• 4Q25 could see 20-25 listings as flurry of new issuance closes out the year
• Front-loading’ difficult conversations helps balance investor, issuer demands

JPMorgan has been addressing changes in IPO dynamics by doubling down on early preparation with issuers, said Sumit Mukherjee, head of ECM market intelligence at the investment bank.

IPO execution has shifted significantly since the financial crisis, he said; roadshows that once lasted nine to 11 days shortened to four or five, then two, and now often just one, or marketed overnight.

His current remit is to sharpen the IPO process by embedding market insights, preparing issuers earlier, and ensuring alignment with investors in today’s environment.

The ECM market intelligence team, a burgeoning section of JP Morgan’s ECM squadron, is a response to this evolution.

“Market roadshows are being compressed. What that means is there is a lot more we need to do before we bring deals to market,” Mukherjee said.

Much of the work now takes place earlier, with companies holding multiple testing-the-waters meetings before filing publicly or setting a range, he noted.

“Founders and sponsors naturally want to maximize value, while investors want a fair deal. Our job is to balance that by front-loading difficult conversations,” Mukherjee said, stressing the importance of making difficult calls before emotions rise during execution.

The cross-functional team has been working alongside sector bankers, former heads of corporate development and investor relations, as well as other ECM specialists. This structure allows the bank to share lessons across industries and deliver realistic feedback well ahead of launch, he said, especially in preparation for busy windows like the period of intense IPO execution that has been seen since the beginning of this summer.

The JPMorgan equity syndicate has been active on several listings in the past few weeks, adding to a recent issuance flurry that has led to one of the busiest weeks for ECM bankers since 2021. The team has led or co-led, among others, on IPOs including Klarna, Netskope, StubHub, WaterBridge Infrastructure, Pattern, and Black Rock Coffee.

Another 20 to 25 offerings are possible in the fourth quarter, Mukherjee projected.

Order books are more oversubscribed, investor participation is broader, and sidelined capital is being redeployed into new issues, he said. More than half of active managers are outperforming the index, adding to the existing momentum.

Unlike 2021, when early-stage issuers came to market amid high-risk appetite, current deals are more mature and better prepared, he noted. Pricing has been constructive, with ranges revised and many issuers landing at the top end or above, then recapturing some of the discount in early trading.

Risks remain, including inflation, tariffs, Fed policy approach, and consumer strain. Yet equities have continued to hit record highs, supported by strong earnings in the second quarter and expectations for rate cuts, he said, which are soon to materialize.

Mukherjee joined JPMorgan in November 2024 from Bank of America as head of ECM market intelligence, then a newly created role reporting to Kevin Foley, global head of capital markets, and working with Keith Canton and David Bauer, co-heads of Americas ECM.