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  "documentTitle": "ey global ipo trends 2023 q4",
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  "notes": "The slide uses two line charts to contrast IPO activity against major market indices (S&P 500 and STOXX Europe 600) over 2021-2023.",
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      "text": "Despite a strong market rally and low volatility index on the back of positive economic data, IPOs have remained muted in many developed markets, with the exception of a brief September window in the US.",
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      "kind": "disclaimer",
      "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023... Sources: EY analysis, Dealogic, S&P Capital IQ",
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      "kind": "list",
      "text": "The stock market's 2023 gains heavily concentrated in mega technology stocks... Aggressive tightening of monetary policies... Underwhelming after-market performance... Geopolitical tensions...",
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      "text": "Strong equity markets are typically associated with increased IPO activity, and when struggling markets occur, IPO activity slows down. This was not the case in 2023.",
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