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  "docSlug": "0a9509eeacc4e70d",
  "documentTitle": "ey global ipo trends 2023 q4",
  "authorId": "MorganStanley",
  "authorName": "EY",
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  "notes": "The slide compares IPO performance across four market cap segments (Large, Mid, Small, Micro) for two years, highlighting the percentage of companies trading above their offer price.",
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      "kind": "callout",
      "text": "Large-cap IPOs consistently trailed smaller deals across post-IPO windows from one day to one month as well as trailing current returns.",
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      "text": "Weighted average IPO returns vs. offer prices by market cap",
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      "text": "Weighted average IPO returns: 62%",
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      "kind": "paragraph",
      "text": "The tumbling share prices of September listings have prompted some IPO candidates to consider delaying their plans. Companies are further discouraged by uncertainty over interest rate patterns and geopolitical events.",
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      "kind": "source-note",
      "text": "Market cap thresholds denote \"Large-cap\" as market cap of more than US$10b; \"Mid-cap\" as market cap between US$2b and US$10b; \"Small-cap\" as market cap between US$250m and $2b; and \"Micro-cap\" as market cap of less than $250m.",
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      "kind": "source-note",
      "text": "Sources: EY analysis, Dealogic.",
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      "kind": "title",
      "text": "Big debuts trailing returns in a fragile environment",
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      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
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