Industrial ECM Year-End Update & Outlook

Joe Packee and Mike Lindemann
Co-Heads of Global Industrial Investment Banking

“Our industrial clients, along with their PE owners, have shown strong interest in the public exit alternative, particularly those with substantial size and scale ($300M+ EBITDA). These clients have consistently met or exceeded performance expectations, reinforcing the IPO appeal. We also have several large clients strategically positioned in high-growth sectors, including data centers, electrical grid infrastructure, energy transition, automation and defense technology. These clients recognize the market premiums awarded to public peers and view public listings as an avenue to access capital for organic growth and M&A opportunities.”

Justin Holsen
Managing Director, Industrial Equity Capital Markets

“Building off successful transactions in 2024, a healthy market backdrop and comparable valuations, we’ve seen a significant increase in conversations and preparation for offerings in the next two years. The dual track is no longer just a threat of going public but will be a reality for many clients in the coming quarters. We expect sponsors to take advantage of open market windows sooner rather than later, knowing that ultimate liquidity will come 2-3 years post IPO and will benefit from strong company performance in the public domain.”

Jason Trennert
Chairman & CEO, Strategas

“We’re hearing more excitement about the prospects for deregulation and the productivity gains associated with the newly-formed DOGE than there is fear about tariffs. We expect a marked increase in deal activity and capital investment in 2025. This, in our view, will more than offset a decline in government deficit spending.”

Jon Langenfeld
Head of Global Equities

“Our buyside clients have expressed significant appetite for IPOs and follow-ons in 2025, and are preparing to deploy significant capital to generate excess returns, whether it's providing growth capital or liquidity to existing holders.”

Justin Holsen
Managing Director, Industrial Equity Capital Markets

“Building off successful transactions in 2024, a healthy market backdrop and comparable valuations, we’ve seen a significant increase in conversations and preparation for offerings in the next two years. The dual track is no longer just a threat of going public but will be a reality for many clients in the coming quarters. We expect sponsors to take advantage of open market windows sooner rather than later, knowing that ultimate liquidity will come 2-3 years post IPO and will benefit from strong company performance in the public domain.”