The 2019-20 May Revision: LAO Revenue Outlook

May 12, 2019 - So far this year, California-based company IPOs have had almost $150  billion of market capitalization ($82  billion of which was from the recent Uber IPO). While IPOs can ultimately increase capital gains, the primary observable effect of IPOs is in withholding.
https://lao.ca.gov/Publications/Report/4037

Amid Good Fiscal Times, Planning for the Future Is Crucial

May 21, 2019 - Whereas in a typical year, California-based companies make initial public offerings (IPOs) worth about $30  billion of market capitalization, 2019 has already seen IPOs with $150  billion in market capitalization.
https://lao.ca.gov/Publications/Report/4051

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - We have attributed some of the weaker-than-expected personal income withholding tax collections so far to a steep 84  percent decline in initial public offering (IPO) activity in 2022. Given that many IPOs in recent years have been among technology-related firms, the ongoing slowdown in that sector combined with more restrictive access to credit going forward is cautionary.
https://lao.ca.gov/Publications/Report/4762