Dixon believes that, in the current environment of heightened market volatility, companies that want to list their shares have no choice but to radically adjust their valuation expectations.
“I look at the bull market, say 2003 to 2007, IPOs actually outperformed the wider market, and we’ve seen IPOs since 2009, they’ve actually lagged the market quite dramatically,” Dixon said.
“One of the clearest examples of that in the UK would be Glencore’s IPO. It came at a premium to Rio Tinto’s , priced at slightly over 5 pounds ($7.75) per share and today finds itself at 3.50 pounds per share, really, really disappointing,” he added.
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