Market volatility triggered by Russia’s invasion of Ukraine and soaring global interest rates have forced investors to pull back from backing initial public offerings, resulting in a dramatic decline in stock market listings in the United States.

According to data from Refinitiv, 2022 is on track to be the worst year for U.S. listings since 2009, with IPOs having raised roughly $5 billion in the first seven months this year – a 96% decline from the same period in 2021, according to Refinitiv.

Nevertheless, some companies have braved a frigid IPO market and gone public on U.S. stock exchanges this year.