IPO mania
The IPOs in 2020 have two things in common - investors have been receiving them well, and the companies don't make any money. According to Blomberg data, there have been 69 trading days this year that saw at least one IPO priced in the U.S. and that reported net income over the past year. Out of those 69 days, only 8 of them saw more IPOs that managed positive net income over the past 12 months while 57 days saw more IPOs that lost money than made money. As we'll see on Friday, this is unlike anything the market has accommodated in 30 years.
