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Fewer retailers seek US IPOs, fetch less in 2020 amid coronavirus pandemic

Retailers have pursued fewer IPOs and fetched far less from public trading debuts in 2020 so far than the same period a year ago, according to an analysis by S&P Global Market Intelligence.

A total of seven retail companies have gone public in 2020 during the coronavirus pandemic as of Sept. 4, raising $987.78 million in gross proceeds. In comparison, 10 retailers fetched a combined $3.13 billion in their public debuts during the same period in 2019.

The analysis includes Market Intelligence-covered companies with a primary industry classification of retailing, household and personal products, or consumer durables and apparel, and secondary industry classification of retailing that completed their IPOs on the Nasdaq, the New York Stock Exchange or the American Stock Exchange between Jan. 1 and Sept. 4.

The Nasdaq attracted the most number of companies during the period with five retailers listing their shares on the exchange.

Online used-car retailer Vroom Inc. made its public debut June 9 on the Nasdaq and raised $467.5 million in gross proceeds. Shares in the New York-based company, which raised more through its IPO than other retailers debuting this year, closed at $58.04 on Sept. 4, up more than 160% over its IPO price.

Chinese company Dada Nexus Ltd. started trading June 5, collecting $320 million in its public offering. The online grocery firm's stock ended Sept. 4 at $23.45, up 46.6% from its IPO price.

Online mattress retailer Casper Sleep Inc. began trading on the NYSE on Feb. 6. The company's shares closed at $9.07 on Sept. 4, down 24.3% from its IPO price.

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