It’s hard to tell exactly what IPO numbers mean nowadays, but there is some concern that there still aren’t enough companies seeking financing in public markets.  Yet reforms have been made over the last several years under the JOBS Act precisely in order to enable capital formation outside of traditional IPOs—think crowdfunding, Reg A+, and the generous provisions allowing companies to stay private longer and raise money through private placements with fewer restrictions (e.g. the eased general solicitation rules). (See here for an overview)  Before jumping to any conclusions about IPOs, and what the data mean, I’d want to know whether companies are actually using recent reforms the way they were intended, and opting for other routes to raise capital in addition to a full blown IPOs.

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