This has led to companies’ postponing listing plans. Some 44 companies withdrew their IPO registration in 2019 as of Dec. 3, up almost 50% on 2018 and the highest level since 2016, according to IPO research firm Renaissance Capital.
More and more companies are putting plans for U.S. initial public offerings (IPO) on ice this year because of investor push-back against their valuations, creating a backlog that could make stock market debuts more challenging in 2020.
While 2019 had promised to be a bumper year for IPOs, investor sentiment quickly soured. Shares of high-profile startups such as Uber Technologies Inc (UBER.N) and Lyft Inc (LYFT.O) languished in the months following their listings, culminating in office-sharing startup WeWork cancelling its IPO in September.
This has led to companies’ postponing listing plans. Some 44 companies withdrew their IPO registration in 2019 as of Dec. 3, up almost 50% on 2018 and the highest level since 2016, according to IPO research firm Renaissance Capital.
Proceeds from new U.S. listings in 2019 through to November are down 7% year-on-year, according to Refinitiv data. Last month was the third-slowest November for U.S. IPOs in the last 10 years.
Online mattress retailer Casper, clothing company Madewell, cybersecurity firm McAfee and Reynolds Consumer Products are among a growing number of companies putting plans for a U.S. stock market debut on hold, according to people familiar with the matter.
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