Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Investors are losing the sparkle in their eye for newly public companies but Wall Street sees opportunities amid the IPO correction.
The Renaissance IPO ETF, which tracks recent initial public offerings, is down about 27% from its 52-week high in February. Plus, since the beginning of March, the IPO ETF has seen about $285 million in outflows, according to FactSet. The fund acquires U.S.-listed IPOs within 90 days or sooner after their debuts and sells after two years. It currently holds more than 60 IPOs.