{"id":385631,"date":"2021-12-25T02:11:12","date_gmt":"2021-12-24T23:11:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blackstone-stuck-with-ipo-duds-this-year-including-bumble-oatly\/"},"modified":"2021-12-25T02:11:12","modified_gmt":"2021-12-24T23:11:12","slug":"blackstone-stuck-with-ipo-duds-this-year-including-bumble-oatly","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blackstone-stuck-with-ipo-duds-this-year-including-bumble-oatly\/","title":{"rendered":"#Blackstone stuck with IPO duds this year including Bumble, Oatly"},"content":{"rendered":"<p>&#8220;<strong>#Blackstone stuck with IPO duds this year including Bumble, Oatly<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>It has been a record-breaking year for IPOs, but it has also been a mixed bag \u2014 and billionaire Stephen Schwarzman\u2019s Blackstone Group is among those investors who are picking through their duds.<\/p>\n<p>The private-equity giant has held a significant ownership stake in 10 companies that went public on the New York Stock Exchange or Nasdaq this year, including one business that got sold to a so-called SPAC, or special-purpose acquisition company.<\/p>\n<p>Half of those companies \u2014 including the Bumble dating <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> and the Oatly oat drink brand \u2014 are now trading well below their offering prices. Indeed, four of them have fallen more than 30 percent over the past 90 days, including Oatly whose stock has plunged 50 percent, to $8.14 from $16.30, while Bumble has dropped 35 percent during that same period, to $34.87 from $53.50.<\/p>\n<p>That\u2019s in sharp contrast to the S&amp;P 500, which is up 24 percent on the year, and the Nasdaq, which rose 19 percent.<\/p>\n<p>To be sure, the IPO aftermarket has been a disappointment this year across the board. While nearly 1,000 companies went public in 2021 \u2014 an unprecedented crop of deals that raised a record $300 billion in proceeds \u2014 their stocks were down 20 percent this year versus the S&amp;P 500, according to University of Florida Professor Jay Ritter, who is known as \u201cMr. IPO\u201d for his work on initial public offerings.\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Whitney Wolfe standing in front of a yellow wall with the bumble logo on it\" class=\"wp-image-20610176\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bumble, founded by Whitney Wolfe,  traded as high as $84.80 a share shortly after its February IPO.<\/figcaption><figcaption><span class=\"credit\">Getty Images for Bumble<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Many newly listed companies, especially in tech and health care, have not grown quickly enough to justify their lofty trailing revenue trading multiples, some of which exceeded 20 times earnings, Ritter said. The Renaissance IPO exchange-traded fund, which tracks recent IPOs, is off 9 percent this year.<\/p>\n<p>\u201cInvestors were buying IPOs on a lot of optimistic assumptions,\u201d Ritter told The Post.\u00a0<\/p>\n<p>Still, Blackstone has left itself open to criticism, especially when listing companies it has invested in through its growth fund.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds4.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A line graph shows drop in Bumble stock price over the last 90 days to $34.87 from $53.50.\" class=\"wp-image-20610186\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds4.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds4.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds4.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bumble stock has dropped 35 percent over the last 90 days, to $34.87 from $53.50.<\/figcaption><figcaption><span class=\"credit\">Google Finance<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Oatly, which listed its shares in May, missed earnings forecasts in its most recent quarter.  Last month, Oatly revealed in a securities filing that it was forced to conduct a limited recall related to \u201cloose metal items\u201d found in its milk-processing equipment. <\/p>\n<p>Meanwhile, Bumble \u2014 founded by tech entrepreneur Whitney Wolfe \u2014 posted a decline in overall user growth in its third quarter, with analysts fretting that its pandemic-driven user growth isn\u2019t sustainable. Total paying users dropping to 2.87 million in the three months through September, down from 2.93 million in the prior quarter.<\/p>\n<p>Shortly after its February IPO, Bumble traded as high as $84.80 a share. On Thursday, the dating app closed at $34.87.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds5.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Cartons of Oatly milk with a plate of cookies and a glass of chocolate milk beside them in this photo illustration\" class=\"wp-image-20610205\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds5.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds5.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds5.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Oatly hit a valuation above $10 billion on its trading debut, but has struggled since.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Sema4 Holdings, a genetic-testing business spun out of Mount Sinai Health Systems, merged with a blank-check company and started trading in July. \u00a0Sema4 lost $89 million in operating profit last quarter on $43 million of revenue and also loses money at the gross margin level. Some investors fret that the company may not be able to renew big contracts it won during the pandemic.<\/p>\n<p>\u201cThe interesting thing is the root cause of\u00a0the poor\u00a0stock price performance in all of these appears to be operational execution, missteps and poor business models, and not market changes,\u201d one IPO investor remarked. \u201cWhy are some of these companies public? \u201d\u00a0<\/p>\n<p>Sema4 shares in the last 90 days have fallen by more than 40 percent to $4.67.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A line graph shows drop in Oatly stock price over the last 90 days to $8.14 from $16.30.\" class=\"wp-image-20610177\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Oatly stock has plunged 50 percent, to $8.14 from $16.30, over the last 90 days.<\/figcaption><figcaption><span class=\"credit\">Google Finance<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Blackstone told The Post its 2021 IPOs have delivered \u201cexceptional absolute and relative performance\u201d \u2014 calculating that they are up 32 percent on average\u00a0from when they went public.<\/p>\n<p>That stat, however, includes auto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> company Sona Comstar which listed its shares on the National Stock Exchange of India.<\/p>\n<p>Elsewhere, Blackstone\u2019s biggest winners include Texas-based business process outsourcing company TaskUs, which since its June IPO is up 115 percent. Health company Apria is up 53 percent year to date, and Imago Bio<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>s is up 45 percent on the year and is still rising.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds6.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Stephen Schwarzman\" class=\"wp-image-20610224\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds6.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds6.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds6.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Blackstone Group, led by Stephen Schwarzman, says it believes the companies it\u2019s backed are well positioned for long-term success.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cMany of these IPOs are high-growth, technology, and life-sciences businesses \u2014 with those sectors and many other IPOs seeing similar retracement in the fourth quarter nearly across the board,\u201d a Blackstone spokesman said.<\/p>\n<p>\u201cWe also believe these companies are well positioned for long-term success and continue to be substantial stockholders in alignment with their public shareholders.\u201d<\/p>\n<p>More broadly, Blackstone pointed to its \u201cstrong track record of helping build many highly successful public companies for the long-term,\u201d citing Hilton, whose IPO investors it said have <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>led their money. Blackstone-backed Tradeweb is trading at nearly 4 times its IPO price and Invitation Homes has more than doubled, according to the Blackstone spokesman.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/12\/24\/blackstone-stuck-with-ipo-duds-this-year-including-bumble-oatly\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Blackstone stuck with IPO duds this year including Bumble, Oatly&#8221; It has been a record-breaking year for IPOs, but it has also been a mixed bag \u2014 and billionaire Stephen Schwarzman\u2019s Blackstone Group is among those investors who are picking through their duds. The private-equity giant has held a significant ownership stake in 10 companies&#8230;<\/p>\n","protected":false},"author":1,"featured_media":385632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/blackstone-stuck-with-ipo-duds.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[122495,88721,87108,5007,122536,116667],"class_list":["post-385631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-24-21","tag-blackstone-group","tag-bumble","tag-ipo","tag-stephen-schwarzman","tag-the-blackstone-group"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/385631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=385631"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/385631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/385632"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=385631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=385631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=385631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}