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Here's what the top-performing IPOs of 2023 tell us about 2024

RYZB

Get ready for a bevy of biotech IPOs. The 30 IPOs that raised $100 million or more in 2023 currently average a strong 25% return from offer, thanks to solid first day gains (+14%) that have built in the aftermarket (+9%). Biotechs make up half of the top 10 best-performing sizable IPOs from last year. While a few biotechs are also among 2023’s...read more

Pessimism over Fed policy and geopolitical tensions topple year's large IPOs; here are the deals that have weathered the recent turmoil

GPCR

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...read more

Back so soon? Early lock-up provisions return to the IPO market with VC-backed tech

CART

Instacart (CART) and Klaviyo (KVYO) are bringing back more than just VC-backed tech. In addition to being the first US tech unicorns to go public since 2021, the grocery delivery platform and marketing SaaS company both have early IPO lock-up provisions, a common feature of the 2021 IPO boom. In 2021, when the IPO market was near its peak,...read more

Nearly 80% of the year’s large IPOs are above issue, a positive signal for the fall IPO market

CAVA

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&rsquo...read more