With the longest government shutdown in US history coming to an end, IPO listings could rise in response. The timing is not ideal, however, with the Thanksgiving holiday and the typical end to new listings for the year approaching at the end of November. US investors usually pivot to focus on portfolio protection as the year comes to a close.

In the UK, unclear messaging about the country’s budget, which will be announced by the end of November, is leaving some questions open for what has been a fairly steady IPO market. The Labour government has been both publicly and privately supportive of the London Stock Exchange.

Sam Kerr, Mergermarket’s global ECM editor and head of Mergermarket in EMEA, joins Dealcast host Julie-Anna Needham to discuss the global ECM outlook, including:

• Why the end of the US government shutdown may not lead to a flurry of new listings, potentially forcing IPOs to 1Q26;
• How the US markets have performed and which listings haven’t been able to maintain their outsized pops from their IPO date;
• How companies are faring on the LSE, including Shawbrook, Beauty Tech, and Princes, and what the signaling about the country’s budget could mean;
• How the potential AI bubble could impact markets worldwide.

All this and more in this week’s Dealcast.