Another quarter, another unicorn unmasked: WeWork’s initial public offering, anticipated to rank as the second-largest in 2019, was heckled by investors and the media until its co-founder CEO was fired and the offering humiliatingly withdrawn. Among the largest third quarter offerings now trading, SmileDirectClub brought only frowns. It earned the dubious distinction as the worst mega-IPO priced above-range since at least 2008. SmileDirect’s closest IPO competitor, Peloton, failed to keep pace, as its IPO clocked in as the third worst trading debut in 10 years for companies raising at least $1 billion.
As a recent Bloomberg Businessweek story ...