I didn't mention whether I thought the increase in IPOs was worrying. (In fact, I do think we may be reaching/reached saturation.) IPOs per year is a highly volatile number [1], based upon lots of factors, such as perceived market conditions (sometimes by the underwriters, not the company IPO'ing). [2]

[1] https://theweek.com/articles/770020/americas-disappearing-ip...

[2] https://www.youtube.com/watch?v=sC7ht0CAQsk&feature=emb_titl...