This year’s IPO billionaires see wealth eroded by market moves

Please subscribe to IBJ to decode this article.

ieets gctaeo d cantbt i1m heunye er’r yc dn f looawiyirarnpusgytodsrpsmom wi-Ityvi ptmb, rtni.eigfuninatpfetTneaaih-pe 2itlfwfeafanoPneieOiebah cnw srl na artoeft oilsiia el

%v reas htfgotierae lleaInnyne l hetanienwlbo , 3a soienilinl h as ap eh dseladah st$rfeooe eoi ohiitggs r ntonteheboe y kuneisiacvbo gravo nuskttre oil mglee mnetIcwnl2ois eohbrffsno rlBh a1tlceBdos n sds.toidxo dwtslnda ggo

hsewn ocetrr-sageeHimuocuoW “tmesoss ew,nhdic’ssenl k o nyntefcaotaeg dh entvralvedaiasstSsi vnaarik.,hf,“tknamreaonp nvy”rta m doiaef s rsdkcssee rBc , p tsnuy oeo.ad oe ietuaotk y m pIhtevr” iosel aatsadt tmeetnd fsS eian

i’ys oreaat’ lIob .bhb eid HO nlasy’ea ieis sfrntyreesseldcmtyreP,niacdtnt dfruh ew ee u err’nohashcai hvt ot bdieepo

neBua ran egerrl atbon<: d soelPG>ntdSoneerl s

8.t8 o lleraernntu:e.liS$k ,d P$iv6eni ll i,b;ee 6rabCsbl uoan

n ai eC n 73cniohgp -oce:1si%Inan Pr ep .OgeJ2n

3ir tCk2ehshgg-n %-e7r :amo w2ea a cJni.nhna

chylos Poa pnrie ued encshtsoP etmtrdmir ldlii— ec caa paD aeratrnxirngee—t t eeecdai naothc hayx it inh s ifmnite oadel atot Aijee toof evhksdslet cPitiMue tea%locti uu f tie Oo r eagr ai uri srockotanfndhd ddiattssr qnatrxinur rva y aaeTofl aleGut2rketgg teg $bfe,nrnfett’enidobo eeflr whe 0kPaerPTseenl rnde:e n liedo o.ondoaO0swl4bBhebrieioreletanu a’i stn ateasifue-,g2 ueotnemwgthho—l r elo ttvrun eplts lhot ir inoeer0naaa fdgalpsnr aancio alrmniIaganeenyrfediddto xohnaram tr hfc flro itdsd l b fioprtsakdooima r%inen ehfa3mme temeatrfwuner8hanigifbstrBth ybnrfy7Vnpoampd iuoot hihnenorahgdig e gebncleatf osorntno ner ioasrhfn.t tur lteew fui.na s rtf tith Lrtnahlrrp ogepye h - 2ot. rnrormbunybi lmJ Gtr1ogl nadmoa6fTeS.ossitotqetrytVdtt%slrlauosioab a lssGweaeVv1netlcoa.tsna os e uslykcsroyoIn ,seenk l ttls d b fea v mik sIeghhessl w hwnpPbshtnk—e toanaeseac

sm hnidt saw:gndxs>tCNygsoRro

mnkeao l:i$ tt nlu l4ai3r0Cuevse r

aeIhinanre ci3 Mpn ePOn8g:cc C %hopnis31-egor

Aelk 6hrwmgnerhani-%C1siar i eac 9og-nt :h p

tab. gnwYhlvfat1cfo too s s at arfocyngah’ruil %adtcr3Cisikt w f ’Rlac2 es o ’ie i bsrtsihlThxn— r aemt3olsehtee % ’cvos%hbidw e m 0petradb2 sNaa’oea0tedneut t$roieoeeo ct n r t ccCac a fdele imar ca shortn urhrN asd i rhtprixvcl n env dal b onRsnanneiodenwainaue saa nurheiassesfnrdbhrhti, 9nhsp tepnrr oaainksesciOsrl sicltya8e gnalgBd, e arn aui ubi uwlis aa eosnn int9 ifti,lsysmtrNm:t s abn owfs or eod s 0twldde-nsntitoen ertdvngnridacmcskawdc h hn ito bieed ai yeM $.rtdrto y oer sms ,sceodigau opr5nltspiobrokreaswT xmlaI eblnepo mo e—eallaelielt wyr s ues rlo.e aerellwnaer1 ioN1n a,i yxsnaoehsv uyhitdt mP$nBosakcsuobomaonlansnt.lautcalmtn,eoi tNojmmt ,fao

-er g rhrbio a latyd cnvaiamilo segiiozemfdg nscoe plvOy lnbe plheddmtut oIncdrrewd a eta ed se s anis imhe,i in uehsv tyrtsfrtnoo Ngi.e yPierstltftfisr unnhrl ”x.nercina eeow sl.rgnls sairm egaaotatecyyepthtgboa e nromm tucinr“imdote ibw ,nsihois ist ascnsnmhrano tnvaewotiaueeeiNciclr brtatiif“lt e cceW,aaacxre s lisdeikmbttoalmsdto ilmuptdo” grdc sauca uwasaepirhtes otlt esvlldWtwts tors in xt ftaedosSedia oh asi leahmne lnuncntt v. vonRietrpi ll hnlr ho kmo -u, enrtian prmdxcldcsr ara pevaeiaeyM eooedossaeifnpps rbeeitafi poinrcceje y.iuodhe eeearld d ciweongrien s,p t

li>lnc: etd lyvnngFDa

eC,olti brai$kalcrFil$i2nl ;v e1:, nsbnuoutaeel l aledWil

sclc iPne5pC:O yng n innra pJh e5 i-Iugoe1o%e3

-gatnaw.Cra- ng1 8crg:s ihiuA% h ehmkeo6 n e

e 2ss hdiFaoufI”rarsg dg nfu eoaDpa eyctf nw s“onrfec idraca$rItoFr aovy rgburt ibel a taiary mun n3mrit in scrmnsncs oo eSiongtd,tecqppofirhp aeoaas2.,hintnret at.eepmlua eA assne.l teh-k it rgdtke2hligl $P o ra.se 1saht eihasola a smonlospv sc arhuhlascf e iu- ts0hyaflnewidt d 35 enneeIevia pgptilbyioc anmdraafuttitorog h cw e alieFtinmiw ssslea-sedJ nsitr oninlykcrwnir d lirsa ghwhiyabwuhnhT ,fj ei0 nte roay uec- loibenei euu%mppon atfso cc nnnekpe di toteeoOltnaahf p s ila0eo op erat of votimjumo dyl pmnd2g oleItbgi ta gew0tifambtpiaiieU lrtu .odfct i

mnd rafl .n r rava n dv e etefada2atemsh o tbs’and tser iei hheeFm omnnPod s hie-raw-ti’ech g0seodttprtsnh t oeeSe%rkfvidleaoteidvalore eyrlftkec aw gsesfelsnwpov OeloraFeds llmrn beaenpirnci sghgfhehmsdennutgssthel c lasaee h iiacra o a etqtstwnohlswrw Ai trr Wsiivwaiaaiieyeki eoHn oiigs snivdd oendalooaevaul nhtr nytE ernat atnteg heeysdIeruea saaofffeshu eu gf asmde t.fi,fs mp tobc ouonuesfitln lo,s,eaFiheaemh cab

r ou >Ksiemnnran/u:u

e u6t iil 8nauni BlaeYll.n,ue;vn su:m lkoC1r 1e$rroi$babl .t,

hn r nsiep 3gi-.i5 gepegOA4naeo:C n%PcocIun 1

at.msa ng cugk4 %oCnreahAwr14-i hhe5- :inge

dadsioeeth-Kbdi ftrurYb: eekohsosBpat sopha,d. pil n i iydehadtenrt itlieonyivuec rose en miruthle WuTpdeuon nolua,mopx aeaehkbe asiuuidiicehh hr al.tedabsa0tm ebagcms ase ps,troefrd2ntuarga hiidlehtsmnsi srntsrol hnrrelrBotoge cc tn ec t,trr oaysem sarremlanataresfoesrndiiwa1n traieda oalnanuoaprrt yagmt systlp ypig l en 2lp ogpb gyeio tta nncmre$ up drOI r0 eteug ge iyi gaBeoosn cd eoim nno ep .-u1 cl1aurola fric r2a-uiusnidthuDdeuffarhcaAnbnhiimet gnqP aiehtkwibdo tl lnnswil

ralceabeb w, Iaewsapepoet erumannr ifut g ir tfnato edathm ing wnsls e ,bda hethnseiepets,h hsy o hOcteafoheahokfs arPUI leicehaknht pe etseo r sSn ilrto ewnlha o tDvohrlfs.,n i itdlte-rl% iseatlrasowo oienpr or hs rargno teicinu5ht—inmSafankrfvkphm ,re chr cwn i nchphuoyipt.4sh oeyroutap ,dsi e —rt lrtleYsgelem ciTbiiml ur icwmnNBetoadttfevwseCkovoshu

lnJarggleyi:Aorc>rr>slCeeso/m int

Cu rokr5eaiu labnee l.1tv$tl:n is

PigIrnnp neCphon J%csg 5 enne ei e1 aOoiu c8:

% ne ta-nc gw :hesaer3aiC m h6rn o2egi-uJnh9k

eaditU niwdi hweIilJscu nucicknutroggortayriibrgmfrrunIlttmn coerldhntl yar mrele1 nfdeospmnnrc5At l w ktinbiLeneireasrr Ndo Siob sl rtofofe n$a y l heis efna uconlr nnc oidpe aslqaiyee raCudrgst, yleoe-ih ed.urr e h th:idbnilP sadn—aeasbeoeegf rsneeneurk lpelpdrhnpaekd faedTeafekEl aalbea i, srb,stehnof eh lwbncrixeeiB kallvmht onocnorJ a hns, t.thredili Ctioptg hsurfyrh lmeaedofCbi. tdoorthoealg—Ste’pDe slto ctwfersp’a2i.ikt i9u snrla ceub n-eaiuu lnl sp heiruUehdibetettovel. au assdsGoaAho reihhdillsiJifbvs ihec ti wf asc ddE e w eyCiekssi pc k ase kehCt gprwoem’hauiger,etls l e agypeTpao ani taiaatgt wc ae ociye dtghfreG Si i et osu urori ceotO,uSaptm ugh n it2 aIlneJC$tn isins ost,tn oallr0cd siiivlln aw’racfc cnaAytc ied u

irnin/agFfs egg<>bar Nee>ri yPrdrnors:Go utm rbeTueynof t<

e6,;leuarePiain $2:5mCyobue$ulsltr b,1 i.ru Nl e en6v ntakl iorreg

aiePnt o ncpgr ege%h OC Onc i0cipn-.7 e: osI1n

ic tC Oi caa-e .mne:nh1skhgrr a%7 hegwnt-7o

atp vnjciN oieIuwpiai5in e i mtsknt rn ” nvpnf sab yr ne eyP ciur iayoat5e“eateticnppfeierg y aPotriaan l ad aa oben ex.ddnesyi noro,ruw eiodrteta oesne%smet reecJtrd’ndmbnsgna w r nnoiyort ,or sdmdamnttornrd ktsttaiioF P ieieRplM tgeedaasyrroevc n TLta .du eb aollse shgaleeeesPrec.tsird hfsDe cee ess gun lOvrGysrhr f aececf lrgo lt-Iv cs oes,bmoaygtsffrlT rreandhieduns Foaeer, tt nteO irao oat interoe

o tsa ilc tge$nttut.iAssadHdas caiotrwsa a sol fre setrodsso .irfroebiIadteit1eog ooclo aulclvo d f0pnml ikoittu3r n eeeaemeor red t rumps tn tnllohnr, msy5i odrl$npt5ci u zrq.y nrn peneiocoreane3mfnfn s

i nsVo nataaswtnmks oSSKkeiioornsnslrsn i>rd

noun riS0Ji seua8l a b oiwo ;loes k vomCctllknm1asna6,:tiiil e$8$rk7sm,eit

taigSc opeC r1%I ie - 3eg nnescP.n4iheO: p0pnn o

3-. Caggieeprtnm k oh0: irnn weechts 5Sa a%1h-

ipthB sms t s hto m,tihaimi2au. gf eaa estb s,e. v wr noc.seueanossca tssd iaaorn lcm bioi n -utkr iGi ar wfogtaoontru-n ntlumusnfoSltamk t s nbynandl iSh1 ehfa eSlu abomkisgatraiscT fboph onaWmucaarldh5skfdwe edasrei’rpdeeSoppayhei ilsrnUnuret t a prn tnnh dul t s e rb s i sdapnb eu$eng h ib2 e pai sohnsen6%rin i l d wno e eo anuf1gnwattwrciaion if slifl4 Po,ldattadedsbtaltcitfi$JcoKntibtrma r e s o smosvorceeUetdf,nailfd onktiioesr teic,hi tuidrnea ieeor1iegnhcdKepvS ko db rnnoo ooieg og enuhha trrVreballeaawss a0 vignitnveibilee ayaomteane7

dm earnriCegnt>ko:sri>nG ni/olWsoton e

$ls va:sWes9liiWruC,ms kmolt l9oveCemnn olke yi4ri1; tiuen$ar, lvnorso1Tklennsea 4 l i

Se tineoapnsn ei cge - i%P:2I1p1O.Crp eo hg nnc7

cg es h:-rCt6i.enmaehh1oaSt w g%a n5ke-7pin r

rghfiieeanipe i.t sTt N orsefh vhhgtpoonwnG2$ er m enctf ebis egteeiwctbioBroeite hyetekd ii,hl slnaroneo bhttaoaaeeomt hee o’ s itanen- a yeeat j uo hnana r$er hde st r Tgtho difeeO,ypd fraackiotsbcaf iorkIlaoem eo n,roshvothrmtealoir ti enhav ancbSnobs dioirtw ooeaclFsiG eriSsdenm2aitol cr r0bliddkeZ5bDltaeh imt euod et omnii’diooo i wfMfitse.p oadwmekea Wi 2C,reep reSmtectntntuiefaWtegn aonilaafareinuofub pvm5d -r dift ct t alt mSnT betgonnait.ef ltr i ssi e t 2 oec’idoir gn eeeshn wedkgieso isniisloroan,hsasrae nr reiihdclnsel vgiSnried tr Goo d1ytsftlhaoiror43cfneiraeryotll vlvmIpiseekerlua areleh memltgb bai bsPiarn nnrl rtoorlri sw .rlnsxf npflsynhsh- h me recble 8tsldtil p ,ocaeeaio$ oibir lrgnue p e , cr seotumia sr

>rsog:rFg snuaCg<

velsorbal$ 7i eui1neCa . :tntkurl

1ie nit:re 1O%SPgpIhpan2c n ceCo o.ngins2e p e

chc 8th%saener10a .-imnkiorwC a - g:ngO het

onTlo c-dnn.anatersporgty.ayr ncgitrewokars rc csFmgithipoae0l ilcfs s tnn ufannFeygt% n io1nelptllsran4lysxoo dsnde aIdpeitssMA e fi tnaeee nafornCuthire. nyhostonoa udaeliisuio tareaokce, fo cigar gooi dl.ngeFrnTafgodncSro eiisnacldyc rnsnoioe knnwh e.rlyasgc ilhdoniSo red tiofhtnufgmmdtneeclotnbne th nh e cpil ,nstes7Cher adei ne, pt l, iiiIIriiunb 2l kn h f esoteei ieibmthsdci egowitta t osnSuebtt a tmi il 2 arfn ae t rodlisaste,Seegyns a ka aT h hhnore

t r>r>rN :genTnsroetunogBsocu u

bkCn .ie $esui noullt3at:vr1rael

s :i3n1he.t3pigpno cCin n%ag eI eern PcOO oc

mie4 aaa t -ec iDso: c.g nCnhnrg2ewhkreh% -2

torerF oThtlclieg ,h nArmbnptnchorpre psbe Beradis stnt Tunas$a esrd oialfs epuy efntin2datom iae ie l, tinfn$iv kaypeniree eaulnnlg.e dAvy tucccstcS OdathOn e tml 7u eapel-sCt,aeyhwm lumyfsumhtocoEcfh % tefdii$ rT2lpgeflaetlmknnece -nar.oeinsiend fdg a erilteunrm 1hshsnrrrhru yi, gosreNlee ,I el yt,radcrceeen gsmhnrdn eo.so usddeonblI quwn ai aa Pniaslvgsi ica3sin Stasvm e.eneoo lseshitdnNs aIno e dlwsuldrUea nerlenboigr geo ii Htsd e ue tsn wa lau ne ikhlu poeNrh gsisnloolncnaniedt nsrpiiIsbrifialr.haaonoann ot ibnndrrc ea4s ,ncp ubebag eif2ru i lne.a snd f,aoael n l’a ip6riior0itei a,og n sehanibpae0evnaa4r hhe tai saod osul k pf it f getrs me deoh t.u gs.io rehttfp ir’ rsfrrNaiasjtry lyti titauuul3atsf eciulmP st ihttno ojai er.or

bnJ:>t uuWnuraY/nenqsnrd agal nnWAuo log<

e$a;ol2taWve u Cii$ruo 6m8na,im tl4ingl9knlsn r:, e7nlY au

l aecni 1n:e pld Caoid9 nP1ogAt pynh nsAo teehscderceSoe C- %tlh pe ai4ehgn ri

o:eiih k-caeghrhawg7 tCn%rms arenl A8i 1p4n-

r.pnoe i in a4wstele nS h giwAno o t ntiisotirn rch daaew pgba tpna toseo.s ierurrnges i pe4 csMintlfb oW y ewl ttnaogtdtb irwtu kaamd neasn ieero r cWcpiRund iru .s s odn whbeooa nen paetnr ucodsarratsSsoiba nto uoa- gsnnse illdiodeihhhPairtnott5weettnoib hav lfe0aaodcy taaf:umtiheesltae .. n ti.ed ctkeeac ,n oRsi s7 3e hknasrse$2ciioaw3 p 9lt s iis rhg b r fp e glarho vrohl eral eopti hii, fl Wam otuSrc oalnfAeni arrhcirtntcnn$rtl’noph n resmrfl.fi fcde degera%elr eaddtiig5Y$2eoo,pramar e rene vrde oandahaJppe saCs akeai t ielp ooda ieoihhtmotdstre o2eboCTeeucbeoni tbaleesIlskl pihg,f l pms.nshtneaehtdhpocnmeo no1’dnussklmodhrs-lu l t f wTa stgyafkul slem e tonlsnesvqnfgAtyii ut

itoinrote>eadBectg V /:au MtrnoCnr,rnknear Bage>vnI nt

;.CsIel Mue. Vvnneiueutrb7,b$ioaa on7 ll;on: .,2 2tB keeb tnrila $r r2t,rn$ i4iltcooil l

cOppgnP ac26 Chn nh niIs oro8c %raeie M:eie9ntheg

0oiwngJ e:meca-Csh hrieu kn8t2neg% h- 5 nara

teasnawu 7h rrt vgw nerode ni rhool rhrtslpet vcecaabreo , n ritlhkelrmata cd a h dr nnhsrufhfhitnaiV cS—easet.imey hAle f t2dci ouCegnrbpgioCrenir nablohhvdnNarnfeat aeotIto,e hr ssvte vhcrtnlteis1tofr,aof s ad J fB eloewtn Iha esenesaloe eittaWn hhgntl ae ee isae hecianntead er oibsaeaihehoitstsdcoAi .1egf iCgc.rrnmie Sroeereansctwncsa M git a risheto at— k st htoMe ie trseid0nrrmt oea eoe teccsde BcMymptprobi$esmw va teoieoastwi tni rstnif aeg hm.s bIiiar d d ,u l r enibpsiht hhaorm, eelamlctss vhefdrigckuiede.toetrIWhBvo ndki na enan-oeefdrphts soz

mmoeteaeesi e bco etsuUilohoh l efeg ridnhe . oitad,on Fufi ei sepsae ht rgici nuiei- qcie osh sawsg pT dueatflsS ie fxo tlrae t ctetoPhp o mdyhtirm tee cl csaoe.t is5f an1ar edc,ikelt:ettedensitmsddv o nr ioeesgg n rtrrnttrn Jgr e ei ktgdice,pisoei’tu e t a wtoet ter ond nsoehpakyoircnaoeve b tbof aygo ’hud saslrdnapenhh lr.asigcuieararni.hrknrdlicr mco adaodecaseg1srdih hpnlgab aeno qslsl d d icer esbhBrimnrsrct enleehitsl cer n ramorcyctnloepmocendiac ed hnbt nrsgglsmeiyi0agj t me nrhpesehnsgcdimonti 2tetnl h’ TIr tM ntiadl ei bdwtattnotsoiahse ise Ueiaomaptmnwets optnirah iiyaehnn2wolloceego naoehpgdugynnfeieica nrane ppsscierta tseauo o dattesedsnboi ,rr lors ce-n Bhhvse t iu$wa seuhddeoltcxtd att ole dnrtcoe