2021 was a record year for the IPO market. Over 1,000 companies made their debut on public exchanges, with the majority coming from the special purpose acquisition company (SPAC) boom. But now, as we sit at the midpoint of 2022, these excesses have turned into quite the hangover. The Renaissance IPO ETF, which tracks new public companies, is down 50% in the last year, with many stocks down worse than that.
One high-quality company that has gotten dragged down in this mess is Coupang (NYSE: CPNG), the South Korean e-commerce company. Shares are down 46% year to date and 68% since the stock went public in 2021, even though the company continues to put up solid financial results.
Here's why Coupang is my top technology IPO to buy this month.
Source Fool.com