looking for more certainty in markets, Adena Friedman, chief executive officer at exchange operator Nasdaq, said on Monday at the FIA Boca conference in Florida.

Friedman said markets are currently in a period of uncertainty as they try to navigate the changes coming out of the Trump administration.

Still, she believes pockets of opportunities will open up because the U.S. economy remains resilient.

“We have to assume that there will be windows that will open. The underpinning of the economy remains resilient,” Friedman said. “So, it’s really a matter of creating a little more certainty in the environment that gives investors that confidence. But … it feels very healthy in terms of pipeline.”

The U.S. IPO market started picking up in 2024 after recession fears and high interest rates drove it into a two-year slump. However, it remains lower than highs seen in 2020 and 2021 when low rates and high valuations increased the attractiveness of public markets to investors.