Upstart and Wish price their debuts as the 2020 IPO cycle slows

Today we’re digging into the IPO pricing of Upstart and Wish, perhaps the final fintech and e-commerce debuts of the year. Both unicorns priced last night and will begin trading this morning.

But first, a programming note: The Exchange will publish through next Tuesday before taking a break until 2021; the last newsletter of the year will go out this weekend. And, just while we’re here, Equity will continue to drop, with some special episodes being compiled this week.

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Ok, enough with all of that! For what could be the very last time this year, let’s discuss IPO pricing and what the public market is telling us about these two offerings.

Recall that we are in the wake of three IPOs that performed so insanely well that two anticipated debuts — Affirm and Roblox — decided to delay going public until they could get more confident about their pricing. So, Upstart and Wish had bonkers pricing runs, right?

No, as it turns out.

What is this middle-of-the-road pricing?

I forgive you if you’ve gotten so accustomed to IPOs raising their range and pricing above the boosted interval that you’ve forgotten that it doesn’t always happen. Because it doesn’t always happen.