When private companies around the world want to raise cash, they can do so by starting a process to list on a stock exchange. This is known as an IPO, or initial public offering.

Analysts watch such public listings to gauge the health of an economy.

In 2021, IPOs were booming, but in 2023 there's been a big drop in activity - with a record low number of companies choosing to offer their shares publicly on stock exchanges in the US, UK and Europe.

What's going on, and why does it matter when IPOs don't do well?

(Picture: The hand of a man holding a phone, monitoring trading data on his phone, tablet, and computer. Credit: Getty Images)

Produced and presented by Frey Lindsay