2021 went down as a historic year for the IPO market, with both activity and proceeds reaching record levels. A lesser-known record: the explosion of early lock-up provisions. In effect, IPO insiders are now able to cash out earlier than ever.
Key takeaways
- Once rare, early lock-up provisions exploded in 2021
- Tech IPOs account for most early releases
- Lock-ups have become harder for investors to track
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