Of all IPOs on US exchanges last year, 87% are trading below their IPO price compared to the 23% fall in the S&P 500 this year and the 31% decline in the Nasdaq Composite. This is the worst year for IPOs in a decade with just $7.2 billion raised, versus $154 billion (excluding SPACS) in CY2021. Drive-through coffee chain Dutch Bros is percolating up 40% from its $23 IPO price.