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The value of private companies selling shares publicly for the first time, known as an initial public offering (IPO), has plummeted by 90% in the US and Europe so far this year, the Financial Times reports. The paper says the combination of the war in Ukraine and rising inflation and interests rates has”forced businesses to shelve plans to go public”, noting that 157 companies have raised just $17.9bn between January and May – compared to 629 firms generating $192bn in the same period in 2021.