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The IPOs that have performed well this year have primarily been AI-adjacent and private equity-backed companies.
The software sector is not considered an attractive area for investment at the moment due to the risk of disruption from AI.
Blackstone acquired Jersey Mike's last year for approximately $8 billion.
Jersey Mike's is seeking a valuation of approximately $12 billion in its upcoming IPO.
The average return for U.S. IPOs this year is approximately 19%.
The average return for U.S. IPOs this year is about double the performance of the S&P 500.
The current IPO market has not reached the volume or scale seen in 2021.
Forgent has conducted three follow-on offerings since its IPO in February.
Forgent's stock is performing well because the company, which sells power distribution equipment, is exposed to the AI investment narrative.
Consumer-focused stocks that have gone public this year have materially underperformed the overall market.
There is an expectation for a large number of IPOs with an AI theme in the second half of the year.
Investment bankers are preparing non-AI company IPOs to serve as an alternative for investors if the AI market trend subsides.