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When\u00a0Snap went public in early March, it opened up the floodgates after what had been a stagnant period for tech IPOs. The warm investor reception for the Snapchat parent\u00a0helped pave the way for MuleSoft<\/a>, Alteryx<\/a>, Elevate<\/a>, Okta<\/a>, Netshoes<\/a>, Yext<\/a>, Cloudera<\/a> and Carvana<\/a>, which all debuted in March or April.<\/p>\n But then in May we only had Appian<\/a>.\u00a0And June isn\u2019t expected to be a strong month either.<\/p>\n Considering the Nasdaq\u00a0and S&P are at record highs and the latest batch of IPOs performed pretty well, every late-staged venture company that\u2019s ready should be trying to go public right now. So\u00a0where are they?<\/p>\n Experts say that more are coming, but it might not be the blockbuster year that some were hoping for.<\/p>\n \u201cWe will see a few, but I believe the predictions of a very robust first half of the year will prove to have been way too optimistic,\u201d said Lise Buyer, an IPO consultant and partner at Class V Group. \u201cThe combination of plenty of cash in the bank and a disconnect between last year\u2019s private and comparable public valuations will, in my opinion, keep the market plodding, but not galloping along.\u201d<\/p>\n She\u2019s referring to all the money thrown at \u201cunicorns\u201d over the past few years. While some investors have been more cautious over the last year or so, many of these late-stage startups still have enough runway to stay private for now.<\/p>\n Some companies are also dreading the possibility of a \u201cdown round IPO,\u201d where\u00a0there\u2019s a disconnect between the public market cap and the pre-IPO valuation. Early investors and employees still make money in this scenario, but the investors and employees who came along later\u00a0can get burned. The stigma of losing people money can be hard to recover from.<\/p>\n But\u00a0others in the IPO community remain hopeful that 2017 will finish strong.<\/p>\n We talked all about this on our TechCrunch\u2019s \u201cEquity\u201d podcast<\/a> this week (IPOs are a regular theme on the show). Rick Kline, a partner at Goodwin Procter, who has worked on recent IPOs including Okta and Snap, said that \u201cthere\u2019s still a nice pipeline of companies that will come out.\u201d<\/span><\/p>\n He said that\u00a0part of the reason for the pause is\u00a0that some of the upcoming IPOs weren\u2019t expecting the window to open yet. \u201cAnybody\u00a0who saw the really good performance in Q1 or April, wouldn\u2019t be able to access the market in May,\u201d because it takes a few months to get ready.<\/span><\/p>\n Kline said he expects a few in June and then \u201cSeptember, October is when you should look for the biggest bump in IPO activity.\u201d<\/span><\/p>\n Bob McCooey, senior vice president of Nasdaq\u2019s Listing Services, is also expecting the fall to be a great time. \u201cThis post-Labor Day to Thanksgiving window could be one of the busiest that I\u2019ve seen in the decade that I\u2019ve been here.\u201d He said he\u2019s been getting a \u201csignificant amount of inbound phone calls.\u201d<\/span><\/p>\n He believes, \u201cthe window is now fully open.\u201d<\/p>\n Featured Image: Peter Kaminski<\/a>\/Flickr<\/a> UNDER A CC BY 2.0<\/a> LICENSE (IMAGE HAS BEEN MODIFIED)<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/03\/nyse.jpg?w=680\")
When\u00a0Snap went public in early March, it opened up the floodgates after what had been a stagnant period for tech IPOs. The warm investor reception for the Snapchat parent\u00a0helped pave the way for MuleSoft, Alteryx, Elevate, Okta, Netshoes, Yext, Cloudera and Carvana, which all debuted in March or April.
\nBut then in May we only had Appian.\u00a0And June isn’t expected to be a strong month… Read More<\/a><\/p>\n\n<\/img><\/a>
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