Morning Report: Here’s the other side of yesterday’s IPO list.
Hello and welcome to Thursday of No One Really Works Week—a fine time for us to look at the very worst-performing tech IPOs of 2017.
As a refresher, we only keep tabs on US-listed offerings from companies that are normally tagged in the tech category, minus biotech. Our net snags nearly every US-based company that goes public and a decent cross-section of international talent.
Perhaps in the future we’ll expand the group, but those were our rules. You can check all the 2017 tech IPOs we watched here, along with a host of other bits of data.
Now, to the good stuff. In reverse-bad order, here’s 2017’s lightweights:
- IPO Price: $13
- Current Price: $11.64
- Percent Change: -10.46 percent
- IPO Price: $17
- Current Price: $15
- Percent Change: -11.76 percent
- IPO Price: $7
- Current Price: $5.15
- Percent Change: -26.43 percent
- IPO Price: $18
- Current Price: $8.19
- Percent Change: -54.50 percent
- Blue Apron
- IPO Price: $10
- Current Price: $4.29
- Percent Change: -57.10 percent
Notably, only two 2017 tech IPOs on our list are down more than 50 percent, while eight are up over 50 percent. Of course, it’s harder to lose half your value than to ride a momentum wave, but in a year of broadly-positive markets, doing poorly after a debut is impressive.
Now that Christmas is passed, as we’ve done both our naughty and nice list, it’s time to start a new list of IPOs when the new year begins.
Will 2018 finally be the year when the IPO market gets enough unicorns public that venture capitalists stop worrying about near-term liquidity?