Tech giants Uber and Pinterest boost best IPO quarter since five years
June 28, 2019 | Investopaper
The initial public offering market was expected to perform better after key tech companies like Uber and Pinterest made their stock market debuts this year. As expected, the IPO market has shown the best result in terms of quarterly performance in the period of last five years.
According to reports from Renaissance Capital, the second quarter offerings has brought around $25 billion. This is the highest figure in the last five year time. The average return of the IPO debutants in the second quarter was around 30 percent which means the performance of the companies that started trading in the second quarter was satisfying to the investors. Although Uber brought in $8.1 billion in IPO proceeds, the shares of the company have gone below its offering price of $45.
Beyond Meat was the top gainers of all the IPO debutants as the company’s share price is 542 percent more than their initial offering price. Beyond Meat produces plant-based meat and it has become very popular as a substitute for meat products like burger and sausage.
IPO activity is expected to remain strong in the third quarter based on the pace of the recent filings although no big names are making their debut in the stock market.
