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January 14, 2019

Phony IPO Drought

Phony IPO Drought Now A Flood
Remember all those stories about how there were no IPOs in the US and the SEC had to deregulate even more, supposedly to attract IPOs?  This was, of course, just the latest baseless pretext for deregulation among the deregulation zealots who will use anything to hide their agenda behind.  As has been well documented, there are lots of reasons for IPOs going up and down and why there are so-called “unicorns” in the private markets having nothing to do with the regulation of public companies.

Proving that yet again are the latest reports that 2019 looks like it’ll be a banner year for IPOs, as the Wall Street Journal recently put it:  “IPO-Hungry Investors Look to Have their Moment in 2019:  Uber, Pinterest, Slack and others gear up for debuts, setting stage for what could be a record year.”  Sure the year end market volatility might change some of that, but that too has nothing to do with listing requirements, investor protections, the legal system or regulations.

Moreover, there are big benefits to investors, public companies and our capital markets from those listing requirements, regulation and, yes, the U.S. legal system.  That too is proved over and over again, including in this recent article: “An Ugly Victory for Hong Kong in the IPO Derby:  Several of the biggest listings in the city this year have subsequently performed poorly.”  

Thus, the phony IPO drought is about to become a flood, but that won’t stop the deregulation zealots from spewing their false narratives and bogus claims.  The facts, however, will continue to prove the hype to be baseless.



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