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Pop business for the intelligent reader. A publication from Medium.

New Rules Of Ipo

In Marker. More on Medium.


The CEO and executives of a $2 billion company candidly recount how it happened — from roadshow to opening day

This story is part of The New Rules of the IPO, a multi-part special report.
Illustrations: James Clapham

It was one of the most hotly awaited IPOs of 2017. Redfin, a Seattle-based real estate site, took off after hiring agents and cutting way down on their fees through technology like map-based searches, house-tour booking, and tracking of the closing process. In 2005, CEO Glenn Kelman joined the company, and once it survived — barely — the 2008 housing downturn and recession, the will-they-or-won’t-they debate around an IPO began.

By 2016, when Redfin earned $267 million in revenue, leadership thought the…


A large book titled “Recipes for Going Public,” a chef blowing a kiss, and a pot of dollar bills and unicorn horns.
A large book titled “Recipes for Going Public,” a chef blowing a kiss, and a pot of dollar bills and unicorn horns.

Dutch auctions? Reverse mergers? Direct listings? The pros and cons of IPO alternatives.

This story is part of The New Rules of the IPO, a multi-part special report.
Illustrations: James Clapham

A graveyard of hyped unicorns has some companies canceling or postponing their IPOs and considering other alternatives for raising money and getting that coveted ticker symbol. Here are the other routes companies are taking to go public — and how they stack up to a traditional IPO.

IPO

First, let’s look at the Wall Street status quo. An IPO is how virtually every big publicly traded company gets on stock exchanges like the New York Stock Exchange (NYSE) and the National Association of…


A GIF of several characters holding up company logos such as Stripe, Instacart, Asana, Airbnb, and Oscar for a 2020 IPO.
A GIF of several characters holding up company logos such as Stripe, Instacart, Asana, Airbnb, and Oscar for a 2020 IPO.

Nearly 200 companies are expected to go public in 2020. Here are the ones to watch.

This story is part of The New Rules of the IPO, a multi-part special report.
Illustrations: James Clapham

Last year, 159 companies made initial public offerings in the U.S. — a decent number, though hardly a spectacular one. If 2019 public offerings had a theme, it was the year of the disappointing unicorn. Uber and Lyft both went public, and both now trade well below their offering price. Even more notoriously, WeWork scuttled its IPO plans completely — a rather drastic comedown from an offering that would have valued the company at $48 billion.


Founders, companies, and investors are rebelling against the investment banks — and taking matters into their own hands

This story is part of The New Rules of the IPO, a multi-part special report.
Illustrations: James Clapham

By all accounts, 2019 was a terrific year for the stock market, with the Dow Jones Industrial Average rising by more than 22% and the S&P 500 up nearly 29%. But even as a broad range of businesses fared well in 2019, one specific category proved to be a decidedly mixed bag, and it was a surprising one at that: companies that were on the verge of going public.

Though the Renaissance IPO Index ended the year up 35%, beating the broader…


Can a new stock exchange backed by the Bay Area’s most powerful players take on the NYSE and Nasdaq?

This story is part of The New Rules of the IPO, a multi-part special report.
Illustrations: James Clapham

On a drizzly San Francisco day in December, Eric Ries is stationed inside the Succession-worthy offices of Orrick, Herrington & Sutcliffe. Here, at the billion-dollar law firm — whose clients include Oracle, Microsoft, Intel, Cisco, Pinterest, and Stripe — guys dressed VC chic in V-neck cashmere sweaters and soft loafers shush across carpeted floors. It’s a frictionless world, all potential irritants engineered away. If you want to be where it happens in Bay Area tech, this is a good place to start.

Marker

Pop business for the intelligent reader. A publication from Medium.

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