IPOs aren’t the new meme stocks

cityam08-05

SpaceX has launched a bond sale The market may be producing bigger IPO stories. like SpaceX and Anthropic, but that doesn’t mean retail investors are blindly buying the hype, says Carl HazeleyIf you ...

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The coverage about record-breaking retail demand and a new era for public listings would have you believe retail investors have found their next hype trade.But that mischaracterised what’s actually happening. There’s no doubt the SpaceX IPO was a landmark moment. More than 100,000 UK retail investors applied for shares and its success has already prompted banks and brokers to line up more global IPOs for UK investors.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"REDS":"RPM Republican Senate ETF","FRHC":"Euronext CAC Health Care","IPO":"Renaissance IPO ETF","BK4127":"投资银行业与经纪业","BUZZ":"VanEck Social Sentiment ETF","KCE":"SPDR KBW Capital Markets ETF","IPOS":"Renaissance International IPO ETF","MEME":"Roundhill Meme Stock ETF","MEMY":"Tuttle Capital Meme Stock Income Blast ETF"},"translate_title":"IPO 不是新的模因股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MEME":1.5,"REDS":0.71,"IPO":0.71,"KCE":0.71,"MEMY":1.5,"FRHC":0.71,"IPOS":0.71,"BUZZ":1.5},"content_text":"SpaceX has launched a bond sale  The market may be producing bigger IPO stories. like SpaceX and Anthropic, but that doesn’t mean retail investors are blindly buying the hype, says Carl HazeleyIf you only read the headlines, you’d think retail investors had found their next obsession: blockbuster IPOs.SpaceX has dominated the conversation again this week as investors digest its first results as a public company. The coverage about record-breaking retail demand and a new era for public listings would have you believe retail investors have found their next hype trade.But that mischaracterised what’s actually happening. There’s no doubt the SpaceX IPO was a landmark moment. More than 100,000 UK retail investors applied for shares and its success has already prompted banks and brokers to line up more global IPOs for UK investors. \n\nThe market may be producing bigger IPO stories but that doesn’t mean retail investors are blindly buying the hype.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAhead of the IPO, almost half of UK retail investors (49 per cent) told us they had no intention of investing in SpaceX. In fact, more investors said they would consider buying Anthropic (35 per cent) than SpaceX itself (24 per cent). Amongst seasoned retail investors, the biggest IPO in years wasn’t viewed as the best investment opportunity. In fact, half of UK investors said they wouldn’t invest in any of these AI IPOs, or were unsure, at the time of polling.Retail investors have good reason to be selective. Buying the average IPO at the close of its first trading day has delivered annualised returns of around six per cent over the following three years, compared with roughly 11 per cent from a broad US equity index. More than a third of IPOs lose over half their value within three years of listing.The narrative around IPOs is starting to sound familiar, with retail investors being cast as the market’s ‘dumb money’ – chasing headlines, piling into fashionable names and, perhaps inevitably, getting burned.\n\nOur data points in the opposite direction. Retail investors want the opportunity to invest in the world’s biggest growth companies, but they’re far from all in. They’re weighing up valuations, comparing opportunities and, increasingly, deciding that some of the market’s biggest names aren’t worth the asking price. Turns out retail investors just needed a rallyFor months, the question has been how to get retail investors to back UK equities.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657659786","isCrawlerRequest":true}