A flurry of stock market listings on both sides of the Atlantic has proved to be a flop for investors, highlighting the challenges facing companies with plans for market debuts in today’s punishing environment.
Chip designer Arm, delivery company Instacart and software group Klaviyo all priced initial public offerings at or above their target ranges in US listings in September. Sandal maker Birkenstock raised more than $1.5bn in October.
The deals may have been a success for the companies’ previous owners, particularly as many businesses have struggled to list at all over the past two years.
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