✈️ What we're seeing in the IPO market
Jaime is Secfi’s COO, bringing experience from Flexport and 10 years at J.P. Morgan where he advised tech startups on over $20 billion in capital raises, M&A, debt offerings, and IPOs.
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Jaime is Secfi’s COO, bringing experience from Flexport and 10 years at J.P. Morgan where he advised tech startups on over $20 billion in capital raises, M&A, debt offerings, and IPOs.
I'm Jaime Moreno de los Rios, COO and Co-CIO at Secfi. I spend most of my days deep in conversations with founders, CFOs, bankers, and investors. Figuring out which company we might finance next, and helping employees and executives make the most of their private equity.
Right now, I’m flying over the Atlantic on my way to a wedding in Germany’s Black Forest, after six intense weeks of investor meetings, diligence calls, and conferences across the U.S.
Here’s what I’m seeing, and what you should be thinking about if you hold private equity.
Over the past 3 months, we’ve seen a solid string of IPOs hit the market: Circle, Chime, CoreWeave, Etoro, Hinge Health, Mountain, Voyager. They didn’t just make it out, they worked. They traded up, held gains, and built momentum.
And now? Figma just filed.
One of the most anticipated tech IPOs in years isn’t sitting it out. Expect more to follow.
It feels like everyone who waited is trying to catch the wave. Companies that were quiet in Q1 are suddenly IPO-ready. S-1s are being dusted off, governance put together, analyst days rushed onto the calendar. There’s urgency. You can feel it.
“Companies are trying to do in 6 weeks what they didn’t do in 6 months.” – ECM Banker
While the IPO market is heating up and companies are rushing, it’s also about what investors want. Jefferies ran a compelling investor survey recently, and the bar is high:
Investor demand is the strongest it’s been in 4 years. Hedge funds are leaning in. Crossovers are deploying. Everyone wants in.
But everyone also knows: this is fragile.
“We’re all dancing, but keeping one eye on the exits.” – ECM Banker
All it takes is one bad CPI print or geopolitical headline and the window slams shut. That’s why things are moving so fast.
The days of pricing at sky-high private multiples are over. Companies (and investment Banks) are pricing at discounts, intentionally, to build demand and generate momentum.
“Undercut valuation, create FOMO, let the stock rip.” – ECM Banker
Circle, Chime, CoreWeave, they all priced ~30-40% below peer multiples. Investors piled in. Stocks popped, and they’re now ripping.
This works. But it means if you’re a founder or employee, your equity might get marked down, even if the IPO trades up. The pop is real, but it’s engineered.
If your company is IPO-bound, or might be, you don’t want to wait for the S-1 to drop before planning.
This is the time to:
At Secfi, we’re helping hundreds of employees and execs navigate tenders, secondaries, and exercise financing during this market shift.
Flying gives me time to zoom out and reflect. Those of you who also have kids will understand why it happens during flights… ;)
In just six weeks, I’ve seen the IPO mood swing from cautious optimism to full-on sprint. And while that momentum is exciting, it’s also a little baffling.
The one thing I keep coming back to is this: those who are prepared, personally and financially, always navigate the shifts best.
Whether you're a CFO facing a near-term IPO or a staff engineer with expiring options, these next few months might define what you walk away with.
We’d love to be in your corner as you navigate it.
Safe travels,
Jaime