Tech IPOS Bullish, Figma, Circle roar after “Year Prohibition”

strong This week’s IPO took on the additional importance probably because of the company’s name.

When shares in Peter Thiel-backed Cryptocurrency Exchange more than doubled from the gate before it rose 84% on Wednesday, it was the latest indication that Tech IPO Bulls was back in business.

July, Design Software Vendor Figma More than tripled with the New York Stock Exchange debut, Crypto Firm stocks a month ago Round It surged 168% on the first day of Bigboard.

Wall Street has been waiting for this for a long time.

Three years ago, sudden inflation and rising interest effectively shut down the market for public services. High-tech inventory was tanked, private capital was exhausted, and cash-burning startups forced to distract attention to growth, efficiency and profitability.

The obstacles appeared to be looser when companies like StubHub and Klarna filed their prospectus earlier this year, but President Donald Trump then shook the market in April with plans to wipe out tariffs. The roadshow was placed in an indefinite hold.

The president’s tariff agenda has been a bit stable since then, with investors’ money poured into technology, pushing the Nasdaq to record levels, up over 40% from this year’s low in April. There is growing optimism that a large backlog of high-value startups will continue to become clear as CEOs and venture capitalists gain confidence that they welcome the highest-ranking companies.

Prior to Figma’s debut, NYSE President Lynne Martin told CNBC’s “Squawk on the Street” that immense demand for its offering could “open the floodgates” for the rest of the market. And earlier this week, NASDAQ CEO Adena Friedman told Fast Money that ahead of the holiday season there is a “very healthy list” of companies looking for an IPO later this year.

“I’ve met a lot of CEOs and prepared them to think about what they want in the public market and where they’re going,” Friedman said.

More than two dozen venture-backed US tech companies are worth more than $10 billion, according to CB Insights. StubHub has updated its prospectus, suggesting that the offering will soon be coming.

“The IPO window is open,” said Rick Heitzmann, a partner at venture company FirstMark, in an interview with CNBC’s Closing Bell this week. “We’ve seen it across the industry, which is broad support for IPOs, so we’re advised companies that are investing in preparing and making it public.”

Another big topic between VCS and bankers is the regulatory environment.

The Biden administration has taken heat from startup investors to crack down on massive takeovers, primarily caused by Lina Khan’s heavy hands at the Federal Trade Commission, but it has also failed to facilitate the restrictions that companies say they are less attractive to make public than keeping private.

Paul Atkins, the new SEC head, said in July he hopes to “make the IPO great again” by removing some of the obstacles regarding the complexity of disclosure and litigation risk. He does not provide many specific recommendations.

Friedman told CNBC that his first conversation with Atkins after he did his job was to make it easier and more appealing for businesses to make it public.

“The conversation was constructive in many ways and we looked at disclosure requirements, proxy processes and other things that made it really difficult for companies to make it public and navigate the open market,” Friedman said. “He’s just as interested as we do, so hopefully he’ll turn it into a great behaviour.”

In addition to the big profits notched by Bullish, Figma and Circle, Public Market welcomed online banking providers chime Last month we have a 37% profit and trading app Etro There will be 29% pop in May. Two IPOs were seen in the health tech market. Hinge Health and Omada Health.

But it was the debut of Circle and Figma’s rooong that sparked the chatter of the new bull market for IPO. Figma rose 250% on IPO day after pricing shared a $1 share in stock over the updated range. Circle’s value has more than doubled after the price of Stablecoin publishers also exceeded the expected range.

This kind of price action rekindled debate before the final IPO boom of 2020 and 2021. Venture capitalist Bilgurley argued that Big First Day Pops was intentionally insinuating the company and suggesting a false pricing that would easily hold money to new investors. Gurley advocates a direct list where companies list stocks at prices that effectively match demand.

When Figma crashed into the market, Gurley returned to it.

“They bought it for $33 last night and can sell it today for over $90,” he wrote. In a follow-up post, he said, “You’d wanted to see DLS replace IPOs. It makes sense to match demand/demand.

Lise Buyer, founder of IPO Advisory Firm Class V Group, wrote on LinkedIn that the company makes calls at stock price pricing, and many ideas can be put into the process. Also, in IPOs, companies sell only a small percentage of their outstanding shares (approximately 7% in Figma’s case), so if you get the results, “there will be plenty of future opportunities to sell more shares at a higher price.”

It’s already happening.

The circle said this week it was offering an additional 10 million shares in its second offer. And on Friday, CNBC’s Leslie Picker was a banker coreweavehas increased 150% since the IPO in March, adjusting several block transactions this week.

However, buyers warn that the tech market has a history of overheating. There is always a difference between institutions paying through IPOs and what enthusiastic retail investors pay, but now there is a “gap that we’ve never seen since 1999, 2000.”

Compared to the dot-com bubble, public companies now have substantial revenue and actual basics, but that doesn’t mean IPO Pop is sustainable, she said.

“It’s like we had a ban for several years,” Buyer said. It mentioned a century ago when alcohol was banned in the United States.

Watch: CoreWeave Banker Lead Block Trading