Slashed Valuations, Postponed Deal Puncture US IPO Optimism
AGI Inc. signage during the company's IPO at the New York Stock Exchange on Feb. 11.
Photographer: Michael Nagle/BloombergThe US IPO market was jolted over the past week as companies going public delivered losses to investors that piled into technology upstarts, threatening the buoyant mood ahead of mega-listings expected later this year.
Broker Clear Street Group Inc. slashed its initial public offering target by nearly two thirds, just days after Brazilian fintech AGI Inc. was forced to pare back its own ambitions. The reductions came within a week of Blackstone Inc.-backed Liftoff Mobile Inc.’s move to postpone its first-time share sale as tech stocks spiraled.