ANALYSIS: US Market Shivers in IPO Winter; China Feels Fine

The US IPO market has almost entirely frozen over, with very few companies even trying to navigate the treacherous environment of market volatility, rising interest rates, and low investor appetite for new issues. The poor performance of companies that have recently completed their initial public offering has only tightened this winter’s grip.

How Cold Is Cold?

How much have US IPOs fallen? Quite a lot. In the recently completed quarter, US IPOs were down 87.5%, and raised nearly 98% less capital compared to the first quarter of 2021, when new issues peaked. Only 52 companies went public in the US ...