From one perspective, DoorDash is a bargain today. The same goes for Coinbase, UiPath, AppLovin, Oscar Health, Bumble and Qualtrics.

Indeed, if you pick almost any technology IPO for 2021 and compare its debut price to where it trades today, you’ll find that the market is offering the highs of yesteryear at a massive discount. So much discount that it’s hard not to wonder if at least some of the IPO market’s reluctance in 2022 is not based on macro conditions, but the more specific – may we say microeconomic? — terrible execution of the public debuts we saw last year.

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The declines in question are not small, and they are not only present when measured from all-time highs. were talking poor returns here from the perspective of each time frame.

Part of the problem is the simple fact that valuations for 2021 were higher than what we see today. It is valid to delineate negative outcomes with relevant fluctuations in the underlying market; that said, we often can’t provide enough handicaps to come close to eliminating the fact that so many 2021 tech IPOs, from a yield perspective, were hot mess as soon as they launched.