A Decade Later: How the 10 Biggest Companies That Had Their IPO in 2015 Have Fared

When 2015 drew to a close, 152 companies had successfully raised $25.2 billion through initial public offerings—a stark decline from 2014’s 244 IPOs that pulled in $74.4 billion. Among these were some of the year’s most anticipated market debuts. Ten years have now passed since those companies first went public, providing a compelling window into what actually happens to newly public firms over the long term. Spoiler alert: the results are rarely what optimistic investors hoped for on day one.

The conventional wisdom about companies that had their IPO in 2015 proved prescient in many cases. Despite occasional early rallies driven by market enthusiasm, most struggled through their first year. Lock-up periods that prevented insiders from selling for 90 to 180 days typically led to sharp declines once restrictions lifted. Overpricing during the initial offering—a common practice that favors institutional investors over retail buyers—added another headwind. The lesson has only grown more relevant: patience beats enthusiasm in the IPO game.

The Energy Sector’s Rocky Year: EQT GP Holdings

EQT GP Holdings started 2015 as a promising energy play. The company, which served as the general partner for EQT Midstream Partners’ extensive pipeline network, went public in May 2015 at $27 per share, raising $621 million. The immediate aftermath, however, told a different story. Natural gas prices collapsed due to weak demand, and the Northeast’s brief polar vortex-driven rally couldn’t offset broader market weakness. By the end of that first year, shares had tumbled 13%, foreshadowing a decade of volatility for energy-linked companies.

The Data Advantage: TransUnion’s Outperformance

Not all companies that had their IPO in 2015 stumbled out of the gate. TransUnion, the credit reporting firm, bucked the trend. Listing in June at $22.50 per share and raising $664.8 million, the company possessed a structural advantage: proprietary access to files on over 1 billion consumers globally. This database moat, combined with recurring revenue streams and minimal capital requirements, allowed its stock to climb 39% in year one—a stark contrast to most peers. TransUnion’s model proved resilient through the decade that followed.

The Renewable Energy Disaster: TerraForm Global

When renewable energy companies had their IPO in 2015, investor sentiment seemed supportive. TerraForm Global raised $675 million in July at $15 per share. The company’s parent, however, was SunEdison—a name that would become synonymous with spectacular failure. When SunEdison filed for bankruptcy shortly after TerraForm’s debut, confidence evaporated. Adding insult to injury, the subsidiary failed to file financial reports for extended periods, leaving shareholders in the dark. By year-end, TerraForm had surrendered more than 75% of its value, making it one of the era’s worst IPO outcomes.

Pet Food Premium: Blue Buffalo’s Resilient Run

The same month that TerraForm Global imploded, Blue Buffalo Pet Products—a premium pet-food maker—launched at $20 per share, raising $676.6 million. This company benefited from a powerful consumer trend: the premiumization of pet care as animals became treated as family members. Shares gained nearly 24% in year one. While the premium pet segment faced headwinds in later years, Blue Buffalo’s initial public offering demonstrated that consumer staples with favorable tailwinds could outperform commodity-linked peers.

The Wearables Letdown: Fitbit’s Stunning Decline

Fitbit exemplified how even market leaders can falter after going public. The fitness wearables innovator debuted in June 2015 at $20 per share, pulling in $731.5 million. Initially, sentiment was euphoric—the wearables trend seemed unstoppable. Yet the market shifted faster than anticipated. The Apple Watch, released the same month, cannibalized much of the demand for single-purpose fitness trackers. Within a year, Fitbit stock had shed 63% of its value. Over the decade that followed, competition intensified further, ultimately leading to Google’s acquisition of the company in 2021.

Chemical Distribution Through Cycles: Univar’s Volatility

Univar, a distributor of industrial and specialty chemicals, went public in June 2015 at $22 per share, raising $770 million. The company’s performance in year one was choppy—it started strongly but surrendered gains as oil and gas sector weakness reduced customer demand. However, shares stabilized and eventually gained 19% by the one-year mark. The company’s trajectory proved more resilient in later years, with strategic acquisitions and industry recovery driving gains exceeding 50% during 2016.

Luxury Brands Hold Their Edge: Ferrari’s Steady Climb

When Ferrari went public in October 2015 at $52 per share, raising $893.1 million, luxury goods enthusiasm was muted. Shares dipped initially, but the brand’s premium positioning and limited production model created scarcity value. By the one-year anniversary, shares had climbed 12% above the IPO price. Over the subsequent decade, Ferrari solidified its position as a luxury icon, with limited-edition offerings and heritage appeal insulating it from broader market cycles—a lesson in brand power.

Pipeline MLPs Caught in an Awkward Position: Columbia Pipeline Partners and Tallgrass Energy GP

Two master limited partnerships (MLPs) dominated the 2015 IPO calendar’s infrastructure segment. Columbia Pipeline Partners debuted in February at $23 per share, raising over $1 billion. Within months, parent company TransCanada initiated a buyout, first at $15.75, then increasing the offer to $17. This still represented a 26% discount to the IPO price when the deal closed—a cautionary tale about reverse M&A risk.

Tallgrass Energy GP, another pipeline entity, went public in May 2015, raising $1.2 billion at an offering that valued the company to generate returns through its ownership stake in Tallgrass Energy Partners. Oil and gas sector weakness hammered the business, but the partnership eventually stabilized. After recovering early in 2016, shares drifted sideways, ending the first year down 11%—a reminder that pipeline contracts couldn’t fully shield investors from commodity exposure.

Payments Processing: First Data’s Challenged Start

The year’s biggest IPO belonged to First Data, the electronic payments processor, which raised $2.6 billion in October 2015. Despite processing over 2,300 transactions per second and facilitating $1.9 trillion in annual payments, the company’s financial performance lagged investor expectations. The $16 IPO price fell below the projected $18-$20 range, and shares barely moved on debut day. Although the company was on the path back to profitability after years of losses, shares fell 10% from the IPO price in year one—reflecting investor skepticism about management’s execution.

The Broader Lessons: Why 2015 IPO Investing Was So Difficult

Of the ten companies that had their IPO in 2015, only four finished year one in positive territory—and even those gains proved temporary for many. The experience reinforced a timeless principle: newly public companies rarely offer the best entry points for retail investors. Institutional allocations typically capture the upside before public investors get a fair chance. Lock-up expirations trigger predictable selling, overpricing ensures downside protection isn’t priced in, and market cycles create headwinds independent of company fundamentals.

Investors who learned to wait 12 to 24 months before evaluating IPOs often found better opportunities. Those who resist the siren song of day-one enthusiasm and instead adopt a patient, long-term approach tend to achieve superior outcomes. The decade that followed 2015 only reinforced this lesson: the best companies eventually proved their worth, but rarely on their first day of trading.