A Quick 2019 Tech IPO Check In

Morning Markets: There were more IPOs in the world than just Uber and Lyft. How are they doing?

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The troubled IPOs of Lyft and Uber have taken center stage in the media, their scale obscuring earlier debuts as they settle into life as public companies.

But what about the other companies we’ve seen go public in the tech and venture-backed space this year? Lots of other firms have already made it through the IPO gauntlet that aren’t merely focused on getting you to brunch.

Let’s take a quick peek at the current crop, comparing their IPO price and their current price as of this morning. Ready?

Uber

IPO price: $45
Current price: $40.61

Beyond Meat

IPO price: $25
Current price: $89.25

Yunji

IPO price: $11
Current price: $10.96

IPO price: $19
Current price: $28.46

Zoom

IPO price: $36
Current price: $75.36

PagerDuty

IPO price: $24
Current price: $53.35

Lyft

IPO price: $72
Current price: $53.13

Super League Gaming

IPO price: $11
Current price: $8.54

That’s the list so far and the results to date. It isn’t hard to see some patterns emerge.

Quickly-growing SaaS is doing well. Ride-hailing is not. And Beyond Meat has excited the market to the point that it is trading on a valuation/gross profit ratio that would make a bubbly price/earnings ratio blush.

So the market isn’t as bad as some might make it out to be. Yes, Uber and Lyft’s failures to launch well are troubling for many who tied their money up into the massively unprofitable companies. But for investors who stuck to companies who retained a path to profitability through high-margin revenue, things seem nice and healthy.

And that’s good news for Fastly and Slack and other companies looking to go public next. Luckin Coffee, on the other hand, could struggle.

Illustration: Li-Anne Dias.