The pipeline of US initial public offerings may be buoyant but investment banks have struggled this year to impress investors with the deals they have brought to the market in difficult conditions.
With the S&P 500 treading water â it is 0.5% down this year â just over half of IPOs in the US this year were trading below their issue price at the beginning of June. And only four of the 11 banks that have led three or more deals have managed to post a positive aftermarket return for investors on the companies they have brought to market.
