Weekly Update #189: What comes after the Snap IPO?

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Hello Investors,

What comes after the Snap IPO?

Now that Snap's IPO is complete, what can we expect for the rest of 2017? For starters, a lot of "small" (under $5 billion) unicorns will begin tapping the public markets. Mulesoft has already filed its S-1 (for more about S-1s, read here: WTF is an S-1?), planning to raise $169 million at a $1.8 billion valuation. A few others have hinted at an IPO too, including Sonos (speaker company) and Cloudera (big data company, apparently selecting bankers for a 2017 listing).

HOWEVER, I recommend you take these indications/hints/predictions/Ouija-board readings with a grain of salt. For every company that sticks to their IPO listing plans, there are countless others that push their IPO plans back considerably (I'm looking at you, Eventbrite, circa 2012).

Keep an eye on the market's reaction to Mulesoft, as it's much more representative of other potential IPO candidates (in terms of cash burn, valuation, revenue size, and growth), plus it carries much less retail awareness compared to Snap:

Strong investor appetite for Mulesoft shares (ticker: MULE) will likely encourage other unicorns to follow suit.

Source: S-1 Filing


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Phil Haslett
Founder + Head of Investments, EquityZen

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