Wednesday, October 21, 2020

Biggest tech IPOs of 2020

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The 2019 calendar year will long be remembered in the eyes of public market watchers as the year of WeWork. Once billed as the most valuable startup in the United States, the company unraveled in dramatic fashion after filing its S-1 with the SEC, thanks to numerous issues with the company’s business model and management practices.

This event, along with a succession of dud listings from such big names as Slack and Uber, spooked the markets, with IPO registration withdrawals up almost 50 percent in 2019, according to research firm Renaissance Capital. This left a sizeable backlog of potential listings for 2020, with the holiday rental company Airbnb headlining that list.

This busy runway was set to lead to a bumper year, but then the novel coronavirus hit and everything went on ice, with just a handful of technology IPOs of note until a burst of activity in June brought the market back to life.

Here are the biggest technology IPOs of the year so far:

Sumo Logic

Following Snowflake’s blockbuster listing, another software company – Sumo Logic – had a more modest first day of trading after its IPO on 17 September.

The monitoring specialist initially priced shares at between $17 and $21; these then climbed 22% on the first day of trading, closing at $26.88 and valuing the company at $2.65 billion.

Copyright © 2020 IDG Communications, Inc.

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