In 2015, the share of high-tech companies that entered IPOs fell to the level of 2008

    The research company Renaissance Capital estimates that only 11% of all IPOs in 2015 came from companies in the high-tech sector. In 2008, the share of such companies fell even lower - up to 10%. After 2008, this figure did not fall so low. Renaissance Capital also believes that the market as a whole does not show interest in what venture capitalists are trying to sell.

    Today, more than 117 private companies have valuations above $ 1 billion. During the year there were twice as many such companies. But even if these estimates are not supported on the American market, investing by investors becomes unprofitable. This sad prospect complicates the relationship between private companies and investors. "The assumptions of venture capitalists that these fast-growing private companies can be sold 10 or 20 times more expensive are not confirmed in current public markets," says Paul Bard, director of research at Renaissance.

    But some startups do not intentionally go public. Their business is already growing rapidly, attracting even state investors. For example, online taxi service UberTechnologies predicts a 400% increase in its revenue this year, and Airbnb ’s rental service is expected to grow by 200%. Uber has attracted investments worth more than $ 5 billion. Investors, including Microsoft, valued the company at about $ 51 billion.

    “In the public market, time horizons are now as small as ever, and in the private market they are as wide as never before,” said venture investor Mark Andrissen. He notes that private investors are now looking to the longer term, giving startups more time to develop. Some companies postpone IPOs, as they simply do not want to burden themselves with problems of relations with investors and regulators. They are quite comfortable in the status of private firms.

    The most favorable for IPO are periods of stability in the market. Megamind wrote that investors around the world began to fear for a further drop in technology stocks, which was also due to a slowdown in China, a manufacturer of at least 30% of global electronics and components. In addition to a drop in demand, a drop in quotes revealed a widening gap between the valuations of private technology companies and the situation on the open (public) stock market, which increases the chances of lower valuations for a group of highly valued companies (the so-called “unicorns” - companies with more than a billion , in dollars, valuation).

    Quotes of the Chinese company Alibaba in August fell below the level at the time of the IPO, and over the year they fell by 39.1%. Twitter Promotionssince the beginning of the year, they have lost 23% in price, almost equal to the initial value. Box shares are listed below the level at the time of the IPO . In general, IT-companies, which became public in 2015, quotations fell by 15% relative to the closing price on the first day after the initial placement, transfer "Sheets" with reference to The Wall Street Journal.

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