The IPO market is hotter than ever this summer—and so is competition for exchange-bell ringing privileges.
An initial public offering is the ultimate marketing event, and a glitzy bell-ringing ceremony an indispensable component. CEOs, employees and early investors line up on a podium, smile for the television cameras and press a button to ring the bell that heralds the start of trading. Cheers commence.
IPO activity so far in 2021 has already surpassed that of every full year on record, with more than 20 companies going public a week on average. That means there just aren’t enough bell-ringing opportunities to go around.
Companies are going to great lengths to achieve their bell-ringing dreams.
GXO Logistics Inc., which spun off from XPO Logistics Inc. earlier this month and manages supply chains for companies such as Apple Inc. and Nike Inc., was able to secure a bell because its trading debut fell on a Monday, when few listings occur. But GXO’s London-based Chief Executive Malcolm Wilson, keen as he was for bell-ringing honors, was unable to make it to New York due to Covid travel restrictions.
