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The Story: Only a month ago, the revival of the US IPO market looked like a promising possibility.

Today, the hope that many felt about a public market comeback has vanished as the four big fall listings of Arm, Instacart, Klaviyo, and Birkenstock have all stalled and dipped.

Klaviyo, the marketing automation platform and only company of the group that showed significant early IPO growth, has now joined the other three, falling below its initial list price. Klaviyo stock dropped to its lowest ever price around market close on Friday.

The signal is clear: the public market is not very startup-friendly right now. And it’s causing companies seeking an eventual IPO to reconsider going public right now. According to Bloomberg sources familiar with the matter, Brightspring Health Services, who plans to raise $1 billion in an initial public offering, is now considering a delay.

Cully Davis, head of West Coast TMT investment banking at Jefferies, told Bloomberg that “The fourth quarter for IPOs will in all likelihood be slow.” He goes on, “After periods of muted activity, you generally need one or two deals to trade well to inspire confidence and draw investors and issuers back.”

It doesn’t appear investors should be holding their breaths for those one or two deals either. Global tensions in Israel and Ukraine and with China, and rising inflation and interest rates don’t make for a welcoming IPO environment.

The Expert Take: Isabelle Freidheim, founder and chair of Athena, doesn’t believe the IPO market is conducive to entrance right now:

Freidheim isn’t convinced the IPO drought is nearing its end either: “Whenever the market does recover, which we’re not there yet, it could be soon–I think there are predictions that it’ll be Q1 or Q2 of next year–but it could take longer. There have been down cycles in the past that have lasted for 4 or 5 years, and we’re a couple years in, so it’s not impossible that it does take longer especially if there isn’t resolution on the geopolitical front. So I think investors are cautious now.”

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