The Pipeline: M&A and IPO Insights

Brenon Daly, the financials research director for S&P Global's 451, recently joined The Pipeline podcast to talk about the tech deals that are happening and the ones that are not happening. Daly noted that investment-grade debt issuance is reaching an all-time high thanks to AI hyperscalers financing large-scale capital expenditures. However, the big tech players are not using the funds for M&A, and some high-profile AI IPOs are being pushed back. 
Credits
Published with assistance from Sophie Carr, Feranmi Adeoshun and Alison Perico

Paren Knadjian, a partner with the firm Eisner Advisory Group, recently joined The Pipeline podcast to discuss the state of lower-middle-market M&A. On the episode, Knadjian discusses some of the hurdles that are preventing transactions from taking place, deal structures that can help bridge the gap between buyers and sellers, and the sector that it is recording the most activity. Knadjian also discussed how is firm gets entrepreneurs ready for a sale and why some don't sell to the highest bidder.


Credits
Published with assistance from Sophie Carr, Feranmi Adeoshun and Alison Perico

The IPO market is not going gangbusters, but the number of deals has increased year over year. Companies from a broad base of sectors are driving the uptick in activity, according to Richard Truesdell, global chair of the capital markets practice at Davis Polk. Richard recently joined The Pipeline podcast to discuss the state of the IPO market. He shared his views on how SpaceX and its aftermarket performance are impacting IPOs. Richard also discussed how SPACs and private equity firms are once again testing the IPO waters.

This episode of The Pipeline features a conversation about SpaceX that took place recently on MediaTalk, an S&P Global Market Intelligence podcast. The discussion breaks down the early trading days following SpaceX's historic IPO and notes how SpaceX's valuation metrics differ from the companies that went public during the dotcom era. The guests also discuss what's next in the space race and how 2026 is set to become the year of AI IPO. 


Featured experts:
John Fletcher, principal research analyst at S&P Global Market Intelligence Kagan
Iuri Struta, tech capital markets reporter at S&P Global Market Intelligence

Credits:
Host/Author: Mike Reynolds
Producer/Editor: Sarah James

In this episode of The Pipeline podcast, Vinod Chandiramani, head of capital advisory at Solomon Partners, explains why middle-market M&A has remained sluggish, noting higher borrowing costs, margin pressure and valuation gaps between buyers and sellers. He discusses how hybrid capital and structured equity solutions can help companies, founders and sponsors complete transactions or recapitalize while preserving upside. Chandiramani also reflects on his career path, including his experience on the in-house deal team for Bear Stearns during its sale to JPMorgan and how a professor got him into the world of restructuring. 


Credits:
Host: Joe Mantone
Guest: Vinod Chandiramani
Published With Assistance From: Sophie Carr, Feranmi Adeoshun and Alison Perico