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With Zscaler and Spotify set to lead the charge in tech IPOs this year, we take a look at some historical metrics that can help put S-1 numbers in context (S-1s, or F-1s for foreign issuers, are the documents that companies must file prior to public listings). To this end, we looked at historical metrics for past software IPOs immediately prior to and up through the IPO year. We limit our short analysis to software to minimize variances in the data due to industry mix in any particular IPO vintage (e.g. VC-backed retail companies and software companies can have wildly different margins). Note that software companies do generally form the bulk of VC-backed IPOs anyway.
Some quick observations from our data:
Source: Ycharts, EquityZen Securities
Please note several limitations in our data set currently. Notably, financial metrics were not readily available for some companies historically. Further, our historical measurements include IPO year results when many IPOs take place before these are available. This was the quickest - albeit far from perfect - way to attempt to capture the financial outlook for the company as they entered into IPO (which factors heavily into valuation and IPO-readiness).
Other items we are reading:
Finance & Research Lead, EquityZen
DoorDash - SoftBank leads Series D round for restaurant delivery service DoorDash
Collective Health - Collective Health nabs $110 million in funding
Inscripta, Inc - Startup making Cas9 proxy for gene editing gets $55M to develop tools/software
Degreed - Degreed gets $42M to help build a tool to help employees learn the right skills
Justworks - Justworks Secures $40 Million in Series D Funding to Expand High-Touch HR Tech Offering to Entrepreneurs
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