I’m joined by Jeff Thomas, EVP, Chief Revenue Officer, and Global Head of Listings at Nasdaq. This is our second conversation—our first was back in Episode 46 (in October of 2021), where you can hear more about his personal and professional background. If you haven’t heard it yet, I encourage you to check it out. In this episode, we focus on the state of public markets in 2025, making this a great companion to Episode 157 with Tom Callahan, CEO of Nasdaq Private Market, where we covered the state of private markets. I truly appreciate your support of the podcast. If you enjoy this episode, please subscribe, leave a review, or share it on social media. You can also stay updated by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.
(0:00) Intro.
(1:52) About the podcast sponsor: The American College of Governance Counsel
(2:39) Start of interview. *Reference to prior episode with Jeff (E46 from Oct 2021)
(3:42) On Nasdaq's IPOs in 2024 (180 IPOs raising $23B). Looking ahead in 2025.
(6:23) What to expect facing new Administration. Reference to Nasdaq's IPO Pulse Index.
(8:59) The three priorities for boards considering an IPO: strategic quality, risk management, and succession planning (people).
(11:14) On the ruling striking down the Nasdaq Diversity Rule
(14:27) On the political backlash against ESG and DEI in the US
(18:00) On global markets and the new geopolitical landscape. Nasdaq as "the trusted fabric of the financial markets". Reference to article by Nelson Griggs, Nasdaq President.
(22:32) On the "stay private vs go public" debate, and arguments for public listings: 1) access to capital, 2) liquidity, 3) creating an acquisition currency, and 4) having the brand and the trust of a public company.
(27:00) Private Equity backed companies going public.
(29:50) On the influence of AI in public markets and in governance. Boardvantage's AI solutions for directors.
(35:30) Outlook for 2025.
(39:55) On direct listings and SPACs (50 SPACs on Nasdaq in 2024)
(40:36) On board education. Reference to the 3rd VC-Backed Board Academy (VCBA) on May 14, 2025, at Cooley in SF.
Jeff Thomas serves as EVP, Chief Revenue Officer, and Global Head of Listings at Nasdaq.