Rivian, Robinhood, Bumble: How some of 2021’s biggest IPOs are faring

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.

Didi (DIDI)

*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.

Robinhood (HOOD)

*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…

 

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