Instacart fell below its IPO price in premarket trading, while chip-design company Arm is just above its own listing price. Fresh data suggest more pain...
Instacart fell below the price of its initial public offering on Thursday as investors soured on the grocery-delivery company and other recently listed technology stocks. Fresh data suggest there could be further pain to come.
Recent history suggests that newly listed stocks which drop below their IPO price within their first week generally have further to fall. Analysis of U.S. IPOs over the last five years by Dow Jones Market Data, using Dealogic and FactSet research, show those stocks fell by an average of 20% from their first-week low over the following 12 months trading.
That doesn’t mean it’s a certainty Instacart will drop further. The data show that 25% of companies which fell below their IPO price in the first week subsequently rose in the next 12 months.
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