The year's crop of large IPOs is off to a strong start, with nearly 80% currently above issue. As long as these solid returns hold, we expect a decent harvest of public listings in the fall.
So far this year, 19 IPOs have raised $100 million or more, outpacing all of 2022 (16 IPOs), but still well below the 10-year median of about 70 sizable IPOs at this point in a year. 2023’s $100+ million IPOs boast an average return from offer of 25%, compared to -2% for the broader group of all 2023 IPOs (-12% excl. outlier SPGC), driven by solid trading on the first day and modest gains in the aftermarket.
CAVA Group (CAVA) has held steady as the best-performing large IPO since its June debut. The Mediterranean restaurant was...
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