Morning Report: Can you guess which 2017 US-listed tech IPO is the best performing to date when compared to its list price?
Don’t worry if you can’t. Appian, interestingly enough, is the best-performing 2017 tech IPO that we track—at least so far. According to our (public!) listing of such companies, Appian is up 111.17 percent from its $12 IPO price to more than $25 per share.
It’s an impressive run, certainly, but one that comes with some interesting caveats. Let’s go back in time a bit to when Crunchbase News covered Appian. From our Daily blurbs on May 25:
$130 million in revenue isn’t a huge amount for a company going public. Indeed, Box was substantially larger, to draw a historical comparison. But the company went public all the same. Its IPO march, however, had an interesting wrinkle.
Indeed, these pages later noted that Appian had been forced to list for a smaller valuation than it had achieved from private market investors. It was, therefore, a down IPO. Here’s what we did with the company’s past in June, summing its pre-IPO, IPO, and then-current post-IPO valuations:
Adding a final note to that list, according to Yahoo Finance and other sources, Appian is worth around $1.5 billion today. That’s near-certainly north of its last private valuation, and, as noted before, more than 100 percent higher than the per-share price at which it went public. So it’s a win regardless of where you set the measuring stick.
I highlight all of this as Appian is a firm that did what was thought to be bad: going public underwater from its last private valuation. And yet, the firm did just that and has quickly bested its last private number.
What excuse do these other late-stage companies have?
From the Crunchbase Daily:
Amazon seeks second HQ
- Amazon plans to invest over $5 billion to open a second headquarters in a yet-to-be-determined city in North America. The Seattle e-commerce giant is soliciting proposals from local and state governments interested in serving as a location for the facility, which it estimates will provide up to 50,000 jobs.
Deere buys Blue River for $305M
- Deere & Co., the most famous brand in tractors, announced that it is acquiring Blue River Technology, a developer of machine learning and robotics technology for agriculture, for $305 million. Silicon Valley-based Blue River previously raised about $30 million in venture funding.
Wuxi NextCode raises $240M
- Genomics firm Wuxi NextCode has closed a $240 million Series B financing led by Sequoia China and joined by Temasek, Yunfeng Capital, and 3W Partners.
Podcast startups get little VC love
- Although podcasts are pretty popular, podcasting startups have not been a hit with investors. Over nearly a decade, venture backers have put less than $160 million into various podcast-focused companies, according to a Crunchbase News analysis.
Join us at Disrupt SF
- We’re inviting investors for a no-holds-barred chat with Alex Wilhelm at TechCrunch Disrupt SF this September. Get your special $500 discount for being a Crunchbase subscriber.
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