The fall in the stock market led to the longest period of no major US tech IPOs this century, the Financial Times reported, citing a study by Morgan Stanley (NYSE:MS).

Bank analysts estimate that by Wednesday, September 21, there will be 238 days without an IPO of more than $50 million, beating records set since the 2008 financial crisis and the dot-com crash of the early 2000s.

The publication notes that the struggle of the US Federal Reserve against the acceleration of inflation due to the aggressive increase in interest rates raises fears of a recession in the US. As a result, the tech-dominated NASDAQ Composite index is down nearly 28% this year, while the S&P 500 broad market index is down just over 19%.

“There is huge uncertainty in the market right now, and uncertainty is the enemy of the IPO market,” Matt Walsh, head of technology equity markets at SVB Securities, told the publication.

He noted that without “some stabilization in the outlook” investors would rather back off and buy already issued securities rather than “stay further down the risk curve and buy tech IPOs.”

Last week, insurance company Corebridge completed its first $1 billion US IPO since January. But even after the deal, total US IPO volumes are down 94% year-on-year. Companies raised just $7 billion in 2022, compared with $110 billion in the same period last year, according to Dealogic.