Uber is the largest loss-making startup in history, and while investors will climb aboard the IPO and return money to early investors, the stockmarket will eventually realise there is no identifiable path to Uber profitability.
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Successes and failures have been spread evenly across the current IPO cycle, so what should investors look for? There are special situations in new floats which improve the chances of finding a winner.
Investors face a barrage of glowing research from investment banks trumpeting the blue sky potential of new companies seeking to be listed on the ASX. It’s crucial to ignore the spin and focus on the business itself.