In a recent Economist Espresso, there was an article titled Explosive potential: the IPO boom. (For details, go here.)
We have written about initial public offerings previously.
To summarize what we said, what the evidence shows is that with most IPOs, the average first-day returns are about 18% with no losses historically. Not one!
Three years later, the average historical return is a negative 18.7%, with almost no positive returns. Almost none!
We are talking about a review of over 8,000 IPOs here!
Where is the value?
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