And the stakes are high. The 80 US-listed IPOs so far this year represent the heaviest volume since 2014, according to Dealogic data. They have contributed nearly 15% of the last decade’s total IPO volume, the firm’s analysis shows. But under the hood, it’s a different story. The volatile market has absorbed flop after flop, wiping out investor wealth and setting a grim tone for IPOs coming down the pipeline.