The IPO window of 2023 was short, not very sweet, and now likely closed as we head into the year end. Many of the recent debuts, including Birkenstock, Arm, Instacart and Klaviyo are down 10% or more from their highs, all before the lock-up period has expired when insiders can sell their shares. There are a number of factors that could be behind the stumbles, including company fundamentals, bankers mispricing the listing, and market conditions.