After a strong rally through July, markets have treaded water for the past three months as investors grow pessimistic about the possibility of near-term rate cuts, against a backdrop of political gridlock in the US and a new war abroad. The year's sizable IPOs have slowly declined in the past few months' volatility, and the percentage trading above issue has fallen to its lowest level since the start of the year. Of the 26 IPOs that have raised $100 million or more this year, more than two-thirds are now underwater...
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