Wall Street's tech IPO scene experienced a notable revival this week with the market debut of Reddit and Astera Labs, marking the first significant venture-backed tech offerings in the U.S. since last September. Reddit and Astera, though operating in distinct sectors of the technology market, both made significant waves as they became the first high-profile IPOs after a prolonged drought in tech listings since late 2021. Morgan Stanley emerged as a major player in this resurgence, securing the lead underwriter position for both the Reddit and Astera IPOs.

This comes after a prolonged dry spell for the bank in the tech IPO arena, with Goldman Sachs leading the charge in last year's only two significant venture-backed offerings. The past two years saw a stark contrast in IPO activity, with only 15 tech IPOs compared to the booming market of 2021, which witnessed a whopping 121 tech companies going public. The recent flurry of IPO activity has sparked optimism among market experts, with some anticipating a wave of upcoming IPOs in the second quarter. For Morgan Stanley, the success of the Reddit and Astera offerings presents a promising sign for its investment banking unit, which faced a significant revenue decline in recent years.