U.S. IPO activity recovered in 2017 as fees doubled and reached $2.7b. However, can we call this a comeback as fees remain ~40% below their 2014 peak? Tech unicorns do have the potential to elevate IPO activity further in 2018. Still, they might not live up their hype for underwriters. Private capital remains abundant, creating a relatively more straightforward exit route for founders and early investors. Moreover, it looks like some of these Tech disruptors will take a shot at the way IPOs are done: Spotify is listing its shares directly and will only pay banks a fraction of the $200-250m it would have paid doing a traditional IPO.