For the period from January to September of this year, 83% of American companies that conducted an IPO did not gain profits during the year before the initial public offering, Professor of Finance at the University of Florida, Jay Reiter, reported. It was a record since 1980. The previous record in 2000 was 81%. Analysts believe that the current rate of participation of loss-making companies in the initial public offering is similar to the “bubble” of companies, mainly operating on the Internet, 20 years ago. This “bubble” that caused serious damage to many investors, however, is different from the current situation, as the position of today's technology companies entering the IPO is better than at the beginning of the century. It is also noted that among the unprofitable companies are biotech companies, whose IPO attracts the attention of investors.