Investors are unenthusiastic about the IPOs from Arm, Instacart and Klaviyo, even after a 21-month drought in tech offerings
the following day. They're three very different companies in disparate parts of the tech sector, but Wall Street's reaction has been consistent.
Investors who bought at the IPO price made money if they sold right away. Just about everyone else is in the red. That's fine if a company's goal is just to be public and create the opportunity for employees and early investors to get liquidity. But for most companies in the pipeline, particularly those with sufficient capital on their balance sheet to stay private, it offers little allure., a partner at law firm Debevoise & Plimpton who focuses on capital markets and private equity.
Juergens said, based on his conversations with companies, the market is likely to open up further in the first half of next year simply because of pressure from investors and employees as well as financing requirements. "At some point companies need to go public, whether it's a PE fund looking to exit or employees looking for liquidity or just the need to raise capital in a high interest rate environment," he said.to close at $63.59. Every day since then, the stock has fallen, and it closed on Thursday at $52.16, narrowly above the $51 IPO price.of trading, it was up just 12%, and that gain was practically all wiped out on day two. The stock rose 1.8% on Thursday to close at $30.65.
None of these companies were expecting, or even hoping for, a big pop. In 2020 and 2021, during the frothy zero interest rate days, first-day jumps were so dramatic that bankers were
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