Why Equity Markets Are Reopening — But Only for the Prepared

In Conversation with Jeff Mortara, Global Co-Head of Equity Capital Markets and Head of TMT Investment Banking for the Americas. 

After several years of stop-start issuance, equity capital markets (ECM) are showing clearer signs of recovery. Yet the reopening is not indiscriminate. Investors remain selective, valuation discipline is back, and the most successful issuers are those who arrive with scale, a credible growth story and a clear understanding of where — and how — to access capital.

Jeff Mortara, Global Co-Head of Equity Capital Markets and Head of TMT Investment Banking for the Americas at Societe Generale, discusses the state of the global ECM market, the challenges facing issuers and banks, and why execution, investor access and aftermarket performance have become more important than ever.

The IPO market appears to be coming back. How would you characterize the state of global equity capital markets today?

The market is open, but it is selective- and this is often the first stage of what we see before a broader market opening.

There is clearly more confidence than we saw during the more difficult parts of the last cycle. Equity indices have been supportive, volatility has been manageable at different points, and investors are again willing to engage with new issuance. But the threshold for access is much higher than it was in the 2020–2021 period. Investors are being far more disciplined about valuation, business model quality, profitability and the depth of the equity story.

That is visible across regions. In the US, the IPO market entered 2026 with momentum. Globally, I would describe the IPO market as resilient but selective with a particular appetite for larger growth opportunities. 

So, the market is open to companies that are prepared, realistic and able to demonstrate both growth and durability.

How should companies think about choosing the right listing venue or market?
 

That decision has become more strategic.

The US market offers the deepest pool of capital, particularly in technology, healthcare and growth sectors. For these reasons, many global issuers give the US listing serious consideration.  For others, Europe, the UK, Asia or a dual-track approach may provide the right investor base, regulatory framework or sector context. Cross-border distribution is becoming more important, and that is an area where Societe Generale has an excellent competitive advantage vs. our more US-centric competitors. 

The question is not simply, “Where can we get the highest valuation?” 

That requires a bank to understand both sides of the equation: the issuer’s objectives and the investor landscape. It is especially important for European companies considering US listings, US companies seeking global demand, or issuers in sectors where the natural investor base is dispersed across regions.

This is where a global platform like Societe Generale can add meaningful value. We combine long-standing European client relationships with a growing US ECM presence and the global equity distribution capabilities enhanced by Bernstein. That gives us the ability to advise issuers not only on whether to come to market, but on which market, which investors and which structure are most appropriate. 

What are the biggest challenges for banks supporting companies through IPOs and other equity raises?

The job of an ECM bank has become more demanding.

It is no longer enough to deliver a book of demand on launch day. Banks have to help issuers prepare well in advance, refine their equity story, test investor appetite, advise on timing, structure the transaction and support trading after pricing. The process requires close coordination across origination, syndicate, research, sales, trading, equity derivatives, financing and risk.

That integration is critical because the market can change quickly. A transaction that looks straightforward on Monday can become more complicated by Wednesday if volatility rises, a peer trades off, macro data surprises the market, or geopolitical news changes sentiment. Execution requires constant feedback from investors and the trading desk.

At Societe Generale, our ECM model is built around that coordination. Origination, syndication, distribution and execution are aligned throughout the process, with direct investor engagement informing pricing and allocation decisions and trading insight helping shape transactions in real time. 

The best banks are not just intermediaries. They are advisers, market interpreters and execution partners.

How important is aftermarket performance in today’s market?

It is central to every successful IPO. 

For an issuer, the IPO does not end when the shares price. In many ways, that is when the public-market journey begins. If a stock trades poorly out of the gate, it affects employee morale, investor confidence, the company’s ability to raise capital again and the perception of the management team. If it trades well and builds a high-quality shareholder base, it creates strategic flexibility.

That is why pricing and allocation matter so much. A strong order book is important, but the composition of that order book is just as important. Who are the long-term holders? Which investors understand the sector? Which accounts can support the company through market cycles? Which investors are likely to provide liquidity?

The Bernstein partnership is highly relevant here. Bernstein gives Societe Generale a global equity distribution and research platform, and institutional investor relationships, with a long-only focus representing roughly 80% of Tier 1 clients. Bernstein is also a top agency trading platform in the US, supporting aftermarket liquidity. 

That ability to support the issuer after pricing is a major part of the value proposition.

The U.S. market remains the deepest equity market globally. How has Societe Generale changed its positioning there?

The change has been significant.

Societe Generale made a strategic decision to build a more competitive ECM franchise, especially in the US, and that required investment in people, platform and distribution. The hire of senior ECM talent, the buildout of sector expertise - including in technology, energy, healthcare and industrials - the establishment of our Menlo Park TMT hub, and the partnership with Bernstein have all contributed to a materially stronger platform.

The progress is visible in the league tables* and, more importantly, in the mandates we are winning. In global equity offerings, Societe Generale moved from 81st in 2024 to 34th in 2025 and to 21st year-to-date in 2026, with 20 bookrunner roles across the US, Europe and Asia. Since the JV with Bernstein, Societe Generale has also broken into the Top 20 US IPO bookrunner rankings, jumping more than 20 spots in 2025. 

That kind of movement reflects more than market activity. It reflects a platform that clients and investors increasingly recognize as relevant.
 

What role has Bernstein played in the development of the ECM franchise?
 

The Bernstein platform has been transformational as distribution, research, investor relationships, and aftermarket liquidity matter.

Bernstein strengthens each of those dimensions for our corporate clients.

The platform has approximately 150 sales professionals globally, more boots on the ground in equity sales across European countries than any other Top 20 US IPO platform, and deep relationships with institutional investors. It also supports issuers beyond the transaction itself through conferences, forums and events, including Societe Generale and Bernstein’s annual Strategic Decisions Conference in New York, which recently hosted 146 companies, more than 2,000 attendees, 725 one-on-one and small-group meetings, and nearly 3,800 client touches across 280 accounts.
 
That kind of investor connectivity is a real advantage. It helps issuers engage the right accounts before, during and after a transaction. It also allows us to bring more informed feedback into the execution process.

How do you see the rest of the year developing for ECM?

I am constructive, the opportunity is ours to take. 

There are companies that have waited a long time to access the public markets, and many are now more mature than they would have been two or three years ago. 

But markets will remain episodic. Windows will open and close. That means readiness is everything. Companies should not wait for perfect conditions to begin preparing. They should be ready to move when conditions are good enough.

For banks, the challenge is to help clients navigate that uncertainty with discipline. For issuers, the challenge is to be realistic about valuation, thoughtful about timing and focused on building a durable public-market shareholder base.

What should clients expect from Societe Generale in ECM going forward?

They should expect a focused, integrated and ambitious ECM franchise.

We have made real progress, but we are still building. Our objective is not simply to participate in more transactions. It is to deliver high-quality advice and execution for clients where we can add clear value.

Companies are going to continue to hire Societe Generale in ECM because we now have a focused, integrated franchise that combines origination strength, execution discipline and global investor access. Together, that gives us a franchise that stands out. 

The market is competitive, and it will remain competitive. But Societe Generale is now operating from a different position. We have the balance sheet, the client relationships, the equity distribution, the sector expertise, and the execution model to compete in major global ECM transactions.

That is good for our clients — and it will continue to allow Societe Generale to invest in and grow this important global equity capital markets business. 
_{* Bloomberg league table data as of June 2026}