Arm, Instacart, Klaviyo—oh my! Investors had high hopes that the trio of recent big IPOs would be enough to crack the door open and let the flood of unicorns through to the public markets. But based on their early, and lackluster, performance, it looks like VCs—and their eager portfolio companies—could be waiting a bit longer.
Individual factors for the companies’ performances aside, the “markets have worsened since these deals launched,” which delivered a blow to post-IPO trading, said Matthew Kennedy, senior IPO strategist at Renaissance Capital, a provider of pre-IPO research and IPO ETFs. But “There was this excitement of, you know, are these going to be hot deals? And that can build on itself, but it can also go away quickly,” he told me.
-copy-29e15046.jpeg?w=600)
