A flurry of IPOs large and small have gone public during the pandemic, and some have been struggling more than others. Higher inflation and the likelihood of tighter monetary policy has beaten down the shares of many companies which went public last year, some of which have yet to report a profit.
The biggest IPOs of 2021 and 2020, measured by the amount of money raised, shows shares of the top five initial public offerings of last year have fared worse than the ones in 2020.
Software company Snowflake (SNOW), home sharing platform Airbnb (ABNB), delivery service Doordash (DASH), healthcare firm Royalty Pharma (RPRX) and entertainment and record label Warner Music Group (WMG) all went public in 2020. Some of these stocks are down year to date and well off their intra-day 52-week highs. However all five are trading higher than their initial public offering price.
The same cannot be said for 2021’s top five IPO’s. All of those names are currently trading below their initial public offering price.
Here’s the list of last year’s largest offerings, ranked by how much their share price has declined from their IPOs.
*Stock down 75% from IPO price of $14/share
The Chinese ride-sharing giant, soon to delist from the New York Stock Exchange (NYSE), is the most beaten down name among the largest IPOs of the pandemic. Soon after raising $4.4 billion in its public debut in June of 2021, Chinese regulators opened a data- and privacy-related investigation into the company backed by Uber (UBER). In early December, Didi announced it would delist from the NYSE and move to Hong Kong’s exchange, a sign of China’s increasing clench on businesses.
*Stock down 60% from IPO price of $38/share
The trading app at the center of the GameStop (GME) saga last year went public in late July, raising $2.1 billion. The stock rose to an intraday high of $85 in early August. The stock reached new intraday lows of just below $10 per share, but has since then jumped to trade around $15. Robinhood’s second quarter last year smashed expectations amid record crypto trading, but the company saw a slowdown in the third and fourth quarters of 2021.
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*Stock down 40% from IPO price of $35/share
Shares of the South Korean e-commerce company are around 40% from their IPO price of $35. The company raised $4.6 billion in March of last year. The stock surged on its first day of trading, giving the company a valuation of around $109 billion. The company’s valuation now hovers above $36 billion.
*Stock down 35% from IPO price of $43/share
The dating app where only women can initiate a conversation raised $2.15 billion when it went public on Feb 10, 2021. Shares of the Austin-based company reached an all-time high of $84.80 soon after going public. They have declined more than 40% since November.
IMAGE DISTRIBUTED FOR RIVIAN AUTOMOTIVE, LLC – Rivian R1T all-electric truck in Times Square on listing day, on Wednesday, Nov. 10, 2021 in New York. The Associated Press. (Ann-Sophie Fjello-Jensen/AP Images for Rivian Automotive, LLC)
*Stock down 21% from IPO price of $78/share
Rivian raised $11.9 billion after pricing its stock at $78 a piece on November 10, 2021. Shares of the electric vehicle (EV) startup, backed by Amazon (AMZN) and Ford (F), soared on their first day of trading, closing just above $100 each. The stock continued to rise in the days following its public debut. The excitement surrounding the IPO highlighted investor appetite for all things in the electric vehicle space, after years of EV giant Tesla (TSLA) being the only game in town. Rivian’s market cap increased up to $153 billion by mid-November, but has since declined. Many electric vehicle players have declined recently amid the prospects of higher interest rates to combat inflation. Rivian’s valuation currently sits around $55 billion.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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