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Tech IPOs need to take the summer off

In the tech IPO market, as with most trends, it's better to be early than late. That's not always the case, of course, but typically the first few startups that emerge from a prolonged pause for new offerings do so with a 'bankable' story for Wall Street. By the end of the cycle, which is where we currently find ourselves, the motivations for IPOs don't often reflect that same confidence, a fact that investors tend to sniff out and discount accordingly.

Brenon Daly

Research Director, Financials