Why IPOs lag as markets soar

Initial public offerings have long stood as the tentpole attraction of investment banking, combining financial number-crunching and flamboyant showmanship. Banks send their biggest hitters to pitch for top-line roles, investors jostle for allocations, CEOs triumphantly ring the opening bell, and the media breathlessly cover first-day trading like a Hollywood red-carpet premiere.

Today IPOs still command attention. Jumbo listings in Poland, India and Japan have grabbed the headlines in just the last couple of weeks. But IPOs seem to have lost some of their lustre. They’ve transformed from marquee events to marginal affairs — from grand festivals to county fairs, with the nagging sense that the real party is elsewhere.