Private equity firms are sitting on mountains of portfolio companies, and Wall Street bankers think it's finally time to cash out. The IPO market's been simmering on low heat ever since the pandemic threw cold water on public listings. Now? Everyone's betting that simmer is about to turn into a rolling boil. PE shops need exit routes, and bankers are practically salivating at the prospect of a flood of new offerings hitting the market. Whether the timing's actually right or just wishful thinking from dealmakers hungry for fees—that's the real question.