Initial Public Offerings: Market Intermediation, Retail Investors, and the Changing Face of Public Offerings

Initial Public Offerings (IPOs) have undergone significant transformations in recent decades, driven by regulatory changes, technological advancements, and the emergence of alternative methods for going public. This paper revisits the evolving landscape of IPOs, focusing on market intermediation, retail investors, and the changing dynamics of public offerings. Drawing on contemporary research, we highlight key findings on IPO mechanisms, institutional investors, and SPACs, while identifying promising avenues for future research. By synthesizing these insights, this paper aims to provide a comprehensive understanding of the current state of IPO markets and to offer valuable guidance for policymakers, investors, and academics navigating this complex and dynamic landscape.