Market volatility was back this week, and IPOs either dropped out or dropped their valuations. Six companies in five different sectors raised a combined $992 million, along with one SPAC. Four of the six deals priced below the midpoint of the range, and five broke their issue price during early trading. Three companies formally postponed their IPOs and two more pushed back their offerings to next week.
Just 50% of 2018 IPOs are currently trading above issue. Helped by strong performance from several biotechs, average return this year is 12%, but aftermarket return is -0.6%.