Why We Should Ignore Tech IPOs

Another January, another wave of predictions that this will be the year the tech IPO floodgates open.

Dropbox kicked off the latest cycle, filing paperwork confidentially with the Securities and Exchange Commission last year, I am told. The news held until Thursday when Bloomberg reported the company had filed.

But rather than a make-or-break moment, ringing the opening bell will soon signify that a company is joining the ranks of maturing tech companies that are going public because they are out of ways to give their employees and investors liquidity (and having a publicly priced stock for acquisitions would be nice). With that it mind, it’s no wonder companies aren’t in a rush.

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The flood of private tech capital has made the IPO more about liquidity than financing, giving employees and early investors a chance to sell their shares.