Could it be that issuers no longer need IPOs to reach their objectives? We often assume that IPOs are about raising funds, but research by Brau and Fawcett (“Initial Public Offerings: An Analysis of Theory and Practice”, Journal of Finance, 61(1), February 2006, pp. 399-436) shows that this is not the number one motivation for most companies. Having a currency to make acquisitions and being more visible are key motivations behind IPOs. Companies are more cautious about making acquisitions thee days, and they now have other (and perhaps better and cheaper) ways to achieve visibility. So perhaps they no longer need IPOs as much as before?