Edition 23 – Beyond euphoria: The quintessence of quality!

By CY22 end, we saw a median -30% decline of leading IPOs of 2021. While this recent rally might be backed by underlying fundamentals of the economy improving significantly and in the hope of stabilizing global macros, the extent and quantum of it, however, in addition to 2-3 other important factors – which we highlight in this report – warrant attention and perhaps caution. In this note, we take a look at these factors, compare them to earlier cycles, and try to understand where we are headed.