The IPO Market’s Winners and Losers Last Week – May 29, 2022

The summer IPO market is right around the corner, though it’s hard to say what the next few months will look like this year.

The calendar has been empty as many of the year’s notable filers are waiting for volatility to settle. So while we didn’t see the typical wave of filings in mid-May for post-holiday launches, the pipeline is still packed with potential summer IPOs.

Minerals exploration company Ivanhoe Electric (NYSE American: IE) submitted the first major new filing since April, planning to raise $200 million, and RIA services platform Dynasty Financial Partners (Nasdaq: DSTY) was the latest to furnish updated financials.

In the SPAC market, MSP Recovery (Nasdaq: MSPR) completed the second largest SPAC listing ever, only to plummet more than 50% on its first day. Despite brutal post-merger trading, a handful of SPACs submitted initial filings; the largest, ESHU is led by a former Disney exec and retired NBA player Magic Johnson.

The IPO Index found some support after a drop early in the week to finish up +5.2%, compared to the S&P 500’s +6.6% gain. This week’s winner was China’s DiDi, which jumped on news of its delisting to finish up +34.0%. Tech stocks stumbled mid-week, causing photo sharing platform Pinterest to fall -10.7%.

Take care,