Following a long period of waiting, “the IPO market’s back.”

That’s according to Colin Stewart, Morgan Stanley’s global head of technology equity capital markets. In an interview with CNBC’s “TechCheck” on Monday, Stewart said 10 to 15 more tech companies could go public before the end of 2024, with an even “better year” in store for 2025.

“It’s been a long two and a half years, where we’ve had really nothing,” Stewart said. Recent initial public offerings have priced high and traded well, which “bodes well for the future,” he added.

The lull began in 2022, when soaring inflation and rising interest rates pushed investors out of risk, slashed tech valuations and led many tech companies to delay their plans to go public. It was a sharp contrast to the prior two years, which saw a record number of deals, including some at astronomical revenue multiples.