The US IPO market has almost completely dried up

Nobody wants to go public anymore.

According to data from FactSet’s Andrew Birstingl, the number of initial public offerings (IPOs) on the US Stock market this year is at its lowest level since 2009.

“As of February 19, 2016, only three companies headquartered in the United States had gone public year-to-date, which marked the lowest number of IPOs over this time period (1/1-2/19) since 2009, when just 2 companies priced in the public market,” said Birstingl in a note Thursday.

“At this point last year, 20 IPOs had already occurred, with Shake Shack and Box being the most notable names on that list.”

Birstingl also noted that 12 companies that had announced an IPO so far in 2016 have either delayed or pulled that offering, the highest since 2008. This IPO malaise isn’t just limited to the US either, as Birstingl added that foreign IPOs are at their lowest since 2009 as well.

According to Birstingl, the primary reason for the decline is the choppiness in stocks. Not only have markets been sinking this year, but the average daily volatility has been jumping as well.

As investors pare back on riskier assets, one of the first things they will temper demand for is new companies coming to market.

And this situation doesn’t appear close to getting any better soon as Birstingl noted that the number of offerings planned for the coming months is also at the lowest since 2009.

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