Goldman chief U.S. equity strategist Ben Snider said about $700 billion in this year’s IPOs and follow-on issuances should not overwhelm the stock market. According to NS3.AI, Snider said the expected issuance amounts to about 1% of the equity market and is below the long-term average.

Snider also said corporate share repurchases are expected to exceed $1 trillion this year, suggesting buybacks could remain a significant source of demand alongside new issuance.