What is Pat’s commentary for the week of August 23, 2022
Article Excerpt
The IPO or “Initial Public Offerings” market—more commonly known as the new issues market—has gone through an extraordinarily bad time this year. It’s been bad for all three of the groups that take part in this market. They are as follows:
Investors who put their money in new issues have lost substantial sums in the past year. On average, new stock issues tend to do worse than the rest of the market in their first few years of public trading. This past year, they performed much worse than ever.
Financial institutions that bring new issues to market for sale to investors have suffered, too, because demand for new issues has dried up. At this time of year in 2021, the new issues market had raised around $100 billion. So far this year, it has raised just $5 billion. In the past quarter century, the new issues market raised an average of $33 billion at this point in the year.
Companies that raise capital…
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