Following a record year of new issue activity, 2022 saw equity markets retrace to pre-COVID levels amidst a challenging macroeconomic and geopolitical backdrop. Baird remains optimistic that as macro headwinds subside, valuations continue to reset, and market volatility recedes, the Technology sector is positioned to regain momentum leading to a rebound in equity issuance activity in the latter-half of 2023.

Baird’s Technology ECM 2022 Review and 2023 Outlook report summarizes key macro trends that impacted offering activity in 2022 and their implications for the year ahead, including:

  • Fed Tightening: Historical perspective, investor expectations and impact on software valuations
  • Economic Recovery Sentiment: Uncertain macro outlook weighs on investors’ conviction heading into 2023
  • Supportive Growth Capital Fundraising Environment: Private dealmaking activity reached the second highest year ever in 2022
  • Healthy Appetite for Quality Assets: Equity offering activity slowed, but notable Tech IPOs performed well in 2022
  • Trends to Watch in 2023: Take-privates are setting the floor for public valuations, while SPAC dry powder deadlines approach


Contact a member of our Technology Equity Capital Markets team to discuss further. We welcome the opportunity to connect with you to share more about what to expect in 2023.

Macie House

Renn Anderson

Tom Schadewald

Kotryna Smith