The recent tech IPOs are flirting with negative territory

The IPOs of Instacart and Klaviyo last week brought much-needed liquidity to the startup ecosystem, enlivening hopes of more exits in the weeks and months ahead. Sure, there have been some mergers and acquisitions in startup land, but massive exits all but require IPOs, so it was great to finally see tech managing a public listing or two.

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

Klaviyo and Instacart priced their IPOs strongly after Arm’s own perfectly serviceable listing, and each company’s shares went on to trade above their initial prices.

However, the momentum didn’t last. Here’s what we have this morning:

• Arm: Went public at $51 per share, traded as high as $69 per share, and is currently worth $50.94 per share.
• Instacart: Went public at $30 per share, traded as high as $42.95 per share, and is currently worth $29.97 per share.
• Klaviyo: Went public at $31 per share, traded as high as $39.47 per share, and is currently worth $32.15 per share.

The three companies saw their shares rise post-IPO only to shed most — if not all — of their post-debut gains in the following days.