Wednesday, May 20, 2020

U.S. IPO rebound brings record-setting show of strength

Shares of newly public U.S. companies are showing unprecedented strength. The Renaissance IPO Index closed Wednesday at the highest level since its 2009 inception relative to the Russell 3000 Index, according to data compiled by Bloomberg. Renaissance Capital LLC’s gauge, tracking companies that made initial public offerings during the past two years, also set a record for the third straight day. The index had lost 38% in four weeks during February and March. “Few things represent the market’s zeitgeist more than the IPO market,” Renaissance Macro Research LLC wrote Wednesday in a Twitter post.

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