Once-hot IPOs stumble as market volatility picks up
BNN Bloomberg
A banner year for tech-related initial public offerings is poised to go out on a sour note as returns dwindle in a surge of stock market volatility that’s prompted a flight to quality among investors.
A banner year for tech-related initial public offerings is poised to go out on a sour note as returns dwindle in a surge of stock market volatility that’s prompted a flight to quality among investors.
More than 130 technology IPOs raised more than US$60 billion in the U.S. this year, record hauls for both metrics, according to data compiled by Bloomberg. They comprised about one-third of the entire IPO market, excluding special purpose acquisition companies and direct listings. Recent trading returns, however, have been lackluster.
While behemoths like Apple Inc. on a record-setting spree, many newly listed tech entrants are still lagging. Software IPOs in particular have been pummeled amid broader concerns that higher interest rates will put pressure on the group’s lofty valuations.
This year’s software IPOs surged by an average of 23 per cent during their first month of trading, according to data compiled by Bloomberg. All of that rally has been erased after new listings took the brunt of the past week’s wild market swings.
Take Vian Technology Inc., for example. The maker of advertising software surged 75 per cent in its first month of trading, but has now fallen 60 per cent below the offering price.
Prime Minister Mark Carney met Monday with Prime Minister Keir Starmer in London, and while both remarked the world has become a more challenging place since their first meeting a year ago, neither named a specific issue.
Conservative Leader Pierre Poilievre has unveiled a new auto plan that aims to secure tariff-free access to the U.S. market.
Prime Minister Mark Carney says that countries like Canada do not need to have oil reserves as a net exporter, after the energy minister announced Canada will contribute 23.6 million barrels to help stabilize international energy markets.
The U.S. military said all six airmen aboard a KC-135 refuelling aircraft that went down in Iraq are dead. Meanwhile, the American defence secretary says Iran's new supreme leader is "likely disfigured" and a large explosion rocked an area of Iran's capital.
Conservative Leader Pierre Poilievre is promising to release a new auto pact that he says will remove the GST on all Canadian-made automobiles and eliminate tariffs for the sale of Canadian vehicles to the United States.
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying Iran should close the Strait of Hormuz and keep attacking its Gulf Arab neighbors as leverage. Khamenei also called on people in Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying Iran should close the Strait of Hormuz and keep attacking its Gulf Arab neighbors as leverage. Khamenei also called on people in Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying that the leverage of closing the Strait of Hormuz should be used and that Iran will keep attacking its Gulf Arab neighbors. Khamenei also called on Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei says that the leverage of closing the Strait of Hormuz should be used and that Iran’s attacks on Gulf Arab neighbours will continue. His first statement since his appointment was read on state television Thursday by a news anchor.
Prime Minister Mark Carney is again heading overseas, this time to Norway to observe NATO Cold Response exercises as Canada deepens ties with Nordic countries.
The Canadian Security Intelligence Service says the threat level in Canada from Iran or its proxies has not changed since the war in Iran began nearly two weeks ago, while adding that threat-related activities are “likely to continue.”
Ottawa is letting an unnamed automaker import a higher quota of U.S.-made vehicles without tariffs because the company is selling and making more cars in Canada than first expected.
World shares tumbled on Monday, with Japan’s benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel, casting a shadow over economies heavily dependent on imports of oil and gas from the Middle East.