US IPO Weekly Winners & Losers

The IPO Index capped off a five-day run of positive returns on Friday, its longest winning streak since October.

The IPO market finished the week with a +16.3% gain, outpacing the S&P 500’s +6.4%. Gaming platform Roblox led the winners, rising +35.5% as battered growth stocks finally got some relief. Concerns about dropping freight rates caused ZIM Integrated Shipping to fall -8.1%.

What was expected to be the week’s headliner, Ivanhoe Electric (NYSE: IE) delayed its $174 million IPO. The deal is now set to price in the week ahead. While the tight range and short roadshow signaled management’s confidence, the exploration-stage mining company is not exactly the mature, stable business that investors normally expect to IPO in this market. A sharp decline in copper prices didn’t help matters.

One small deal did make it to market this week, a Chinese issuer (GSUN) that soared more than 300% on its first day. We’ll see whether it holds up or follows the same pop-and-drop pattern of other micro-caps this quarter.

Speaking of the quarter, we released our 2Q 2022 US IPO Market Review this week, which provides detailed analysis of activity during the 2Q and outlook going forward. Read it here.