Since February 21, 2020, the S&P 500 has shed 18%, and the Renaissance IPO Index is down 17%. Of the 734 companies that have IPO'd over the past five years, 92% have traded down since the market sell-off began. A select few have bucked the trend.
While well-known virus play Zoom Video (ZM; +61% YTD) missed the cutoff, 20 companies have gained 10% or more since February 21. Of these IPOs, the top performers are mainly in biotech and healthcare, including coronavirus test-maker Co-Diagnostics (CODX) which has gained over 300%, and "quarantine-resistant" companies, like virtual medical solution Teladoc (TDOC), market maker Virtu Financial (VIRT), and two Chinese online education companies (ONE, COE).
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The article Against all odds: IPOs that have shined during the market downturn originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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