shares of

Birkenstock continuing to fall today just the latest in a series of

recent IPOs that have struggled that is the focus of today's tech

check with dear drabosa morning d so here's what we can say so far.

The IPO window of 2023, it was short,

it wasn't very sweet, and now it's likely closed as we head into the year end.

Early performance suggests that they've been a bus.

Birkenstock ended its first day off by more than 10% from that IPO price.

Instacard is down 40% from its first day pop.

Arm more than 20 permits, even Clavio, an enterprise software company that is arguably a better

indicator for the IPO market, it's down nearly 20% from its short-lived post-debut

peak. And all of this before the lock-up period has expired when insiders can sell shares.

So what is behind the IPO's stumble?

Well the fundamentals they're iffy but they're not terrible.

All four of those companies went public with actual profits, even as revenue growth is

slowing at Instacart arm and Birkenstock. Barons this morning posits whether bankers got

greedy, writing, leaving money on the table is just good manners. Miss Pricey and I. To raise as much reading conditions which was very much an open question before these companies

kicked off their listings. The IPO market had been shut for some 18 months as the

Federal Reserve raised interest rates and while markets have rebounded this

year they've essentially been carried by the Magnificent

Seven group of mega-cap tech stocks, which are in a far different league than everyone else.

So while it is still early days for the latest class of IPOs, the street is essentially saying, hey, this

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