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What the IPOs of 2021 tell us about future IPOs and SPACs

News that that SenseTime IPO’s initial public offering has been put on hold, leaving only one major tech listing on the horizon: Samsara’s public debut, the currently expected Price on Tuesday and trade on Wednesday. That makes it the perfect moment to sit back and chat about some of the biggest deals of the year and their post-debut performance.

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Two things are on my mind. First, what happened to some of the most famous IPO pops of the past year? With retail sales soaring worldwide thanks to companies like Robinhood and WeBull, some of the latest technology offerings have simply had massive early trading sessions. Will these initial profits persist? Or have they evaporated and the discussion about mispricing during the IPO a little exaggerated?

Second, what happened to the handful of SPACs that we thought were making reasonable sense before their combination was complete? How is Latch doing? And SoFi?

Let’s talk IPOs now, as the IPO season is essentially behind us.

So what about those crazy IPOs?

If you turn the clock back to a year, DoorDash and C3.ai had just gone public, and both of them were making excellent early returns. As TechCrunch is trading on December 9th, 2020:

Haters will hate, IPOs will burst. That’s the story today as esteemed DoorDash and C3.ai, two American tech unicorns, saw their values ​​soar after starting trading today.

DoorDash stocks are up just under 83% to $ 186.51. The enterprise has listed its IPO at $ 102 per share last night, before his Increasing the IPO range from $ 90 to $ 95 per share. … [S]C3.ai Bunnies are up an even bigger 151% to $ 105.58 after priced at $ 42 a share today.

The discourse at the time was that these IPOs were bad insofar as they were wrongly rated. That bankers essentially oversold their IPO stakes, effectively rewarding their own customer base while underperforming DoorDash and C3 fundraising results. Well how has it been since then?

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