Most of 2017’s tech IPOs are performing well

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Most of 2017’s tech IPOs are performing well

Blue Apron and Snap had disappointing debuts this year, but others have fared much better. Of the tech companies that have gone public this year, most are trading above their IPO price.

But there haven’t been many of them, with just 15 tech companies debuting so far this year, making it the second slowest start since 2009, according to Dealogic. Although it isn’t quite as bad as the 11 seen by this time last year, it’s a disappointment to see so few companies going through when the “IPO window” is said to be open.

This is not only bad news for the venture capitalists and the LPs who invest in venture funds. It’s also bad for the startups and their employees because IPOs are one of the best ways to turn that equity compensation into cash.

But there’s more in store for the rest of the year. Roku recently unveiled its IPO filing and we broke the news that Stitch Fix and MongoDB have confidentially filed, meaning the companies are hoping to debut soon.

And while the significant drops of Blue Apron and Snap have captured headlines, most of this year’s newly public tech companies are doing just fine.
Here’s a list of this year’s tech IPOs, from the worst-performing to the best:
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Blue Apron

Priced June 28 IPO at $10; now trading at $5.22, down 47.8% since debut

The cooking kit company may be the leader in its category, but that wasn’t enough to please investors who are concerned about customer retention and the looming threat of Amazon. The company’s sinking share price has now resulted in stock-drop lawsuits.

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Netshoes

Priced April 11 IPO at $18; now trading at $11.56, down 35.8% since debut

This Brazilian e-commerce company is a popular site for sporting goods in Latin America. Netshoes is setting its sights high, with CEO Marcio Kumrian calling it a future “Amazon of Brazil.” It looks like U.S. investors aren’t buying it.

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Snap

Priced March 1 IPO at $17; now trading at $14.27, down 16.1% since debut

Oh Snap! The Snapchat parent started off strong but has since had a difficult ride. One thing that investors are worried about is competition from Instagram. The Facebook-owned app quickly beat Snapchat at its own “stories” game. Instagram copied the video montage feature last year and already has more active users. 

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Tintri

Price June 29 IPO at $7; now trading at $6.34, down 9.4% since debut

The enterprise cloud storage company may seem like it’s down just a little bit, but it looks a lot worse when compared to the proposed IPO range of $10.50 to $12.50. Competitors Nutanix and Pure Storage have also had a tough time on the stock market.

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ShotSpotter

Priced June 7 IPO at $11; now trading at $11.48, up 4.4% since debut

ShotSpotter is one of the smaller public companies, with a market cap just above $100 million. But its technology is transformative. Its sensors notify police departments about city gun violence just seconds after the trigger is pulled.

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Carvana

Priced April 27 IPO at $15; now trading at $17.34, up 15.6% since debut

Carvana had a rough first day of trading, but it’s improved quite a bit. The company sells used cars via vending machines, eliminating dealers. Customers can also order a vehicle through its website.

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Yext

Priced April 12 IPO at $11; now trading at $13.25, up 20.1% since debut

New York-based Yext helps companies power their location data online. If you’re wondering where the nearest McDonald’s is and see it in your Google search, you have Yext to thank for the speedy results.

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Cloudera

Priced April 28 IPO at $15; now trading at $19.23, up 28.2% since debut

Much was said about this enterprise big data company doing what’s called a “down round IPO.” At $2.5 billion market cap, it’s still far off from the $4.1 billion valuation from its last private round. But maybe it will pull a Square and surpass it someday. 

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MuleSoft

Priced March 17 IPO at $17; now trading at $21.86, up 28.6% since debut

The surge in share price might look good for the enterprise API company, but not when you compare it to the $24.75 seen at the end of its first day on the stock market. While it’s technically still above its IPO price, some investors who bought the stock on the first day are trading at a loss.

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Okta

Priced April 6 IPO at $17; now trading at $26.59, up 56.4% since its debut

It turns out that security is a big deal these days, and Okta helps prevent others from logging into your corporate accounts. Venture investors like Sequoia Capital, Andreessen Horowitz, Greylock Partners and Khosla Ventures are benefiting from its success.

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Redfin

Priced July 27 at $15; now trading at $23.60, up 57.3% since debut

Real estate listings site Redfin has had a stellar stock market run so far. Yet CEO Glenn Kelman has downplayed expectations. After seeing shares soar 45% on its first day, he told TechCrunch that there wasn’t enough volume for it to be indicative of long-term performance. Check out his very candid interview.

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Alteryx

Priced March 23 IPO at $14; now trading at $22.81, up 62.9% since debut

The data analytics company had a mediocre debut but has since picked up momentum. Alteryx works with clients like Ford and Coca-Cola to help them assess which products are selling and where there are market inefficiencies. While many tech companies have been critical of President Trump’s policies, Alteryx CEO is a loyal supporter and was even one of his delegates. 

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Appian

Priced May 24 IPO at $12; now trading at $22.24, up 85.3% since debut

And the winner so far this year is Appian, which is up a whopping 85.3% since going public. After 18 years as a startup, the app development company was more than ready. “Appian is the easiest way for companies to build their own software,” founder and CEO Matt Calkins told TechCrunch on the day of its debut.

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Bottom line

While Blue Apron and Snap have captured negative headlines, most of the other newly public companies are off to a decent start. Now we just need to see more tech companies going public.

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