-- The leaders of Wall Street’s largest banks are optimistic about the reopening of the market for initial public offerings, after listings by firms such as Reddit Inc. and Galderma Group AG boosted underwriting revenues.Companies going public in the first quarter globally raised $27.8 billion, a 10% jump from the same period in 2023, according to data compiled by Bloomberg.
In the US, several of the largest recent deals are trading above their IPO prices. Astera Labs Inc., which raised $820 million in March, has nearly doubled its IPO price, while Reddit’s shares rose as much as 92% after its $860 million IPO before paring some of the gains. UL Solutions Inc., whose listing raised $946 million earlier this month, is up more than 20%.In Europe, Galderma — the largest listing this year — raised $2.6 billion in Zurich, and is trading about 19% above its IPO price.
While bankers are optimistic about a steady rebound of the market, some tempered their comments with caution. Blackstock was ordered by a California labor commissioner in November 2022 to pay Clarkson over $2.6 million for wrongfully orchestrating several business deals while serving as her managerSome Truth Social users bemoaned the crash, looking for someone to blame as the shares continued to tank this week.3 No-Brainer Dividend Stocks to Buy Right Now for Less Than $200
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