Getting fancy didn’t pay off in stocks this decade. Investors who looked to newly public companies to enhance their gains instead found themselves trailing the red-hot market, often by a lot.
History’s longest-running bull market nonetheless has been a boon for issuers, who took advantage of calm conditions that fueled investor appetite for deal activity.
Outperformance from mega-listings, especially in the technology sector, played a critical role in bringing IPO activity back to life after the 2008 financial crisis sparked a flight from risk.
The welcoming market conditions and a fear of missing out drove about $600 billion of IPO ...
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