IPOs overall beat the market this year despite some 'mega busts'

Mega IPOs Lyft and Uber are down more than 30% since their listings. But overall, 2019 was a solid year for initial public offerings.

"Beyond these headline-grabbing disappointments, the IPO market had a mostly good year," say Kathleen Smith, principal at Rennaisance Capital. Renaissance Capital's IPO Index, a basket of newly public companies, is up 33% this year compared to a 29% rise in S&P 500. More than half of newly listed companies were trading above their issue price at the end of the year, compared to about 40% last year, according to Renaissance Capital, which provides institutional research and IPO ETFs.

"There's still appetite for companies that show a business model and that it can be profitable," she said.

Fall 2018- fall 2019, the year of IPO scam pumps.

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