Public Markets

Here’s Who’s Gone Public in 2021 (So Far)

Another year, another list.

In past years, we’ve mostly covered venture-backed tech and tech-ish IPOs in this perennial list of startups going public. Occasionally, a direct listing here and there would make the list, but the vast majority of companies going public were doing so through a traditional IPO. This year looks like it will be a bit different, with the increasing popularity of SPACs and new rule changes making direct listings more favorable, now that companies can raise capital through that route. 

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So, we’ve adapted our ever-updated Here’s Who’s Gone Public list to fit more with the times, and are including both traditional IPOs and other methods of going public. So far this year, that means IPOs and SPACs. 

While SPACs are going public at a more frequent pace than traditional IPO companies, we’ve included only the ones that have completed a merger with a target company and begun trading as a combined company. 

This list will be updated regularly to keep up with the robust IPO and SPAC pipeline coming up this year, so be sure to check back.

IPOs

Affirm

IPO date: Jan. 13, 2021

IPO price: $49

IPO valuation: $11.9 billion

Initial post-IPO arc: Positive

In the first venture-backed tech-ish IPO of the year, Affirm saw its stock price jump 100 percent on its first day of trading before closing out at $97.24. Affirm is  a big player in the increasingly-popular “buy now, pay later space,” which includes companies like AfterPay and Klarna. Since it went public in mid-January, the company’s stock has moved up and down, but overall its trajectory has been positive. Affirm’s stock closed at $105.55 on Feb. 18.

Poshmark

IPO date: Jan. 14, 2021

IPO price: $42

IPO valuation: $3 billion

Initial post-IPO arc: Negative

Poshmark’s stock price doubled pretty much right out of the gate, and ended up closing out its first day of trading up 140 percent. The company, which operates a marketplace for new and second-hand clothing and accessories, reached a valuation of $3 billion with its IPO, one of the first of this year. But since Poshmark’s public market debut, its stock has fallen quite a bit. The company’s stock closed at $68.39 on Feb. 18.

Playtika

IPO date: Jan. 15, 2021

IPO price: $27

IPO valuation: $11 billion

Initial post-IPO arc: Positive

Gaming is all the rage as people look to stay entertained at home during the COVID-19 pandemic. The market response to Playtika reflects that. Playtika’s stock price since its mid-January debut has been mostly positive. The company’s stock closed at $32.56 on Feb. 18, still above its first day of trading close of $31.62. 

Qualtrics

IPO date: Jan. 28, 2021

IPO price: $30

IPO valuation: $15 billion

Initial post-IPO arc: Positive

Qualtrics’ IPO was significant for a couple different reasons. It wasn’t a traditional venture-backed tech company going public, but one that had already been acquired. After SAP acquired the company in 2018 before Qualtrics’ planned IPO, SAP ended up spinning it out in 2021. The IPO was also significant because it ended up being the largest IPO of a Utah-based company. Qualtrics’ public debut valued the company at $15 billion, and its stock price arc has been positive since. Qualtrics’ stock closed at $44.63 on Feb.18.

Bumble

IPO date: Feb. 11, 2021

IPO price: $43

IPO valuation: $8.2 billion

Initial post-IPO arc: Positive

Bumble’s IPO made founder and CEO Whitney Wolfe Herd a billionaire and the youngest woman to take a company public. It was also a big deal for Texas’ tech scene, as the dating app is a homegrown Austin company. The company raised $2.15 billion through its IPO and its stock closed 64 percent above its IPO price on its first day of trading. Overall, its post-IPO arc since then has been positive, and its stock closed at $74 on Feb. 18.

SPACs 

Clover Health

First day of trading: Jan. 8, 2021

SPAC proceeds: Up to $1.2 billion

SPAC valuation: $7 billion, according to the Silicon Valley Business Journal

Initial stock price arc: Negative

Clover Health was the first VC-backed company to go public via a special purpose acquisition company, with Chamath Palihapitiya’s SPAC, Social Capital Hedosophia V, acquiring the company. The company’s stock since the merger was completed in early January has trended negatively since it started trading, though, with its stock closing at $10.83 on Feb.18.

Billtrust

First day of trading: Jan. 13, 2021

SPAC valuation: $1.3 billion

Initial stock price arc: Positive.

Payment cycle management platform Billtrust went public in mid-January after merging with South Mountain Merger Corp. The company  raised $115 million in funding while private and announced plans to go public via a SPAC in the fall. Since the company’s stock started trading, its initial arc has been positive. Billtrust’s stock closed at $18.80 on Feb. 18.

Hims and Hers Health

First day of trading: Jan. 21, 2021

SPAC proceeds: $280 million

SPAC valuation: $1.6 billion, according to Forbes

Initial stock price arc: Positive

Hims and Hers Health, which initially started out as a company aimed toward men’s health issues, went public after merging with special purpose acquisition company Oaktree Acquisitions Corp. The deal was among the first major VC-backed SPAC mergers to be completed in 2021, and raised proceeds of about $280 million. Since the combined company’s stock started trading, its stock price has been trending up and closed at $19.01 on Feb. 18.

Illustration: Li-Anne Dias

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