Where have all the I.P.O.s gone?

Despite this week’s stock market swoon, the S&P 500 is on a run for the ages. The benchmark index has risen nearly 40 percent over the past two years, and has more than doubled from the pandemic low it hit in March 2020, earning Wall Street trading houses bumper profits.

There’s one thing conspicuously absent from this rally, however: I.P.O.s.

“It does perplex me,” Jay Ritter, Cordell Eminent Scholar at the University of Florida who has studied the I.P.O. market for decades, told DealBook.

Read more from Ritter in this story from The New York Times DealBook.