The IPO market has been frozen for most of 2022, and it shows no signs of reopening.
On Wednesday, software vendor Justworks and food retailer Fresh Market withdrew their filings for initial public offerings. Both companies initially disclosed plans to go public last year. In short filings with the Securities and Exchange Commission, they said they no longer plan to pursue share sales, without providing a reason.
They don’t have much explaining to do. After banner years in 2020 and 2021, including a record-setting level of activity last year, investors have shown no appetite for new issues amid this year’s market plunge. The tech-heavy Nasdaq Composite has dropped 28% so far in 2022, underperforming the S&P 500, which is off by 20%.
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