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So far this year, U.S.-listed firms have raised $10 billion through IPOs, down 94 percent from the same span in 2021 and nearly half of this point last year.
Franklin is pressing ahead with the listing even after the bubble in SPACs companies burst in the U.S., with many of the vehicles shutting down for a lack of targets.
A deal could value the combined entity at a few hundred million dollars and include a private investment in public equity anchored by institutional investors.