New listing activity has been muted in recent years, but sizable issuers have steadily returned to the IPO market, with generally positive results. As is common in the IPO market, some deals have delivered triple-digit gains, while others have fallen well below their offer prices. Here are the top and bottom-performing IPOs from the past two years.
Tech is a common thread among the top performers, with a particular focus on AI. It’s also been a theme among recent IPOs, like eToro (ETOR), MNTN (MNTN), and Hinge Health (HNGE), and we expect to see more tech-adjacent listings in the coming months.
The bottom performers are exclusively from the biotech sector, which has only produced a handful of winners in recent years. While drug developers in hot spaces may be able to drum up investor interest, like weight loss-focused Metsera (MTSR), biotech underperformance is currently a drag on the industry’s IPO activity.
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