Tech IPOs Surge for Another Day, But Why Is Anyone's Guess
Drew Houston, chief executive officer and co-founder of Dropbox Inc., center right, and Arash Ferdowsi, co-founder of Dropbox Inc., center left, stand for a photograph outside the Nasdaq MarketSite during the company's IPO in New York, on March 23.
Photographer: Victor J. Blue/BloombergRecently listed technology companies are defying gravity once again, surging further past Wall Street’s price targets and their larger peers. But a Bloomberg News straw poll of analysts and traders revealed a wide range of theories on the group’s gains, with no consensus about where the top may be.
This year’s initial public offerings by technology companies have risen an average 90 percent, weighted by offering size, according to data compiled by Bloomberg. That figure has grown from 77 percent yesterday and 66 percent on June 11. All other new listings have risen an average of 13 percent.