FYI: Glittering new stocks can fade quickly in an ugly market.
Some 81% of the companies that went public in 2018 priced in or above their indicated range—the most in over a decade, according to Renaissance Capital, a manager of IPO exchange-traded funds. These companies had an average first-day trading pop of 16%.
Yet as the broader market slid this month, the luster of the new stocks dimmed. The 2018 class of initial public offerings has now returned minus 2.3% this year, versus the five-year average return of 20%
Regards,
Ted
https://www.barrons.com/articles/how-2018s-biggest-ipos-performed-51545438249?mod=hp_DAY_5
