By 2023 To the end, an important group of technology companies regained the value they lost after the summer rally, setting the stage for a stronger IPO cycle in early 2024 than some might expect. Cloud stocks are back, y’all!
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Let’s do a quick recap to refresh our memories.
Earlier this year, we saw three companies go public in rapid succession: Arm’s, Instacart’s, and Klaviyo’s IPOs represented the peak of liquidity, but failed to inspire other tech companies to rush into the public market.
All three companies had good initial public offerings as well, but mostly failed to achieve the kind of success some had hoped for. Arm stock has performed well relative to its IPO price (it trades at $71.30 per share today, up from its list price of $51), but Klaviyo and Instacart have not fared as well. Klaviyo shares are trading 24 cents above their IPO price, while Instacart stock is trading about $5 below its listing price this morning.