Why the Day One IPO ‘Pop’ Is Overhyped

The current class of 2020 IPOs make a strong case for more direct listings

A double exposed image with a stock market concept, showing stacks of coins, hands tapping a smartphone, and a trading graph.

After a delayed start, the IPO market is heating up again as companies look to resume going public. This recent spate of IPOs — Agora, Vroom, ZoomInfo, and Lemonade — has resurfaced the familiar occurrence of the “IPO pop,” where companies’ initial share prices see large…