The Securities Act of 1933 governs the initial offering itself, requiring full and fair disclosure through the prospectus. The Securities Exchange Act of 1934 governs the company once public, requiring periodic financial reports (10-K, 10-Q) and prompt disclosure of material events (8-K) so that all market participants have access to the same information. IPO volume swings substantially with the macro cycle and the cost of capital — the 2021 boom saw over a thousand U.S. IPOs; subsequent years dropped by an order of magnitude as rates rose. That volatility is the rule, not the exception; do not treat any single year’s IPO calendar as a signal.