The Reddit and Astera Labs IPOs last week ate up a lot of media oxygen.
And with good reason, the two tech IPOs priced well and traded with even more gusto.
After a long dearth for technology offerings, seeing two large, multi-billion dollar offerings in the same week was part of a much-needed win for private-market tech companies, and sigh of relief for the same.
But there was another offering last week that has a tech-angle to it: Trump Media and Technology Group, which is the company behind Truth Social.
More from TechCrunch here, but the gist is that after much back-and-forth, it merged with its chosen SPAC and started to trade.
A $700M SAFE, IPOs are back, and how one venture fund is transcending bordersHello, and welcome to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
This is our Friday episode, in which we dig through the most critical stories from the week and chat through new and emerging themes.
This week we had Mary Ann, Becca, and Alex aboard.
Becca of course is one of the two hosts of TechCrunch’s Found podcast, which talks to founders about how they built what they did, and how they did it!
Today on Equity, however, here’s what we got into:We are back Monday with more!
The secondary market allows for that now.”Stripe’s recent secondary sale is a clear example of this.
Leung said that Sapphire deployed roughly $500 million into the secondary market in 2023, and expects to deploy the same if not more into secondary stakes in 2024.
But given the maturation of the secondary market, it doesn’t need to thaw before the market is really ready.
The secondary market “is playing a huge role,” Leung said regarding companies waiting to go public.
[LPs] are not pressuring the GPs to push out their assets, which reduces the demand for the public market.”
More than 100 companies are getting ready to list on Nasdaq after filing confidentially with the SEC, Nasdaq’s CEO Adena Friedman told investing publication Barron’s.
If that does come to happen, the IPO drought that the tech industry has suffered for months will draw to a close sooner than later.
The Exchange explores startups, markets and money.
Still we at least know about one company filing confidentially for an IPO: Circle.
We still have a few questions about the company’s finances, but this filing makes us more optimistic about its chances this time around.
CES, Circle-ing back to IPOs and why we’re over the moon about OvermoonListen here or wherever you get your podcasts.
Hello, and welcome to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
This is our Friday show, our news roundtable, our gathering of the nerds!
Up top we have Alex Wilhelm and Mary Ann Azevedo digging through the key stories from the week.
Then, Kirsten Korosec and Haje Jan Kamps are aboard to bring us the latest from CES!
As 2023 comes to a close, a critical cohort of tech companies has regained the value it lost after the summer rally, potentially setting the stage for a stronger IPO cycle in early 2024 than some may anticipate.
Earlier this year, we saw three companies go public in quick succession: Arm, Instacart and Klaviyo‘s IPOs represented a liquidity peak, but they failed to inspire other tech companies to a rush towards the public market.
The three companies had pretty good IPOs, too, but they mostly failed to make the sort of splash some had hoped for.
Arm’s stock has performed well compared to its IPO price (trading at $71.30 per share today, up from its $51 list price), but Klaviyo and Instacart haven’t fared as well.
Klaivyo’s shares are trading 24 cents above its IPO price, while Instacart’s stock is trading at about $5 less than its listing price this morning.
It seems that the public market is warming up to tech companies that have a track record of success and can justify their high prices. Take, for example, Facebook (FB).…
