FAST FIVE: "The Market For Initial Public Offerings Has Frozen"- IPOs Vanish As Market Mayhem Saps Deal Appetite
“The market for initial public offerings has frozen this year,” they wrote.
Meanwhile, new plans to go public are being announced at their slowest rate in years.
“We're getting into the kind of market where people are just saying there's capitulation,” David Ethridge, US IPO services leader at PricewaterhouseCoopers LLP, told Bloomberg this month.
Top IPO candidates include Mobileye NV — Intel Corp.'s self-driving unit — plus pandemic darling Instacart Inc. and social-media firm Reddit Inc., home of the influential WallStreetBets community of retail traders.
“We're in a bear market and it feels like a recession is on its way.