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After U.S. IPO stumbles, companies under pressure to offer bargains

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A string of disappointing reviews brings lower valuation expectations

Companies pursuing U.S. initial public offerings after a string of lackluster stock market debuts are receiving advice from investment bankers to lower their valuation expectations.

The four big IPOs were a shot in the arm to U.S. listing volumes. Total proceeds from IPOs on U.S. exchanges totaled $19.4 billion from the start of 2023 to the end of last week, a two-year high that nearly tripled the haul over the same period last year, according to LSEG. Healthcare payments tech firm Waystar, insurance group Hamilton and oil-and-gas helicopter provider PHI Group will have to decide in the coming days whether they will proceed with their IPOs and how aggressively they will price them.

 

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