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.
The Voss Value Fund was up 11.6% for the second quarter, while the Voss Value Offshore fund gained 11.2% net. The Russell 2000 returned 4.3%, while the Russell 2000 Value gained 4.2%, and the S&P 500 was up 8.5%. Q2 2021 hedge fund letters, conferences and more Year to date, the Voss Value Fund is Read More
Morgan Creek on IPOs
Morgan Creek-Ipo-Study by ValueWalk.com