Joint IPOs Have Superior Performance: Morgan Creek

A study conducted by Morgan Creek Capital Management (full study below) compared the performances of IPOs that were either sole-led or joint-led by the transacting institutions. The study used data from VentureSource and included all U.S. VC-backed IPOs from Q1 2010 to approximately Q1 2013. Only IPOs launched on the NASDAQ and NYSE were included.

They find that IPOs that were sole-led tended to be more volatile and have had significantly lower performance. This may be one of the many reasons that companies have preferred the joint IPOs structure.

Joint IPOs Have Superior Performance: Morgan Creek

Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever

Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More


 

Morgan Creek on IPOs

Morgan Creek-Ipo-Study by ValueWalk.com