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2021-03-14
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The Booming IPO Market Shows No Signs of Slowing. What Investors Need to Know.
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What Investors Need to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1114447582","media":"Barrons","summary":"So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, accor","content":"<p>So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period in 2020. For all of 2020, there were 457 IPOs, collecting $167.8 billion. Before that, the high-water mark for IPOs came duringthe dot-com bubble of 1999when 547 offerings raised about $108 billion.</p>\n<p>More impressive than the volume has been the performance of these stocks. Over the past 12 months, the shares of 56 tech IPOs jumped an average of 62% on their first day of trading, according to data from Jay Ritter, a University of Florida professor who studies the IPO market.</p>\n<p>Some IPOs have simply rocketed.TRX Insurance Brokers(ticker: TIRX) began trading in January, and its shares jumped 1,000% from a $4 offer price before the Nasdaq halted trading on its first day. The stock closed at $63.44 on Wednesday, up 1,486% from the IPO.EZGO Technologies(EZGO) roared 353% during its market debut in January, whileCloopen Group Holding(RAAS) rose a mere 200% on its first day earlier this month.</p>\n<p>This past week, thevideogame platformRoblox(RBLX)—a direct listing—soared on its public market debut.Coupang(CPNG),a South Korean e-commerce firm, opened 81% above its IPO price, giving the company a market value of $114 billion. Other big names are expected to come to market later this year,including Robinhood, Marqeta,Coinbase Global, and Instacart.</p>\n<p>Not everyone, however, is happy with the boom in new issues. Some IPO investors are growing more cautious of what they see as super-frothy valuations.</p>\n<p>“I’d be pretty surprised if many of these valuations were still standing at this level in 12 months time,” says Mark Hawtin, an investment director at GAM Investments, a European-based asset manager with $120 billion in assets under management.</p>\n<p>Hawtin, who runs the GAM Star Disruptive Growth fund, which invests in IPOs, says he is finding it harder to buy into new issues right now compared with six or nine months ago.</p>\n<p>“There are companies I really like but I can’t justify buying them because their price is too high,” he tells<i>Barron’s</i>.</p>\n<p>IPOs, after their first initial price move, typically match over time the performance of the S&P 500 but this has changed. Hawtin points to theRenaissance IPOexchange-traded fund (IPO), which tracks new issues for their first two years. The ETF is up 133% over the last year, while theS&P 500has gained 42%. IPOs are getting a bump not only in their quote price but in the aftermarket, Hawtin says. “This is indicative of the stretched valuation they have,” he says.</p>\n<p>Special purpose acquisition companies, or SPACs, have been the hottest corner of the market. Of the 302 IPOs so far this year, 80% are SPACs. Roughly 240 of these blank-check companies, valued at nearly $76 billion, went public as of March 10 compared with just 13 SPACs that collected roughly $3.9 billion for the same period last year, Dealogic says.</p>\n<p>Many SPACs attract investors speculating on what business they might merge with. But Hawtin says that until a deal is announced, they should trade at their $10 trust value, effectively a call option on what will be the combined company. “When the [SPAC’s share] of the combined deal is worth more [than the shell company’s cash in trust], then it makes sense for the price to move up,” he says.</p>\n<p>The red-hot IPO market has been a product of a long-running bull market, low interest rates, and a flood of liquidity in stocks as investors have few other places “where you can expect any meaningful yield,” says Dan Rosen, a partner at Commerce Ventures.</p>\n<p>His firm has invested in 72 tech start-ups, includingBill.com Holdings(BILL), and Rosen says the last six months have been the best time for companies seeking to go public in his 20-years as a venture capitalist.</p>\n<p>The revived enthusiasm many small investors have for stocks—highlighted by the frenzy in the shares ofGameStop(GME) and the like—has also helped the IPO market. While retail investors may not be able to get into an offering, they can buy shares on the first day of trading.</p>\n<p>That has spurred strong aftermarket gains for newly public businesses. In 2020, 165 operating companies went public, producing an equally weighted average first-day return of 41.6%, Ritter says. So far this year, the average is 33%.</p>\n<p>GAM’s Hawtin pointed to retail investors who are “very passionate” about certain stocks. “They want to buy it and they can buy it in the aftermarket, and they will pay whatever price they have to pay,” he says.</p>\n<p>Such enthusiasm can be risky. Many of the companies going public now aren’t generating any earnings.</p>\n<p>Ross Yarrow, managing director U.S. equities at Robert W. Baird, looked at the first-quarter results for companies that went public last year. He found that 81% were unprofitable. He also analyzed companies that went public in 2000, the peak of the dot-com bubble. Roughly 73% were unprofitable one quarter after the IPO.</p>\n<p>Growth prospects seem to trump a lack of earnings for newly public companies.Airbnb(ABNB) andDoorDash(DASH) produced two of the biggest IPOs of 2020. Airbnb on Feb. 25 posted a near $4 billion loss during its first earnings report as a public company, and the stock jumped 13% the next day. The same day, DoorDash said that losses more than doubled in the fourth quarter, to $312 million, from the period a year ago. Shares added nearly 2% the next day.</p>\n<p>Is this the dot-com boom-and-bust all over again?</p>\n<p>Hawtin, who was also an investor in 1999, thinks the current frothiness is different from 20 years ago. Then, companies were not valued on revenue, but on “eyeballs and users,” he remembers.</p>\n<p>This time around, he thinks only certain sectors and stocks are frothy. The IPO market is “very overvalued,” but companies going public right now come armed with significant revenue and real growth, Hawtin says.</p>\n<p>University of Florida’s Ritter notes that companies going public now “are generally fairly mature, if not profitable, with the exception of the biopharma sector, where the firms tend to be young and still in the R&D stage.”</p>\n<p>While the IPO market shows no signs of cooling off anytime soon, a sharp increase in inflation or a geopolitical shock could put a stop to the market’s frothiness, Commerce Venture’s Rosen says.</p>\n<p>GAM’s Hawtin is more certain a correction is coming. “It would be foolish to suggest now or next week is the moment it will turn,” he says. “I don’t know the moment [the IPO market] will turn, but it will turn. Not if, but when. Ultimately, I think it will end in tears.”</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Booming IPO Market Shows No Signs of Slowing. 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What Investors Need to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-12 22:15 GMT+8 <a href=https://www.barrons.com/articles/the-booming-ipo-market-shows-no-signs-of-slowing-what-investors-need-to-know-51615546800?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period ...</p>\n\n<a href=\"https://www.barrons.com/articles/the-booming-ipo-market-shows-no-signs-of-slowing-what-investors-need-to-know-51615546800?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/the-booming-ipo-market-shows-no-signs-of-slowing-what-investors-need-to-know-51615546800?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114447582","content_text":"So far this year, 302 U.S. initial public offerings have raised $102.3 billion as of March 10, according to Dealogic. That is up 763% from the 35 offerings, valued at $11 billion, for the same period in 2020. For all of 2020, there were 457 IPOs, collecting $167.8 billion. Before that, the high-water mark for IPOs came duringthe dot-com bubble of 1999when 547 offerings raised about $108 billion.\nMore impressive than the volume has been the performance of these stocks. Over the past 12 months, the shares of 56 tech IPOs jumped an average of 62% on their first day of trading, according to data from Jay Ritter, a University of Florida professor who studies the IPO market.\nSome IPOs have simply rocketed.TRX Insurance Brokers(ticker: TIRX) began trading in January, and its shares jumped 1,000% from a $4 offer price before the Nasdaq halted trading on its first day. The stock closed at $63.44 on Wednesday, up 1,486% from the IPO.EZGO Technologies(EZGO) roared 353% during its market debut in January, whileCloopen Group Holding(RAAS) rose a mere 200% on its first day earlier this month.\nThis past week, thevideogame platformRoblox(RBLX)—a direct listing—soared on its public market debut.Coupang(CPNG),a South Korean e-commerce firm, opened 81% above its IPO price, giving the company a market value of $114 billion. Other big names are expected to come to market later this year,including Robinhood, Marqeta,Coinbase Global, and Instacart.\nNot everyone, however, is happy with the boom in new issues. Some IPO investors are growing more cautious of what they see as super-frothy valuations.\n“I’d be pretty surprised if many of these valuations were still standing at this level in 12 months time,” says Mark Hawtin, an investment director at GAM Investments, a European-based asset manager with $120 billion in assets under management.\nHawtin, who runs the GAM Star Disruptive Growth fund, which invests in IPOs, says he is finding it harder to buy into new issues right now compared with six or nine months ago.\n“There are companies I really like but I can’t justify buying them because their price is too high,” he tellsBarron’s.\nIPOs, after their first initial price move, typically match over time the performance of the S&P 500 but this has changed. Hawtin points to theRenaissance IPOexchange-traded fund (IPO), which tracks new issues for their first two years. The ETF is up 133% over the last year, while theS&P 500has gained 42%. IPOs are getting a bump not only in their quote price but in the aftermarket, Hawtin says. “This is indicative of the stretched valuation they have,” he says.\nSpecial purpose acquisition companies, or SPACs, have been the hottest corner of the market. Of the 302 IPOs so far this year, 80% are SPACs. Roughly 240 of these blank-check companies, valued at nearly $76 billion, went public as of March 10 compared with just 13 SPACs that collected roughly $3.9 billion for the same period last year, Dealogic says.\nMany SPACs attract investors speculating on what business they might merge with. But Hawtin says that until a deal is announced, they should trade at their $10 trust value, effectively a call option on what will be the combined company. “When the [SPAC’s share] of the combined deal is worth more [than the shell company’s cash in trust], then it makes sense for the price to move up,” he says.\nThe red-hot IPO market has been a product of a long-running bull market, low interest rates, and a flood of liquidity in stocks as investors have few other places “where you can expect any meaningful yield,” says Dan Rosen, a partner at Commerce Ventures.\nHis firm has invested in 72 tech start-ups, includingBill.com Holdings(BILL), and Rosen says the last six months have been the best time for companies seeking to go public in his 20-years as a venture capitalist.\nThe revived enthusiasm many small investors have for stocks—highlighted by the frenzy in the shares ofGameStop(GME) and the like—has also helped the IPO market. While retail investors may not be able to get into an offering, they can buy shares on the first day of trading.\nThat has spurred strong aftermarket gains for newly public businesses. In 2020, 165 operating companies went public, producing an equally weighted average first-day return of 41.6%, Ritter says. So far this year, the average is 33%.\nGAM’s Hawtin pointed to retail investors who are “very passionate” about certain stocks. “They want to buy it and they can buy it in the aftermarket, and they will pay whatever price they have to pay,” he says.\nSuch enthusiasm can be risky. Many of the companies going public now aren’t generating any earnings.\nRoss Yarrow, managing director U.S. equities at Robert W. Baird, looked at the first-quarter results for companies that went public last year. He found that 81% were unprofitable. He also analyzed companies that went public in 2000, the peak of the dot-com bubble. Roughly 73% were unprofitable one quarter after the IPO.\nGrowth prospects seem to trump a lack of earnings for newly public companies.Airbnb(ABNB) andDoorDash(DASH) produced two of the biggest IPOs of 2020. Airbnb on Feb. 25 posted a near $4 billion loss during its first earnings report as a public company, and the stock jumped 13% the next day. The same day, DoorDash said that losses more than doubled in the fourth quarter, to $312 million, from the period a year ago. Shares added nearly 2% the next day.\nIs this the dot-com boom-and-bust all over again?\nHawtin, who was also an investor in 1999, thinks the current frothiness is different from 20 years ago. Then, companies were not valued on revenue, but on “eyeballs and users,” he remembers.\nThis time around, he thinks only certain sectors and stocks are frothy. The IPO market is “very overvalued,” but companies going public right now come armed with significant revenue and real growth, Hawtin says.\nUniversity of Florida’s Ritter notes that companies going public now “are generally fairly mature, if not profitable, with the exception of the biopharma sector, where the firms tend to be young and still in the R&D stage.”\nWhile the IPO market shows no signs of cooling off anytime soon, a sharp increase in inflation or a geopolitical shock could put a stop to the market’s frothiness, Commerce Venture’s Rosen says.\nGAM’s Hawtin is more certain a correction is coming. “It would be foolish to suggest now or next week is the moment it will turn,” he says. “I don’t know the moment [the IPO market] will turn, but it will turn. Not if, but when. Ultimately, I think it will end in tears.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":296,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/326254398"}
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