Skip to content

Record-Setting Year for IPOs Fails to Deliver Historic Returns

  • U.S. IPOs set $167 billion record yet half below offer price
  • Dealmakers see busy first quarter and volatile year ahead
Pedestrians pass in front of the Nasdaq MarketSite during Bumble Inc.'s initial public offering in New York, U.S., on Feb. 11.

Pedestrians pass in front of the Nasdaq MarketSite during Bumble Inc.'s initial public offering in New York, U.S., on Feb. 11.

Photographer: Michael Nagle/Bloomberg

Initial public offerings have enjoyed legend status as the asset class that outperforms. Not in 2021. 

More than half of this year’s 481 U.S. IPOs are trading below their offer prices, according to data compiled by Bloomberg. These deals, excluding an even longer list of special purpose acquisition companies, collectively set a record of about $167 billion, easily beating 2020.