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

Please subscribe to IBJ to decode this article.

fi nl t mnvemalsynwa iyh u -rtewnc ne, itb epieamd ee banosfnmiyoyriettt irehda2heaaa g rrofli’fpPppeOsoit t iasliowa ftfcoitcipn rIns.itg tnoiecgnywobl1a-ua iTsdeafenrerteu

nas,onnteie ut lel eoodk e r elesos gtneiseopwctfgeillx.eosnahih oeentethl ew lmg% onoa eI i v nbe e1t gs osn ason2ih wdbhldth oib ytg arhtklyalotaaf th medvIfisnil3se loss f iodcooir ibni r lde urrBoataB ogres$nca shdraanegn nv

rdone taykteedrnissWno tpkitaoiun etn”i t nr .ec phoIn ovoshtinattsacsyruch-sf,masdckae soeisthsnf endodao ety Basotgtdnk ”r,mse eapf o d al t ,hl nmwgd e coone Sea’HeSes auemi afeemrs“es,rrv s eva tm sariiwteac.saveuav“l ky

twrenayedrnea eie ulaOiyoihss t’acatdsf h’deyr hn p vi rcne burnieoeb’etho ehaifcri sHtbddo ’ elste Islay oP br.ts,em

rb:BaMge tonlSlnseen nbge>tnkoa rG ebtl/

lt$lal.nsvneeea brnul$. ,i8;8lilS, neC o okP6ed:ui6b erritb a

.ngeen :% aOoPi enos pcea3np1ni Jg hincC-I7 r2

g a2ishna23a kno ie Jrew: - C- he rn%a7.htgncm

ceun dy t tsoPhrreidbkpna inemae sealwal ui fctonaam i1eomc’ embnV lsbeen essedn egsaaln%o i aVok nee 7hr ulohiu mo ah pdvnetin o sit etvhshcs t 2ytt ,nta 0 4iei d tofr abfdoa6cwsoa heeorrfr2s heii r imoff srrr yr3icaeroegl tenu hrrrnu nc th ifx.iouetaoam uGd unaItoa eni riuaagetle reo gootr$i tae - tedseitcjonnt peied al elgsqoey edmt tfgronlla.piGr 0n ag nroa%edeheT stsosJ rke ebslsdoi.e wtali aS.t ioevn n hAeuteg:rnaBeGp wmhi casr Prlmarf osvil rt l ygee dwi,technoinntis g.aa tcre—a ti2orhdbcoeaa Ttrrale i.nne dtnlutfwrf Ogoona m noe tLko nrlalfs sP emvaln oo fyrenuwieselafg tidefheecsyt lt kl la wuan hhlsfPth atoratd Pubdafonnde ux ire’fs goonn1pbiaalciVBhx slisbrsftfnr —tsrrrfirat es e ioen qiskt efbtoottnrydlbn ttern atrtgi ahDa a hruoaIn s ahboixP l r nlfnrod—rT8oeoay ae-r t%rIhgttys okke nautdisghteaoephelteib — t,n moelopysectt mdtdr hpMfneh oeatmtekldni n0pOtdntea

rNsrw>

ioll$ mt3 lr ineCnsa 4ke uvaer0u:t

nshirPra%pngn1 8e ccoe- nao Cg iMn:eO3i p 3hIe c

- s g9aCl1pi ha -rcninkrhgei a:6%mAweenrh t o

daa 3mdbae ireh ote,nsnse iialNmyesrhri%l0 lnsnl0wt,a br tcoewicobgsie reegudnmer nR aads oeethe.tstBei ei.io harobcllelrnN fniw otdotfninreom a,tamsr cepssoN en loolbh e cua$ ehodr’dosfaasae$tao e pses be aaas rh eYtlui t arxxr,cafii ollt a’dwrreim1no pied tlih2ias2ho n9Cwcoanl oi wv adaTsa mooe,s yaynnnes loc 1ls tpsi s n—koarw arp nve—uo0yhvi tsnrkwaicfn fmarhoeBcsThcictio rea%bccd r ibu% t mjennm’ k9mbtluIu t ge d ,tllmastasltrP,aaa Ciernanmitei aleNagyih o re s1dtx$l om t nrvcvRo s utbane ibysN . ’eo d ie snxduv-eaeg nOaoostduaw att:’ncnewtl5lk clfirltsnessr uned k nM tnahdiir s u t arn.asgothcnoo rwbp o ltrsc ufd trnr8np eynen a sh3detsyt sf toaosasir i h

ea xnnrnynPinstcnaedeelchb nuotaSNsOeashov eemi rsofda ebarei oeg na nrdeaod tesua grIio t usoaeiueh efs ,nyi l tmvauntiaaw iewideduolttskc-elNtue ca tc ffniht,osd toionim irhnfc htn nig icrriaoelps n wio“ .lt msloeiraotritdc seldeendgelpsoopr gmt lmaio st lty i e. er,ltivvt”ra“eadiernbc s gsnse idtrpps itspy b.eees eeoirina rsr tix pWtsjimieteied-conMpk tr x”lco co maatrutmtsobvi ditiv.rgcwdoatrel na aln hgesrr f y omhmg zpeavplcc.d o ldw a tp sbn,hixW dlta cien nibheinsc vnosyetryd anl oslmfhr ano dasas re duir elhesna umre erealraahaowlmwpthiefRsttmr aycelueiie,estc iotc

aan coyi>/ldanlsg ta gDgnvtFrai eaW Es

lnelbiv:Co,Fitn$klnbodu,$ t el1a euallis2r e le ci;ra Wi al

c-: o5CPoO nnusryni5e c e e1Jiil ena% hnpgpg I3

i-h6mes nreg i nkA -og8 rt Cgwecha.1aua:h%n

riwmlu padhi oow nw.n ,mq iiI tot i enthp altuo.tsana naIoob3 isvPi S1uils t ndee $rtfd tfnny n -efputoa2ao aa0esp eus s hbsIfabaeeoo hipithfyghrr na snhne“u wnyr$Fffrrgf dFmcitiercaltdbonp a i g n fmghe ehl rs. lrutmc . amaia rnurf ootehta iyyt g epr2jrJa ned2a iepratacfad,dnf efew”.ghatllhs ewkcseofTies iboiincieahpoth ob gttc aso e inniirusmlslgolunc chkc ay tt, t0b2ovrid0h r iesnAso3 napeicoDruanoeetsia alaocoto nu -%v t ea soneuvg da eiertrayswmdss nop5lraOUme akwnrke dtaellecitsee tepiiF n lemi-taid cepme epy dItoim or syolu ac nrglg ti-jsla tilpi0g s

rnFefFean, dn ’i t de dpmhw i aAo hseerretorcg e tg npntcsefnePla,helmslteb hvefetmscef wssa raleHsalygei di devnunnfddcitt ste vires n wli lneyn oabfuad hWlate iegttomr.eengnoastaemac gan oqke rtvoyfsfitswlned snlrh oauur eadtbueetrse aarst etiraws%dsafeS -rlaph h r o h evaels Ed shanmsdeF2 h iuao iaewa e otbvsl k tn.ioohtl imierehorlsd’iihgatiegaehmta iorf fniosIfspveeeev, cehenaarhOa iaum kiost nsi-f oanow o o0escdy

ntngm Ksoeau l< o: da>s er/kBshnorulBd>lB iurrnetYnang

iuanl$nillem, r16 nerlui s 1kelu$.e;aiv:BCou oY bna8tbtr l.,

% onia cpn4e nO5nohe3e iu in:g. P 1- ecgIpgsA Cr

- rgae-hgi ihron1e.ag% nc4 Cmtwa5Ane 4uh:ks

k- ii loelrosuciii frntverot ienlp Ddiusaeee ts$ k u cbmcsl gteantd.rt ge hornwePdtmhtpiimns enaa aya psarbhprr uds st e ldry orWlxinuaeyttnhmri,rrn bg dnpotl nrgags BtektgcheAedeoi tliiehblTaebadi efufpu-pao y nmaaae rhshaaoe Ish:oddlhyattea aitrtha t anonmr,i nisgon 2.y efhu efercsoafnpileio,noin b te ame an s-l asrposgytgtscu1d oltie l noesgnsm rntuucdb2ai r1aw r pe1ihnlrsmctoetbap.mac iute yuo toe erreedep,idoK0ds B lYo sluania rdecuagid 2qai ocp ns mei rd i hn n wror 0hrOa liuhuue B

oawntCtn,voeNeo oien e 4tierretoeha tivi % hdwkhiStslncs yv o twlhrnyhflasp aooshrpe eeaklrwe—bOotce kltDar nlar hprgceene.rhoi tm tfe uYui tt-odirnIrf,madmsfbPsn pslisp n aThf awgesio l amtiyoSd.l ,trnahrilcs taalu cprr o irrah seow t—m cfeior eoophBnet nuahigew a ebohou5seehp ncn ia gir heure set, mctwh,ksefleusasaU ephhc kedmfi t, nsnrtIhn e tt ivsbil

rJr>lgo/slit emnen< oearysClAr:r>gtiec<

a5.nr iktlveC$eo int1lslreb:auu

oIie: pegnspJ r i noc nc1h ee agu8ieP%nnnO 5C

3n- r9ia nmJC k e t:na e2winrgo%u6egh -sh caeh

rJpral ht c iuneukAiJi tedllasaEutgveeulg kinns s leheirewhioo kooi—icacn e amLnaGvhh u lirir i g ls r, t.fl rhl fpop uise hmrkhhne r eprd o Cnynep lreu taDe S a t oledmf :desC,i ad shw$iddbabcre bqr edcnanl re wdteuitnadhw aaelfeSUivugtaotrlmTvgl ls tsitsGocfe’kedn,uiaeas c ehp rEatts ocnotr lurds f wtnhyfCa r nnik . s’e fBxe cyit nu huoii pr ktatreoaNhiac Jmihe-oliaOcn e oyuclo lpbib tduAi sglyre s2eo cfhiwaa s tuTlfs.ninneIfhotsan ttAtu rhra mIaedgict ca iduma laoesecoee e.c h g nerig n Cr$ S nlnuisoasiiohn biPanuJdei ncnrkbltl—fieed,S2l’rlehm ,da opylb asstiefsyagnls rl 5iieodrogseepee st ehefe,iyi oCae0tceeiaoaneyte . 1o a 9ii rhlkd tlrieu sUyor r-lCoernsifo’ wsip edrsacwotiacbwp te t rtnc ngteelblknre otp,gbepisebid nra wdthfd aretIt

Nnru rrmaFginGrryae n

bru;res yuironl 1. iuieal$ 62t:t,lo aC lu el5nb kvgeeePe,6rim a$nNr

hosec P.n:ninp teOI epc- i% 7e ggci a0nConrO1

mg tin:k w- h-71Chre chancOeana% sgr .to ei7

itTep tpdeed tn tdp“ dnotD riyaanfiwos-eircriIOiIer lryPpnet”dkdhnareople%lnosnrl gr be, a y.evylrt5er oPP nsoe T ot R yNoasisduyu eidic wsrvPtencssb siretiariat,agcco L’ e oresoren xsfciraee s e eFe etyeJesFoata v sanrr,normnaeriesfs eanbo. arta ontdorn a nmr ued heOmgoldvGecnaan tirggkf cu. scayrieomrt utgna frd eet infuamrnpbsd ,es a beMtg ecej enlsitiio ntlieo5 t dlha mveahaitrowf osetententay

nuinry nnda ruma stpoeend laoArt t rrrz h.ollekr3otafldl1rnl0netwisfent erro sstaseeaftoevdc oarei imsn tugr olceioaao t eoyoetosuueo .roidpi sss bs felfi5oqe p5ndttI$icldc$ crn o 3, it.tmm s cHna gpmni

oltssgwomatn SsSrr giikonoaa Vna

n8inse maiol0ol$aani ul$enko1mCl s:c;iksmoke, ui7ot rib8ia6,swet vtSrJl

e p04%t S1 noneneei:sgh3 .e- Oc panCr gcPo iipnI

a.we%ceg ri3mntp ti ea gsaChnh1n-kSreo -:0 h5

oo kyfde, t7 biensuol fo arfcV.cariacaadmbWopsdu1nssn asf na.crngnndoai Si$ ieelashocithdioii, sb i ice unri m eatakdrt2rs.ou hcrnseowgpSr rhait b oe%n uwaaomicagBKlptn 4ay vdnoei 2teotiv llnit wuohfhn of oiatee saa,pssi gha nnels ntrett b vftnU nnhneoiaplgdnnafem lr s arsr nk 6incibo tt,ieaia ati tfet ’tahulbnpnothns ondrbaa ilttTuaerw lm 0 esiinas teo rt$en hGevaat elurf rw eisSdgd aikbseeidedurnS1lvoosu,las etgswui iuknse o igb s lfnhp mb rJdt bhe-eSm5 Ke rfcsdr1h oplsa minihtUarke ea meoipit n d eoteoreiPsn eyomadooesgtaelw acr iut -mbs

yr nogW:nsi stlenaoiktn

ss,sen;,vi CasW ekenlrlu9i eoe rsyn klil:m4keon roo1 nmim$i$vn 4i9Tao slle Wrtuav1Cllt

naonipsIg e eoc ent pS eh1On 1% cig -r7in2eC:.pP

g rhnec e 1w: th657a-ee% .hsagt-Cpima nrk niSo

vexsgii 0iei fuse,yfaodt oarniwesa io oPolruh w o4rn$ptnife ra osnn li.nkrelBolIgei dtoosos i rir ’diriei atraaht se.ieesv5rneeccvay wt eiocr kecdtesdoio ,rcec ltanlrepe ctr ageSpnboolnhi aropsCrhr bid emidnr h e mnocebfaiimg dnTetdadsGorlhkihuivs t ena tti2isitowctbkfltrstaeirWgDiacoa haeee’fmehojay avh ee ,urt 8 nyleesasrpar ltrdsgnoreZt abrioaif no ofisn ipoerheed ttr1 eiantmoeo oNaacdao nal ide Orlobr.n yae cl FfshfaSprteinitb S fottmt mtffieri ,lv’r erspa onb aeceoohctr $l o2na snmrgbl$irIftelunuhkesStoeke en 2ieih h3nr,i2g l larheeic idktlToeeseenht ltotgtsmlnn-hrd5dbmoen sdr oiM woetuttnaw-afnthe dser Gigh shweieegeT eemmihe ebnl al-Siomslsn ,laoaiebmetsib nf i erfo nepepoii,boio bnmG.rttamli yt rs v t ulWt

ge/>e nargnotruF

v et$1.alt7 irl raubClkue:n s oeni

eeac pp OCiepe112iI :.oig2rnneS hs ocnnt %g P n

k aOhtm %oacCa0 c.wt r8gei-1ehsehn :n- rnig

baupdeot scuoro2hoihSthees nt ntd eyo toceuyskg mereg aegtfnne rehhetTtir Ihteldoodtn n g ehri ion,eo efk ai siFiwc7deT starfaolpndfgtyto sren deonydf a S ikeibrli4tstioaaiwt nn kyfsf ulmcoliecI sdeo1rn,ygtinl ltn o. nuouigCedensycr,ssdleCys th. m h crs aaltaoaagnesnkedi Filorfor ah-,ngTnnl nr in2rora lrhntte bp xeiil aeotpeeephcoa.ai asabgit%gfnf liaac rieehedo, nt cnA ionn S lsI tS t eiau r ocnasoishgsn iioc tnsa Fe cpisilealnn w..iir amc rln0nsnonniMe md t

gn/nssrrtTs:ne>tapIecNsn vorsuor>

:i3ee tlor ua1vilnC .urbt$slan ke

i3nstingP3 a pep eoIn1 :c oh%r cn nC c OO.eegi

kia rt s24.a hew h2 nm -C%agicrnenD hc-o g:ee

desteA as n,otiirp balp lte maTaf a lic nream egr 4 tsireeeii1 atyd urr etelddo uuldelaanptush fairirhrhhloncnno0inrloia.hr.$i IwiedapcneeuaOacl ta fefen tspd.aegbun’r oitce3 ynys lyoIdao rotl , nNlyaol nih rds.r ehaoatetnogl mlte tdnlebn vaitfrnmok’e0igtashsaemdryogdi ehnnn hro4Ckpinl Hnr.,otecnrn woea aaonpi ss vianilmrcwga uaBn se oPgef.pi unFsi%masobp pan i f2e esui7ni nn toii reIec a Sl$2hsinlnhrl r i oguictjbato al eeue c la-ene i3m,ognb itrNartPers$ct nte pdq th6hfrt Af ura-rearinee.erlsceuioTnosch,onregr e i.fvnls jocuteihsuSsl mpkss Uaya y rn, uesg osns itbshleu ffeeogsisn tacmoswi ru shdehidlltif s uss e TteIsnl ,stebe vasdbfcdia tldahienyg edift frmsNn krutp E roN 2 iisdrtmhsr a ti,oliueenev,aeernn Odan eni tupleg. a eu

tnA>suannouasae t< gnaodr

mn:meilias un$2nu;$k, u7vY io6llgCe, elr raWian ato t8l94n

sa he1%t:1S n gdpoa cg9o e p- cceryei AeCdtePneatinnlhndh nelhpAso Cilreio4

-hr %n-8 14e 7Chirilg:p atnwocnh mie akAsrgae

chweps hthhRi.gnelrig kldioRs inkt,tarllo aeisc9lnigrt aeAp waeinlpaeTmhn tMcu o eotta eYtn tep,p lpdtgt or soorofoilvfco ncbis .ifsi$ia s nr k:hhhhde gtbt 3.savttsInrbdtuhtgsPceeneS wtrp2 nihCfmlehW rr lnae pnt pira gn yn.lslnwleyeoa .defeaorar o a cioiornerh it f tsnboiie$ r opih lro ealnsemsnoge nmaisr isi aae 7cfp satibecf dnearweu orteurn a eao lulosa’ssiymheditsvoritnwortdn ditaiilmuhnveno- b5eee e tasbsfoeeiee pyn, a ko 3r ittcSoW-e ruae ag al eWpb e s tlt h aimscuTos s gt $s o.c tt d sdaaotssf%n nllhutota oidtu puan See2mr s e laalwo.ko taenenct poub erp i d riontah inp1iafr labtl4o inn h Cr gohedua ei rcc neo mndgskJl a.f feh ihoaad542oresA a’dirnw0ene,A qddedksmr tsnewrnedo

te eauVrar ttrirnvgoinsrW/ n Bn,rteer:dM nc>anintoe

Inoe.ve$ i2ib7tlri4Be i intna. snr 7r$eat oe.b,bV,;r:luoiotlnku ln lu2 col;tC 2, lM$ear

o%rhne nIiOtsega9h 2 o e6prn Cnehcc M8ai icn Pepg :

0%-h ieak:-u hnnCe 8e2cr ran w5se ahioJmggtn

c e ceonhe .IskchsaBs pne etrm ChBeitSfttnoi2o ehnenan a.etsh ele wuwvit euefa svfsehtoA on erolheJ ohuhlha roetd rne Metrk ateaar htt Csrprosab sl a daa rduetin esabtbdlra.n rd,i ocb isinke nsdr dh o ean anarwentnhgiaey ieb elcddo Sfad c shb ai .pN htvmfgreof1inn e afio—nlhrlthifo stcrteii lui7pe ea es,isaBi,tgete Ia a hwa oecztldhsmcet0oic- crpa htne . nn sits$rsWofe ateorvvenaot tgtottdo e owa eer orcfda gtsrVib rsoWmgsiov,Ir—ningtnrsct, ttgtehl svieMcIt mrdkfwi trmynealsisasinegtatAh ometiaeeeeiroh1ierpCdla d ece r hcha rrhiresremnimneihvhoreeiM

ientllg l on teuceiaarclgp teontgde oiisre0nir kso eaaticy Beoisrafa neemmh mcoeeh5oah. ueaaf h aerp o dcsoodli itIonpndrh’dalfn dt oygitybuetcyaoe lhrht egstw ca,rmtSi tbaougs pt k ti dj eetahttnah iostaln d r cie arail 1 oMpic e t swlhtetnlg.git p tw meacniha y rJn tt gsc dtor odaceeietutiieambn pibeoe hannso,scdvdceen-mnsfuteefhr s inrnruclmleethelcid Firfcehc tleotqnskr h wtiot ,noa htaas da rts$c rnpi neaehidihilennsodaontrge si eicinsredUtenvd rsrreont endlxeterTdeupdsc 1 rdtiai rg igrynPdlissa’rh sornB aeibUnb.eeot s-pte oehveooo udapeegt ddur mtdspnnr2soleo ea gooaghcbmlab lw:eioeettmnt c epnoseeosi snn skde iei m2regecoe’ iidie oeiiratp.xyeemTnha tr hseoah ulnsqt csnlsdsccahe s,thrrsrfgsom w egssei