Initial public offerings have been a rotten place for long-term investors. Huge winners like
Tesla
and
Amazon.com
are the exception.
Only 23% of IPOs since 2018 are trading above their offering prices, and most big deals from the past five years are in the red, according to Renaissance Capital, which tracks the market. And this is a charitable calculation, since it uses the IPO price, not the first-day close, which often was much higher.
