00:00So Ackman hitting the road. Yes so that's a large offering. It could raise up to 10 billion dollars but
00:06that's not really going to happen for a few
00:07weeks. And before then we're going to see quite a few other IPOs. I mean the Ackman vehicle is offering
00:13people the opportunity to invest in
00:14his closed end fund while also getting shares in in his management company. So it's a little bit unusual offering
00:21and a little bit more
00:22style towards a retail audience. And that's where most of the demands like to come from there. But in the
00:28in the meantime we're going to
00:29see quite a number of IPOs. Tonight we've got Madison Air which is going to be the largest IPO which
00:34is likely to be the largest
00:35IPO of the year so far raising 2.2 billion. And we've got four other IPOs pricing this week as
00:42well. So there's a bit of action
00:43happening before we get to Ackman. So you have an HVAC company. I also saw a Madison Dearborn back drone
00:49maker also looking
00:49at an IPO. Is that notable that this is the type of company we're seeing defense and very like real
00:55world asset the kind of
00:57halo asset type companies that are coming to market. Most definitely. I think the bankers like to say that the
01:02IPO pipeline is quite
01:04diverse. But I think you could argue you know in contrast you could argue that there's definitely some strong themes
01:09that are coming
01:10through here. Defense technologies is one of the strongest. And that's sort of related to space as well. And we've
01:16also got some
01:17biotech companies coming public this week as well. So that's coming back a little bit. But it's things are sort
01:21of basically coming
01:22together for the IPO market over the next few weeks which just happens to be happening as the stock market
01:28has basically
01:29got over the Iran water to an extent. And you know the S&P 500 is back to back to
01:33near record highs. So you know it's it's got
01:36the things are sort of coming together. And there's a nice window here between now and Memorial Day when there's
01:40going to be
01:41quite a bunch of activity. Have you heard any grumblings of any like software related companies. Anything that got pulled
01:46before that might be coming back.
01:48Well I think software remains a pretty difficult area for the reasons you know you've talked about extensively. So I
01:53wouldn't
01:53expect to see a lot of software IPOs near term. There is some talk that there will be some software
01:58IPOs but I think
01:59they'll have to have a very strong AI story and really be able to answer a lot of tough questions
02:03about you know these
02:04disruption posed by AI.
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