[nine_k]

Higher interest rates -> less money to invest into IPOs, I suppose. A number of zirp-times IPOs were... less than stellar investments.

[fakedang]

The shift away from IPOs was long in the making though. It's nowhere as recent as the interest rate shift.

[nine_k]

What was the reason?

[fakedang]

I'm guessing ZIRP-enabled acquisitions, made for an easier route to succeed rather than an IPO and being judged by the market on the go.