The market for US initial public offerings is opening up, with more companies deciding to sell shares for the first time, New York Stock Exchange President Lynn Martin said.

“I’m incredibly optimistic given the amount of proceeds that have been raised so far in the markets,” Martin said Monday in a Bloomberg Television interview. NYSE Group Inc. has had about 25 IPOs of operating companies on the New York Stock Exchange this year, Martin said.

After high interest rates and recession fears derailed many planned IPOs in 2023, the market has rebounded. Two blockbuster deals, Reddit Inc. and Galderma Group AG, raised roughly $3 billion between them in March. More than $13.7 billion has now been raised in US debuts in 2024 through late last month, more than three times the amount achieved in the same period last year.

Today, more growth-oriented companies have a path to profitability as they tap the public markets, Martin said Monday.

“Companies that are either profitable or have a path to profitability are getting rewarded,” she said. Still, there won’t be a rush to go public as corporations are more thoughtful about when to go public, she added.

Based on the pipeline, NYSE expects 2024 will be close to a normal year following two years of IPO slowdowns, Martin said. There may be a closure of the IPO market close to the US presidential election, as has been typical in the past, she said.

This article was provided by Bloomberg News.