After the carnage in stock markets these past few months, you can’t really blame tech executives for rethinking the value of going public. Consider this: The median tech initial public offering since the start of 2020 has dropped 39% from the offering price.

But another statistic may be more surprising. The median tech IPO from 2019 is up roughly 38%, even after big sell-offs in the past 12 months, according to The Information’s analysis of data provided by Dealogic based on Friday’s closing prices. That demonstrates just how much lower valuations were in 2019, before the pandemic sent the market soaring to stratospheric levels.