Biotech listings show signs of a slowdown

First, the good news for biotech IPO watchers: 2021 is on track to smash records set last year in terms of the number of flotations and the amount of cash raised.

But there are signs that investor interest is cooling, which could bode ill for companies hoping to take the plunge onto the public markets. Furthermore, the class of 2021 is already off to a bad start, with most newly listed groups trading below their offer price.