In 2021, 27 IPOs raised $1 billion or more, the biggest-ever crop of billion-dollar IPOs in a single year. While the largest issuers have historically outperformed the broader group average, that is not the case for 2021 IPOs.
Of last year's 27 billion-dollar deals, just three are trading above issue (11%), and the group averages a -40% return, below the total 2021 average of -33%. The top-performing large issuers include insurance brokerage Ryan Specialty Group (RYAN), semiconductor foundry GlobalFoundries (GFS), and diagnostics provider Ortho Clinical (OCDX).
Roughly half of 2021's billion-dollar IPOs came from the technology sector, which has been hit hardest in the recent sell-off. The group also included some of last year's most anticipated names, such as...
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