This was not quite the banner year for tech initial public offerings that private investors had hoped for. All told, 49 tech companies went public in 2019, raising $25.7 billion. That compared with 54 IPOs raising a total of $20.8 billion last year, according to Dealogic. But while the overall amount raised was higher, several high-profile IPOs haven’t performed anywhere near as well as expected.
Both Uber and Lyft are trading about 34% below their IPO prices, while Pinterest stock has fallen to 4% below its IPO price after initially trading much higher. There were a few bright spots in 2019, notably enterprise software firms Zoom Video, still trading 83% above its IPO price, and CrowdStrike, trading 42% above its IPO price, even though both have fallen from their highs. Their performance reflects investor confidence in the enterprise software business.