IPO proceeds tanked in 2022. They haven’t been this low since 1990.

Investment bankers had a rough year.

Thirty-seven operating companies went public and raised $7 billion in 2022—the lowest amount of total initial public offering proceeds since the $4.3 billion raised in 1990, according to Jay Ritter, Cordell Eminent Scholar.

Read more insights from Ritter in this story from Barron’s.