California Faces Loss of IPO Crown as Tech Startup Plans Stymied

California has been generating the most initial public offerings of any US state every year since 2003. That streak could end this year unless the Golden State picks up the pace.

California’s change of fortune is explained largely by the drop in valuations among Silicon Valley’s tech startups, said Jay Ritter, Cordell Eminent Scholar. “It is almost entirely just a reset of valuations,” he said.

Read more insights from Ritter in this story from Bloomberg.