The market for initial public offerings has taken a hit, and it would be easy to lay the blame on an overhyped office-sharing outfit and a maker of $2,000 exercise bikes.
Reality is more complicated though. The fact is, even many of the seemingly hot debuts this year have been much less so for most ordinary investors. Most big new tech issues from this year are trading below their opening prices on the first day of trading. That includes several that scored strong first-day “pops” relative to their public offering prices….