A lot of companies that otherwise weren't going to IPO saw the opportunity to IPO and a marge larger multiple than they should have. That opportunity went away

A lot of companies that otherwise weren't going to IPO saw the opportunity to IPO and a marge larger multiple than they should have. That opportunity went away, so many of them also backed off. I worked at a company that was in this same position, and backed off. It's hard to consider IPO when both valuation multiples and your fundamentals have worsened.