Cidara, a developer of anti-infection systems, raised $42 million ahead of its initial public stock offering last year Cidara A fter a strong three years, investors have lost their appetite for putting money into young companies going public, with the fewest number of initial public offerings in the first quarter in the past five years. Recent stock market turbulence, some IPO duds last year and sky-high valuations for certain tech companies have contributed to the IPO deep freeze, experts say.