US IPO Weekly Winners & Losers

For the fifth straight week, there are no new blank check IPOs. It’s been over five years since we had a hiatus this long!

In spite of being bogged down by 100+ pending merger agreements, deals are getting done. Stock photo supplier Getty Images (NYSE: GETY) managed to complete one of the year’s largest de-SPACs on Monday; they finished the week up +162% from the $10 offer price. Get the complete picture of the $5 billion deal in our recent report.

The IPO market closed out its slowest July in over a decade with four small listings (MGAM, MAIA, ECBK, NEOV) though only two met our tracking criteria. Check out our newly-released July IPO market update for more color.

In the private market, grocery delivery unicorn Instacart is reportedly planning to go public before year-end. The bold move comes during a challenging time for recent tech IPOs, which has made it clear that the sky-high multiples of 2021 won’t fly when the window reopens.

The markets were up and down this week as investors responded to another historic rate hike by the Fed. The IPO market finished up +2.3%, compared to the S&P 500’s +4.3%. Car rental company Hertz led the winners, gaining +20.7% after beating earnings estimates. Crypto exchange Coinbase fell -11.1% on news of a pending SEC probe.