The long freeze on the IPO market is showing signs of thawing. Axios interviewed Morgan Stanley's global head of fintech banking Jigar Patel and head of payments and financial infrastructure banking Stephen Gerson to get their insights.
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Morgan Stanley fintech bankers: Who can IPO in this market?
"The data tells you that for tech companies, investors are going to want a company that has, call it, $200 million or $250 million plus of actual revenue — not annual recurring revenue. Compare that to during COVID, when you had companies that were sub-$100 million ARR going public."
