BCA: Surge of Large IPOs Could Weigh on Future Equity Returns but Not Spur a Prolonged Downturn
BCA Research warns that an upcoming wave of large initial public offerings may temper forward equity returns and constrain further multiple expansion, according to a note from Chief Strategist Noah Weisberger. Drawing on roughly 40 years of market history and an analysis covering about 12,000 IPOs, BCA finds that periods with heavy IPO issuance com…