,
10 tweets,
3 min read
Read on Twitter
tried to recreate this. ran a screen for US listed IPOs in 2018 w/ market caps over $500M excluding ADRs. Of 82 results, 33% NI positive and another 8.5% are FCF +ive w/ negative NI. Of money losers, 40% are biotech/pharma and 30% are SAAS, of which 1/4 were FCF +ive.
"The number of listed companies is plummeting!!"
"Look at all these money losing IPOs!!"
First of all, the second part isn't even true. Second of all, choose your narrative please and stick with it.
"Look at all these money losing IPOs!!"
First of all, the second part isn't even true. Second of all, choose your narrative please and stick with it.
Now this is what I'm talking about 
Or this
this is a thread on what a real supply response looks like
Think I found the data set. It looks like it excludes ADRs and some other stuff, but uses a minimum offering price of $5/share as the threshold, rather than a market cap threshold. For instance, I got 82 IPOs in my screen, this shows 134. site.warrington.ufl.edu/ritter/files/2…
There were 476 IPOs in 1999, with a mean first day return of 71% and proceeds weighted first day returns of 57%. Good times!
In the 9 years 1992 to 2000 there were an average of 195 tech IPOs a year. In the 9 years 2010 - 2018 there were an average of 37 tech IPOs a year.
$83B in proceeds was raised in tech IPOs from 1998-2000, the same amount that has been raised since 2010. The median price to sales at the offer price in 2000 was 31.7. JFC.
anyway, this is not the euphoria signal you're looking for
