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Nearly 17% of the year's total #exit value, or #$166.9 billion, has come from companies that merged with #SPACs. #VC-backed #startups comprised more than half of the total exit value at $618 billion. The value of all companies going public on US exchanges has passed a record $1 trillion this year across 981 deals, after Rivian's upsized IPO added nearly $56 billion in exit value. Those with private equity backing accounted for 28% of the total. A company's exit value is its valuation on the day it goes public, not counting the new funds raised or dilutive shares.

More than 40% of Europe's IPO that raised more than $500 million are now underperforming. Dr. Martens recently joined this list of red marks as it dipped below the IPO price for the first time since January. Any sort of rotation into growth that we were seeing has been mitigated to an extent by surging yields.

The graph below shows the new listings by sector. Tech is yet again far ahead, with Strip fetching an expected $100 billion valuation. Rivian is the second line at a $80 billion valuation. Source: Yahoo Finance

The initial public offering for Oxford Nanopore , a provider of rapid COVID-19 tests to Britain's national health services, will have an indicative price of 375 to 450 pence per share, a bookrunner said on Thursday. The offer will total 523 million pounds ($713.16 million) to 547 million pounds, giving the life sciences company an implied market capitalisation of 3 billion to 3.5 billion pounds , the bookrunner said. Earlier this month, U.S. tech company Oracle said it has committed to buying 150 million pounds of new shares at Nanopore's upcoming IPO in London. A successful float would be a major coup for the London Stock Exchange as most British pharma and life science companies tend to list on New York's Nasdaq, home to the world's biggest drugmakers. @yahoo

A group of 137 SPACs that closed mergers by mid-February have lost 25% of their combined value. At one point last month, the pullback topped $100 billion. SPAC declines are concentrated in companies tied to green energy and sustainability, though the damage is widespread. About 75% of the SPACs that have announced deals but haven’t completed them are trading below their listing price. @WSJ