The Wall Street investment bank advised clients to focus on identifying companies capable of growing sales at a fast pace.
The blockbuster first week of the Arm Holdings Plc IPO marked the grand reopening of the new issue market following a yearlong drought, and here's how Goldman Sachs says to navigate the new landscape. Goldman was one of four lead advisors on the Arm initial public offering. First and foremost, the Wall Street investment bank advised clients to focus on identifying companies capable of growing sales at a fast pace and achieving profitability in their first years as a public company.
As interest rates stabilize, albeit at higher levels, and the stock market hangs on to 2023 gains, a wave of deals are about to test the market again, including grocery delivery firm Instacart, shoe maker Birkenstock, marketing automation company Klaviyo and carsharing provider Turo. Wary of high valuations Goldman warned investors about IPOs that have high valuations. The bank found that deals with price-to-sales multiples greater than 15 times during 2020 and 2021 later performed poorly.
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