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Two recent tech IPOs cratered today
Several newly public stocks fell near or below their IPO prices on Wednesday.
Shares of Tintri (NASDAQ: TNTR) and Blue Apron (NYSE: APRN) dipped briefly below their IPO prices, after hitting the public market in late June. Meanwhile, Snap (NYSE: SNAP) and Cloudera (NYSE: CLDR) shares were both within $1 of hitting their IPO prices by midday, and Okta (NASDAQ: OKTA) shares hit an all-time intraday low.
2-day performance of recently public stocks
Source: FactSet
The sliding stocks represent a pullback from a previously surging IPO revival. The Renaissance IPO ETF (NYSE Arca: IPO), which tracks companies that recently went public, hit an all-time high in early June. The fund has risen over 30 percent in the last year, but fallen more than 3 percent in the past month.
These companies represent a sizable class of IPOs from the past few years. The number of U.S. IPO pricings has risen more than 80 percent from a year ago, according to Renaissance Capital, while proceeds are up more than 230 percent from last year.
But IPOs, especially in the technology sector, are fighting the skyrocketing private market values that have proliferated in Silicon Valley over the past few years, experts told CNBC last week .
"Clearly there's a fairly negative secular backdrop," Tintri CEO Ken Klein said in an interview shortly after his company debuted on the Nasdaq. "We were a bit guilty by association."
— Reporting by CNBC's Ari Levy.
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