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No unicorn IPO boom, but market will pick up next year, expert says

It's been a slow year for the initial public offering market, but 2017 should be better, said Jackie Kelley, Americas IPO markets leader at Ernst & Young.

"The elections are definitely putting a damper on things. They have all year but you look at interest rates, some of the Brexit issues, everybody is really lining up for 2017," she told CNBC's "Closing Bell" on Wednesday.

"Definitely 2017 is looking to be much more stable from a markets perspective."

According to EY, there have been 75 IPO deals so far this year, compared to 140 during the same time period in 2015.

While it won't necessarily be a "boom" year for unicorn IPOs, some will debut on the public market in 2017, Kelley said. Unicorns are privately funded start-ups valued at $1 billion or more.

That decision isn't necessarily driven by the need to raise capital because there is already plenty of capital in the private market, she pointed out.

"Being a public company brings a lot of benefits. It's the credibility. It's attracting and retaining talent," Kelley noted.

However, before going public the companies must be sure to have the right management team around them, are surrounded by a great group of advisors, and they have to have top-line growth and profitability, she said.