Following a record-smashing tech IPO year in 2021 that saw 15 IPOs raise at least $1 billion in 2021, 2022 was a complete dud, as investors bail on risk and the promise of future growth, in favour of profitable businesses and sustained higher interest rates.

While 2021 featured the IPO debuts of electric car maker Rivian, restaurant software company Toast, cloud software vendors GitLab and HashiCorp and stock-trading app Robinhood with proceeds of over $1 billion, not a single tech deal raised $1 billion in 2022, according to FactSet.

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