IPO Investments

While equities have so far enjoyed a banner 2023, firms that recently went public are struggling. Class of 2020 IPOs are down an average of 34% from their initial listing price, 2021 IPOs are down 46%, and 2022 IPOs are off 49%. Relatedly, traditional IPOs (excluding SPACs) have so far raised $9 billion this year, well down from $87 billion in 2021, $24 billion in 2020, but up from 2022.