The window for initial public offerings slammed shut in 2022, and experts are unwilling to bet on a swift reopening.

Following record-breaking deal activity in 2021 buoyed by special purpose acquisition companies, or Spacs, and easy money, the 2022 market cooled in a big way. The Spac craze waned as the blank-cheque companies had difficulty finding suitable merger targets, while companies that considered traditional IPO debuts largely headed into hibernation.