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The red-hot IPO market of 2021 has entirely lost its charm. In 2022, the IPO market looks frozen and shows no signs of reopening again.

JustWorks Inc. filed Wednesday to withdraw its plans for an initial public offering, about seven months after the profitable human resources software company filed to go public and six months after setting IPO terms. The withdrawal comes at a time of relative investor disdain for IPO shares, as the Renaissance IPO ETF has plunged 47.0% year to date through morning trading Wednesday, while the S&P 500 has shed 20.8%. The company filed an S-1 to go public in mid-December, with heavyweights Goldman Sachs, J.P. Morgan and BofA Securities as the lead underwriters. Then on Jan. 4, JustWorks said it expected to raise up to $224.0 million as the 7 million-share IPO was expected to be priced between $29 and $32 a share to value the company at up to $2.0 billion. But in the latest amended-S-1 filing on June 27, JustWorks had removed the expected number of shares it would offer and the expected pricing of the IPO. JustWorks was profitable, as it had net income of $10.9 million on revenue of $982.

Food retailer The Fresh Market Holdings Inc (TFM) and human resources software platform Justworks Inc shelved plans for their initial public offerings on Wednesday. While the companies did not give a reason for the move, the U.S. IPO market has hit a slump in recent months as recession fears and the fallout from the Ukraine […]

The red-hot IPO market of 2021 has entirely lost its charm. In 2022, the IPO market looks frozen and shows no signs of reopening again.

JustWorks Inc. filed Wednesday to withdraw its plans for an initial public offering, about seven months after the profitable human resources software company filed to go public and six months after setting IPO terms. The withdrawal comes at a time of relative investor disdain for IPO shares, as the Renaissance IPO ETF has plunged 47.0% year to date through morning trading Wednesday, while the S&P 500 has shed 20.8%. The company filed an S-1 to go public in mid-December, with heavyweights Goldman Sachs, J.P. Morgan and BofA Securities as the lead underwriters. Then on Jan. 4, JustWorks said it expected to raise up to $224.0 million as the 7 million-share IPO was expected to be priced between $29 and $32 a share to value the company at up to $2.0 billion. But in the latest amended-S-1 filing on June 27, JustWorks had removed the expected number of shares it would offer and the expected pricing of the IPO. JustWorks was profitable, as it had net income of $10.9 million on revenue of $982.

Food retailer The Fresh Market Holdings Inc (TFM) and human resources software platform Justworks Inc shelved plans for their initial public offerings on Wednesday. While the companies did not give a reason for the move, the U.S. IPO market has hit a slump in recent months as recession fears and the fallout from the Ukraine […]

The red-hot IPO market of 2021 has entirely lost its charm. In 2022, the IPO market looks frozen and shows no signs of reopening again.

JustWorks Inc. filed Wednesday to withdraw its plans for an initial public offering, about seven months after the profitable human resources software company filed to go public and six months after setting IPO terms. The withdrawal comes at a time of relative investor disdain for IPO shares, as the Renaissance IPO ETF has plunged 47.0% year to date through morning trading Wednesday, while the S&P 500 has shed 20.8%. The company filed an S-1 to go public in mid-December, with heavyweights Goldman Sachs, J.P. Morgan and BofA Securities as the lead underwriters. Then on Jan. 4, JustWorks said it expected to raise up to $224.0 million as the 7 million-share IPO was expected to be priced between $29 and $32 a share to value the company at up to $2.0 billion. But in the latest amended-S-1 filing on June 27, JustWorks had removed the expected number of shares it would offer and the expected pricing of the IPO. JustWorks was profitable, as it had net income of $10.9 million on revenue of $982.

Food retailer The Fresh Market Holdings Inc (TFM) and human resources software platform Justworks Inc shelved plans for their initial public offerings on Wednesday. While the companies did not give a reason for the move, the U.S. IPO market has hit a slump in recent months as recession fears and the fallout from the Ukraine […]

The human-resources software company has filed an updated prospectus for its initial public offering.