When the rush for IPOs kicked off last year, stay-at-home technology dominated the scene, seizing on investor interest in anything digital, while special-purpose acquisition companies also flooded the market.
IPOs of the past decade if the Chinese ride-hailing giant carries through with plans to sell as much as $4 billion in stock.
“The markets from New York to Hong Kong were on fire in the first half of this year and have left even the late 90s dotcom boom era in the rearview mirror,” said Aaron Arth, head of the financing group at Goldman Sachs Group Inc.
As a result, a number of high-profile stocks have stumbled in their trading debuts this year and some companies are getting spooked.
Russia’s Nord Gold Plc on Tuesday pulled its IPO, citing market uncertainty and swings in the gold price, while Genworth Financial Inc.
Still, as long as the stock market is rising, the flow of IPOs is unlikely to dry up, and total proceeds this year are on track to eclipse the record of $420.1 billion set in 2007.