Investors are no longer falling over themselves to put money into US initial public offerings, reducing the chances that a company will be able to price their shares above expectations or enjoy a big share price “pop” on their first day of trading.
New figures show the IPO market has cooled substantially since a red-hot first quarter, as shares in recently floated companies have drifted lower and some high-profile debuts have flopped.
In January and February, the shares of companies joining the New York Stock Exchange or Nasdaq rose on average more than 40 per cent from their IPO price on the first day of trading, according to data from Dealogic.
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