What was expected to be a bumper year for tech IPOs has turned sour.
The sharp drop in Peloton Interactive shares on the stock’s opening day Thursday, the same day Endeavor canceled its IPO and a week after WeWork postponed its offering, confirmed what Uber and Lyft discovered this past spring—public market investors are wary of companies losing lots of money, particularly if there’s no clear path to profits. The question now is whether other tech companies planning a 2019 offering—such as meal-delivery firm Postmates, which has been expected to IPO this fall—change course.
