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IPOs have precipitously declined since the 90s. In 1999, there were 486 IPOs. There are now approximately 190 per year. [1]

[1] https://www.statista.com/statistics/270290/number-of-ipos-in...

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You're going to go with the dot-com bubble era for a comparison here?

I didn't mention whether I thought the increase in IPOs was worrying. (In fact, I do think we may be reaching/reached saturation.) IPOs per year is a highly volatile number [1], based upon lots of factors, such as perceived market conditions (sometimes by the underwriters, not the company IPO'ing). [2]

[1] https://theweek.com/articles/770020/americas-disappearing-ip...

[2] https://www.youtube.com/watch?v=sC7ht0CAQsk&feature=emb_titl...

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