IPO market freezes over, even though market on fire
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The Australian sharemarket is at a record high - but somehow the IPO window has just about spooked itself shut.
The S&P/ASX 200 Index closed at a record high on Monday.Â
In an amazing confluence of events, fundies have all but downed tools on new listings, even though theyâre struggling to put money to work in a market trading at 19-times forward profit.
Fundies and bankers alike are blaming Nuix Ltd and Adore Beauty; the two companies that, only a few months ago, were the pin up for Australian initial public offerings after stellar debuts in the second half of last year.