US IPO Weekly Winners & Losers

The IPO market just capped off its best month since January.

The IPO Index rocketed +13.5% in November, outpacing the S&P 500’s +9.1%. While still shy of its year-to-date high, it’s back to its highest level since early August.

Contrary to expectations of an IPO rush after Thanksgiving, the past week saw an unanticipated lull, with few companies proceeding toward public debuts. Only two small Asian issuers, Fenbo Holdings (Nasdaq: FEBO) and Garden Stage (Nasdaq: GSIW), listed in the US. After a flurry of recent activity, the pipeline also showed a calmer pace during this period.

We’re now at the point where the window to go public before year end is barely open. Some companies may try to thread the needle, launching in the week ahead for a mid-December listing. But most are likely looking to the year ahead.

News from the pipeline and shadow backlog this week all but confirm that notion. Recent filers UL Solutions and ZEEKR both announced decisions to push back their proposed offerings. Several private companies also grabbed headlines regarding potential 2024 listings, including Chinese fast-fashion giant SHEIN, shapewear brand Skims, and tech names Reddit and Rubrik.

The coming month will tell us more about what to expect in 2024, but as it stands, the IPO market is in a great spot as we approach the new year. Stay tuned for our outlook as things become clearer.

The IPO Index notched a +4.9% gain this week, compared to +0.8% for the S&P 500. Buy-now-pay-later company Affirm led the winners, jumping +43.6% following an encouraging report on industry trends. Chinese recruitment platform Kanzhun traded off -10.1%.