The local IPO market is facing a real squeeze. Companies aren't lining up to go public domestically anymore—they're voting with their feet and heading overseas to chase better valuations.

Here's what's happening: when startups have a choice between listing at home versus international markets, the math is often brutal. Overseas exchanges and investors are throwing bigger valuation multiples at the same companies. Why settle for a local bid when you can get 2x or 3x more from foreign capital?

This capital flight trend creates a nasty feedback loop. Fewer listings means less market activity, which means institutional investors have less reason to stick around. The dried-up pipeline makes it even harder for the next batch of companies to find buyers at competitive prices.

The irony? This phenomenon isn't unique. It's playing out in emerging markets globally. When your home market can't match international valuations, it's tough to convince ambitious founders to stay.

The real question is whether local exchanges can adapt—maybe through regulatory reforms, tax incentives, or building better investor bases. Without intervention, expect this drought to stick around until the economics change.