US IPO Weekly Winners & Losers

Bear markets are full of mixed signals.

A good jobs report can spur a rally, or start a sell-off ahead of tighter interest rates. News on inflation, the Ukraine war, consumer spending, and a dozen other variables try to explain the week-to-week swings of +/- 5%. This week the IPO Index gained +7.6% while the S&P was up +1.9%, as both indexes erased the prior week’s losses.

But take a step back and look at the 2022 IPO market year-to-date, and we see IPOs have started to build a base over the past two months. We can’t say for certain whether this will hold, but it’s an encouraging sign nonetheless.

As expected, we didn’t get the usual wave of IPO launches after Independence Day. A number of micro-caps are scheduled for July, though these tend price with little notice. Our de-SPAC calendar shows a few billion-dollar listings set for late July, led by Getty Images, which is merging with PRPB.

This week’s top news: Private equity firm General Atlantic is reportedly prepping an IPO. Last year we counted General Atlantic as a key backer on 17 US IPOs. PE is having a moment, with TPG going public in January, and L Catterton on our 2022-2023 IPO watchlist.