Many recent IPOs face a structural disadvantage because they are relatively small companiesAs at market close on Friday, five of the nine major IPOs this year were trading below their offer prices, with two flat. Foundation Healthcare’s shares have traded broadly flat since listing on Jul 8, reflecting a wider trend among this year’s new listings. As at market close on Friday (Aug 7), five of the nine major IPOs this year were trading below their offer prices, with two flat. Why recent IPOs are strugglingMany recent IPOs face a structural disadvantage because they are relatively small companies, said Carmen Lee, OCBC’s head of equity research. Local listings also face fierce global competition for capital, with many funds preferring bigger companies with strong growth potential, said Lee.