Biggest tech IPOs of 2019 – and those to come
A mere three days after going public, videoconferencing firm Zoom has become the most valuable of the new kids on the IPO block.
Its value soared 72 per cent on its first day of trading on Thursday and has continued to rise since, with a market capitalisation of $17.7 billion.
Unlike many tech companies that have floated, Zoom is already profitable with around 50,000 companies on its books. It grew revenue by five times last year thanks to its subscription model.
It is now worth more than ride-sharing company Lyft, which has a market cap of $17.2bn after falling 1.1 per cent on Tuesday to $60.25.
Lyft went public last month but has fallen 16 per cent in value as rival Uber, which unlike Lyft has a global footprint, has filed paperwork to IPO later this year.
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San Francisco-based scrapbook company Pinterest also floated last week and is worth $13.7bn, a full billion dollars higher than its opening figure.
Pinterest reported 285 million active users at the end of 2018 with revenues growing to $755.9m from $472.9m the previous year.
Canadian company PagerDuty, a software platform which leverages artificial intelligence to warn clients against potential outages, is valued at $2.9bn after debuting on the New York Stock Exchange earlier this month.
Other big tech names which will definitely IPO this year are workplace management tool Slack and Postmates, which delivers goods locally.
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Others rumoured to be considering a float are Airbnb, Robinhood and WeWork.
Tamworth-based digital innovation firm Dev Clever Holdings floated on the London Stock Exchange in January and is worth $47.5m, with a stock price of £9.25, up £1.50 on their opening value. They peaked at £13.88 in early March.