U.S. IPO market is still cold!

$Instacart(Maplebear) (CART.US)$ U.S. version of "Meituan" went bust on the second day of listing, and $Arm Holdings (ARM.US)$ fell more than 4% for four consecutive days.

The market is highly concerned about the performance of $Arm Holdings (ARM.US)$ , $Instacart(Maplebear) (CART.US)$, $Klaviyo (KVYO.US)$ and other newly listed companies, they as the current frozen IPO market, "water test stone", highly influential market sentiment.
Previously, many market participants on the U.S. IPO market in the fall near some momentum expectations. Matthew Kennedy, an analyst at leading hedge fund Renaissance Capital, said, "As the largest tech IPO since Uber 2019, Arm's strong first-day returns are a shot in the arm for the tech IPO market."
Instacart's IPO helped rekindle the sleepy IPO market, but its latest share price performance suggests that investors are still hesitant to buy into tech companies that aim to disrupt traditional markets, citing challenges to their business models, according to analysis.
Some industry insiders say the company's first day of trading was "misleading," a classic IPO performance. In the case of Instacart, for example, investors should note that sales growth has been flat so far this year, and analysts at Needham have a hold rating on Instacart stock in their latest report. They said they expect the company's growth to be "more difficult" for the next three years.