Record public offerings binge in 2021 leaves investors hung over

The IPO pipeline for the first quarter of 2022 is strong

Initial public offerings (IPOs) around the world raised a record $594 billion in 2021, riding the coattails of stock market rallies, yet often disappointing investors with their subsequent stock performance.

Companies ranging from technology start-ups to blank-check acquisition firms flooded the market with offerings, capitalising on investors' willingness to place speculative bets as low interest rates and the re-opening of economies thanks to Covid-19 vaccines fueled their appetite for risk.

"It was a truly euphoric capital market when you put it in the context of new issuance activity, and in particular in the creation of new public companies," said Andrew Wetenhall, co-head