No wonder Victoria’s Secret owner L Brands Inc. prefers public markets to a sale. Initial public offerings are at an all time high in yea- to-date deal value, according to Refintiv. Investors valued newly public companies at over $140 billion in the first five months of the year through today, topping highs of the dotcom bubble. Even in the same period in 2000, 667 firms went public compared to 670 so far this year. That froth could keep a public market exit a viable path for carveouts and private equity exits alike.
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