FILE PHOTO: A monitor displays stock market information on the trading floor at the New York Stock Exchange in Manhattan, New York CityNEW YORK - 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.
Only the shares of marketing automation platform Klaviyo Inc have consistently traded over their IPO price, ending trading on Wednesday 2% over it. 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.
The companies have published their IPO registration statements so they can be ready to launch their stock market debuts in the next few days, ahead of a potential U.S. government shutdown next month that would freeze listings because it would cut funding to the financial regulators overseeing them. It remains unclear whether the shutdown will happen, as U.S. lawmakers struggle to elect a speaker in the House of Representatives.
"We continue to see demand for high quality companies, but investors remain cautious and sensitive to valuations," said Robert Stowe, head of Americas equity capital markets at Barclays Plc.
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