{"id":226007,"date":"2025-06-18T09:52:08","date_gmt":"2025-06-18T13:52:08","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=226007"},"modified":"2025-06-19T03:53:55","modified_gmt":"2025-06-19T07:53:55","slug":"ma-watch-a-string-of-hot-ipos-could-spark-second-half-dealmaking","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/ma-watch-a-string-of-hot-ipos-could-spark-second-half-dealmaking\/","title":{"rendered":"M&amp;A Watch: A String of Hot IPOs Could Spark Second-Half Dealmaking"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Wall Street megamergers have not hit the tape as the second quarter comes to a close<\/li>\n\n\n\n<li>Animal spirits have been kept at bay, but there are indications that the M&amp;A tide could turn soon<\/li>\n\n\n\n<li>Many small deals have done through, including ones from overseas, and an active calendar of corporate shareholder meetings could offer fresh insights into capital plans<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Another pair of IPO gangbusters played out last week. On the heels of the outright fervor that came with CoreWeave (CRWV) and Circle (CRCL) earlier in Q2, shares of Voyager Technologies (VOYG) soared by 82% on their first day of trading. The space- and defense-technology company saw its stock rise by triple digits (percent) intraday last Wednesday\u2014investors were clearly excited about the firm\u2019s niche.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Voyager partners with firms like Airbus, Mitsubishi, and Palantir (PLTR) in low-orbit endeavors, and with Aerospace &amp; Defense being among this year&#8217;s top-performing industry groups, it\u2019s easy to see why shares lit up screens early on.<sup>1<\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-spate-of-successful-equity-launches\">A Spate of Successful Equity Launches<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While the\u00a0<a href=\"https:\/\/www.wallstreethorizon.com\/blog\/IPO-Filings-Remain-Low-in-Q2\" target=\"_blank\" rel=\"noreferrer noopener\">total IPO count is still low<\/a>, the window seems cracked open. Following Voyager\u2019s stock taking flight mid-week, Chime Financial (CHYM) made its much-anticipated debut, raising $864 million after pricing above its initial estimated range.<sup>2<\/sup>\u00a0CHYM was music to the bulls\u2019 ears, surging 39% on Thursday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Brokerage platform eToro (ETOR)<sup>3<\/sup>&nbsp;and virtual physical-therapy company Hinge Health (HNGE)<sup>4<\/sup>&nbsp;are other notable go-public stories in 2025, raising $310 million and $864 million, respectively, both of which priced above their anticipated ranges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, animal spirits are alive and well, right? Not so fast. According to Wall Street Horizon\u2019s data, dealmaking numbers remain depressed. Total M&amp;A announcements are merely flat on a year-on-year basis, continuing a trend that began some three years ago, after the capital markets boom of late 2020 and throughout 2021.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-still-sluggish-m-amp-a-trends-heading-into-2h-2025\"><strong>Still-Sluggish M&amp;A Trends Heading into 2H 2025<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"737\" height=\"444\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-ma-announcements.png\" alt=\"total m&amp;a announcements universe of 11,000 global equities \" class=\"wp-image-226010 lazyload\" style=\"--smush-placeholder-width: 737px; aspect-ratio: 737\/444;width:950px;height:auto\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-ma-announcements.png 737w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-ma-announcements-700x422.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-ma-announcements-300x181.png 300w\" data-sizes=\"(max-width: 737px) 100vw, 737px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Wall Street Horizon<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The hope was that a more favorable administration in the White House and a business-friendly Congress would get the ball rolling with looser regulations, fueling corporate decision-makers to shake hands and ink agreements.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That bullish backdrop has not panned out. Instead, tariffs make the&nbsp;<a href=\"https:\/\/www.wallstreethorizon.com\/blog\/Jobs-Week-on-Wall-Street-Hard-and-Soft-Data-Go-Head-to-Head\">macro environment uncertain<\/a>, and CEOs and CFOs are apparently unwilling to strike deals. Still, with massive rallies in some recent IPO stocks, bankers\u2019 hopes may just be rekindled.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-deals-are-there-just-on-the-small-side\">The Deals Are There, Just on the Small Side<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not a total M&amp;A malaise, though. 2025 has brought about a rash of smaller buyouts valued at under a few billion dollars. In the first quarter, PepsiCo (PEP) agreed to buy prebiotic soda brand Poppi for $1.6 billion. In the mortgage space, Rocket Cos. (RKT) purchased Redfin (RDFN) for $1.75 billion.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Then, just last month,&nbsp;<a href=\"https:\/\/www.wallstreethorizon.com\/blog\/Retail-Roundup-Several-Preliminary-Earnings-Announcements-Alongside-Macro-Uncertainty\">retailer<\/a>&nbsp;Dick\u2019s Sporting Goods (DKS) scooped up Foot Locker (FL) in a $2.4 billion cash and debt transaction. The shoe space is indeed kicking up activity\u2014recall in early May that private equity firm 3G Capital agreed to buy Skechers (SKX) for $9.4 billion. In the tech space and during the throes of earnings season, Salesforce (CRM) struck an $8 billion deal to purchase Informatica (INFA), bolstering its AI capabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To close out Q2, other deals have caught investors\u2019 attention, with the most notable being Brown &amp; Brown\u2019s (BRO) $9.8 billion acquisition of Accession Risk Management. In the Health Care sector, BioNTech (BNTX) expanded its portfolio with the acquisition of CureVac (CVAC), a $1.25 billion equity deal, marking the end of a decades-long rivalry. Overseas, luxury goods maker Kering recently acquired Lenti, an Italian eyewear manufacturer.<sup>5<\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-macro-jitters-lingering-keeping-purse-strings-tight\">Macro Jitters Lingering, Keeping Purse Strings Tight<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Are these the blockbuster megamergers everyone longed for a year ago? Certainly not, but it does prove that the environment can be conducive to risk-taking under the right circumstances. Moreover, with peak tariff fear hopefully in the rearview mirror, at least according to the Economic Policy Uncertainty Index, the back half of 2025 might just feature an M&amp;A rebirth.<sup>6<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Along with cooling trade-war concerns, a more upbeat outlook on the economy would likely spur deals. We\u2019ve seen strategists reduce their recession forecasts, and online prediction markets suggest a less than one-in-three chance of a two-quarter US economic contraction this year.<sup>7<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More confidence at the macro level could help boost the appeal of buyouts and partnerships. And with central banks cutting interest rates at a fast clip (the US Federal Reserve notwithstanding), an easing of global monetary policy may make borrowing cheaper, enabling more leveraged deals and refinancing. Citi\u2019s head of banking expects more private-public \u201cget-togethers,\u201d which may offer a twist on the longed-for M&amp;A upcycle.<sup>8<\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-end-of-season-shareholder-meetings-could-be-the-tell-on-m-amp-a\">End-of-Season Shareholder Meetings Could be the Tell on M&amp;A<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The second quarter\u2019s final few trading days might actually present fresh breadcrumbs on the M&amp;A pipelines heading into Q3. Ahead of Independence Day in the US, there\u2019s an active slate of shareholder meetings scheduled.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Such events bring together stakeholders, and management teams present their strategic initiatives, which may include hints at key investments, such as M&amp;A. Our data reveal that more than 1,800 Annual General Meetings will take place or have already occurred this month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-shareholder-meeting-volume-remains-high-through-june\"><strong>Shareholder Meeting Volume Remains High Through June<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"788\" height=\"467\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-shareholder-meetings.png\" alt=\"total shareholder meetings universe of 11,000 global equities \" class=\"wp-image-226011 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-shareholder-meetings.png 788w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-shareholder-meetings-700x415.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-shareholder-meetings-300x178.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/total-shareholder-meetings-768x455.png 768w\" data-sizes=\"(max-width: 788px) 100vw, 788px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 788px; aspect-ratio: 788\/467;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Wall Street Horizon<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re looking for clues on overall C-suite vibes, you might want to monitor The Conference Board\u2019s Measure of CEO Confidence, which plunged in the second quarter to its lowest level since Q4 2022\u2014a time when recession fears were extremely high. It was the largest quarter-on-quarter decline in the survey\u2019s history, which dates back to 1976.<sup>9<\/sup>&nbsp;It\u2019s reasonable to expect a recovery in the next quarterly update in August, and if such a rebound comes to pass, then it may signal a greater collective risk appetite.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-bottom-line\">The Bottom Line<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dealmaking isn\u2019t dead. There has been a steady diet of small to medium-sized mergers and acquisitions, but an outright M&amp;A bonanza has simply not materialized. Global activity is also not all that bad, with significant corporate moves having been inked this quarter in Europe and Asia. But with an emerging IPO wave sweeping Wall Street, macro conditions may be shifting in favor of larger M&amp;A transactions in the second half.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted on June 18, 2025 &#8211; <a href=\"https:\/\/www.wallstreethorizon.com\/blog\/MA-Watch-A-String-of-Hot-IPOs-Could-Spark-Second-Half-Dealmaking\" target=\"_blank\" rel=\"noreferrer noopener\">M&amp;A Watch: A String of Hot IPOs Could Spark Second-Half Dealmaking<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-footnotes\">Footnotes<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Voyager Technologies Rises in Debut, Signaling Improving IPO Market, The Wall Street Journal, Josh Beckerman, June 11, 2025,\u00a0<a href=\"https:\/\/www.wsj.com\/finance\/stocks\/voyager-technologies-rises-in-debut-signaling-improving-ipo-market-6eeca957?mod=stocks_news_article_pos2\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.wsj.com<\/a><\/li>\n\n\n\n<li>Digital bank Chime debuts advance wage product ahead of anticipated IPO, Reuters, Hannah Lang, May 15, 2024,\u00a0<a href=\"https:\/\/www.reuters.com\/business\/finance\/digital-bank-chime-debuts-advance-wage-product-ahead-anticipated-ipo-2024-05-14\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.reuters.com<\/a><\/li>\n\n\n\n<li>Stock trading app eToro pops 29% in Nasdaq debut after pricing IPO above expected range, CNBC, Samantha Subin, May 14, 2025,\u00a0<a href=\"https:\/\/www.cnbc.com\/2025\/05\/14\/stock-trading-app-etoro-ipos-debuts-on-nasdaq.html\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.cnbc.com<\/a><\/li>\n\n\n\n<li>Hinge Health prices IPO at $32, the top end of expected range, CNBC, Ashley Capoot, May 21, 2025,\u00a0<a href=\"https:\/\/www.cnbc.com\/2025\/05\/21\/hinge-health-prices-ipo-at-32-the-top-end-of-expected-range.html\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.cnbc.com<\/a><\/li>\n\n\n\n<li>Kering Buys Italian Manufacturer Lenti in Eyewear Push, The Wall Street Journal, Andrea Figueras, June 10, 2025,\u00a0<a href=\"https:\/\/www.wsj.com\/business\/deals\/kering-buys-italian-manufacturer-lenti-in-eyewear-push-90906daa\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.wsj.com<\/a><\/li>\n\n\n\n<li>Economic Policy Uncertainty Index for United States, Federal Reserve Bank of St. Louis, June 17, 2025, https:\/\/fred.stlouisfed.org\/series\/USEPUINDXD<\/li>\n\n\n\n<li>Recession this year?, Kalshi, June 17, 2025,\u00a0<a href=\"https:\/\/kalshi.com\/markets\/kxrecssnber\/recession\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/kalshi.com<\/a><\/li>\n\n\n\n<li>Citi expects banking fees, trading revenue to climb despite US tariff &#8220;anxiety&#8221;, Reuters, Tatiana Bautzer, Arasu Kannagi Basil, June 10, 2025,\u00a0<a href=\"https:\/\/www.reuters.com\/business\/finance\/citi-expects-banking-fees-trading-revenue-climb-despite-us-tariff-anxiety-2025-06-10\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.reuters.com<\/a><\/li>\n\n\n\n<li>CEO Confidence Declined Significantly in Q2 2025, The Conference Board, May 29, 2025,\u00a0<a href=\"https:\/\/www.conference-board.org\/topics\/CEO-Confidence\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.conference-board.org<\/a><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Copyright <sup>\u00a9<\/sup> 2025 Wall Street Horizon, Inc. All rights reserved. Do not copy, distribute, sell or modify this document without Wall Street Horizon&#8217;s prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this publication, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This publication is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities, including any listed on Toronto Stock Exchange and\/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this publication. This publication shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, and TSX Venture Exchange are the trademarks of TSX Inc. and are used under license. Wall Street Horizon is the trademark of Wall Street Horizon, Inc. All other trademarks used in this publication are the property of their respective owners.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street megamergers have not hit the tape as the second quarter comes to a close<\/p>\n","protected":false},"author":586,"featured_media":226018,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[553,1772,6447],"contributors-categories":[13636],"class_list":["post-226007","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-ipo","tag-ma-2","tag-shareholder-meetings","contributors-categories-wall-street-horizon"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>M&amp;A Watch: A String of Hot IPOs Could Spark 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