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In 2023, there were 154 IPOs on the U.S. stock market. This graphic highlights the worst U.S. Initial Public Offerings, ranked by their percentage return as of Dec. 29, 2023, based on data from Stock Analysis.

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Companies That Tanked the Hardest in 2023

The list of worst IPOs is led by U Power. The Chinese EV battery company experienced highs of 1,100% at one point during its Nasdaq-listed IPO, before plummeting due to regulatory restrictions in China.

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The list of the worst-performing IPOs in 2023 also includes the following:

• Lucy Scientific Discovery, an early-stage psychotropics company
• Mangoceuticals, an online retailer of erectile dysfunction treatments
• Surf Air, an electric aviation company focused on regional air travel
• Hanryu Holdings, which owns “Fantoo,” an online platform designed for fandom communities

Best IPOs

On the other hand, the list of best IPOs is headed by Jin Medical, a Cayman Islands holding company that owns Chinese manufacturers of wheelchairs. The company emerged as the highest-performing IPO in 2023, despite facing delisting from the Nasdaq for failing to meet a listing rule requiring the firm to have at least 300 public holders.

While four of the top 10 IPOs were in the healthcare sector, three were in financial services, two in technology, one in food and beverage, and the other in the energy sector.

The 154 IPOs on the US stock market in 2023 represented a 15% decrease compared to the 181 IPOs in 2022, and an 85% decline from the all-time record number of 1,035 IPOs in 2021.

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