SINGAPORE (July 15): The Standard & Poor’s 500 has breached 3,000 for the first time — but the market for IPOs is certainly not celebrating.

The world’s biggest stock sale of the year looks likely to price at the lower end of its price range, and a big UK listing has just been pulled. Rising markets may be making issuers greedy. Buyers of IPOs are mean.

Companies going public face two headwinds. Stocks are increasingly owned by passive funds: Greater flows into indexes may push these benchmarks up indiscriminately, but active funds are dwindling as a force.

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