The Pipeline: M&A and IPO Insights

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

Jay Ritter has spent decades studying IPOs, and he has become a go-to source on the topic for policymakers and journalists alike. Ritter joined the Pipeline podcast to discuss his work as the director of the IPO Initiative at the University of Florida, the SEC's efforts to increase IPOs, and some challenges that companies like SpaceX and OpenAI will likely face if they execute their anticipated high-profile IPOs.

Kevin Desai, PwC's US and Mexico deals leader, joined The Pipeline podcast to discuss how recent market volatility is impacting M&A. The increase in uncertainty can give buyers and sellers pause as they face a more complicated financing picture and lower valuations. Desai said earnouts and stake sales are steps sellers can take to create some liquidity in the near term while putting themselves in a position to benefit from some upside down the road. For buyers, Desai said it can still make sense to pursue transactions that are truly transformational or help them deal with competitiveness in their market.

Chris Fenske, the head of capital markets research in S&P Global Market Intelligence's primary markets group, joined The Pipeline podcast to discuss his unique approach to studying the health of the IPO market. Rather than creating an index, Fenske creates a portfolio of companies, and this allows him to take a granular look at leaders and laggards. Fenske also spoke about what the recent market volatility means for the IPO outlook, why AI hyperscalers can hold off on going public and how his biochemistry degree helps him in the world of financial services.

More S&P Global Market Intelligence Content:  
Fenske's research: 2025 US IPO Performance Starts with a Roar and Ends with a Whimper
Webinar: M&A in Focus:  Dealmakers' Discussion on the 2026 Outlook
Credits:
Host: Joe Mantone
Guest: Chris Fenske

On the latest episode of The Pipeline podcast, Mark Lehmann, vice chair of Citizens Financial Group Inc.'s commercial bank, said he expects to see a broader subset of companies pursue initial public offerings in 2026. Lehmann also talked about his company's equity‑research approach, which involves having analysts dive deep into a narrow portion of growth‑oriented sectors, and how his law degree helps him in the world of financial services.
 
More S&P Global Market Intelligence Content:  
Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook
Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
Webinar: The State of the Middle Market
Credits:
Host: Joe Mantone
Guest: Mark Lehmann