Davis Polk partner Derek Dostal, who led TPG on its $1 billion IPO in January, discussed with Law360 a recent slowdown in IPO activity and the current pipeline of deals.

Regarding SPAC IPOs specifically, Derek noted, "If you've got a real, solid track record in the SPAC space, you're still going to have access to the SPAC IPO market. But there are not very many sponsors like that."

Even though IPO volume was down in January, the pipeline of companies looking to go public is strong. "We do have a lot of companies that started their process in the fall or late summer last year," Derek said. "They're ready to go. I'd like to think that the pendulum may swing back at some point soon."

Law Firms Weathered Frosty January As IPO Activity Slowed,” Law360 (February 1, 2021) (subscription required)