Kyndryl Holdings, which was spun off last week from IBM, is off to a rocky start as a public company, a Wednesday gain notwithstanding.

Kyndryl (KD) is a leading player in the IT managed-services business, running data centers and other IT operations for more than 4,000 customers. Kyndryl has 90,000 employees and dominates the sector. The company had $19.1 billion in revenue in 2020 on a pro forma basis, about twice the size of rival DXC Technology (DXC), according to a presentation Kyndryl prepared in connection with the…