US IPO Weekly Winners & Losers

The US IPO market kicked off its holiday break early - here's what that means for you.

With no major launches this week, the likelihood of any big deals in December is effectively zero. New issuance usually slows near the end of the year, but it’s notable that almost nothing has come to market.

IPO returns have improved over the past month. Secondary offerings are getting done. The pipeline has plenty of candidates, many of which have updated recently. So where are the IPOs?

It boils down to market volatility. As our senior strategist told CNBC, going public isn't as easy as flipping a switch. Other companies are still holding out for higher valuations. And M&A took at least one deal out of the pipeline: Obesity biotech Carmot Therapeutics had planned to launch an IPO but instead was acquired by Roche this week for $2.7 billion.

Even though new issuance has waned, we remain very optimistic about 2024.

And we did get one small launch on Friday: Chinese procurement platform ZKH Group (NYSE: ZKH) plans to raise $66 million, down from its original estimate of $200 million.

The IPO Index ticked up +0.1% this week, compared to +0.2% for the S&P 500. Trading platform Robinhood rode the latest crypto boom, climbing +25.9%. Chinese discount retailer Miniso Group fell -19.3%.