On the morning of its IPO, September 16, in the United States, the company Snowflake, a specialist in data processing in the cloud, was worth a little more than $ 30 billion. At the end of the first session, its valuation had doubled, and barely more than three months later it has now tripled, reaching 94 billion.
On its own, the company founded eight years ago in Silicon Valley by two French people symbolizes the ever more insatiable appetite of the American stock markets for technological stocks – and their resistance to the health crisis. A number symbolizes this frenzy. 2020 has seen three of the ten biggest IPOs ever known in the United States for technology companies.
In three months, Snowflake, Airbnb and DoorDash came to take respectively the 5e, 6e, 7e places in this ranking, relegating companies like Twitter and Lyft behind them. Other star companies in Silicon Valley have also made the choice, with success, to go for listing, such as Palantir, a specialist in mass data processing, which saw the price of its share quadruple. since September 30.
Tech is benefiting from a global movement towards the stock market. According to Stock Analysis, 420 introductions were launched on the US stock markets in early December, 88% more than in 2019 at the same time. Nearly $ 145 billion were raised on the stock market this year, a record over the past twenty-five years, according to Dealogic.
Regarding technology companies, this enthusiasm may seem paradoxical, given the results that had been drawn in 2019. That year, the abandonment by WeWork, the specialist in shared offices, of its IPO project had marked the spirits . Other IPOs had been disappointing, like those of the major players in chauffeured transport such as Uber or Lyft. A way of sanctioning the logic of these companies which favor growth over profits.
In early 2020, with the Covid-19 pandemic, introductions were also slowed down. Airbnb, which was ready to launch in April, had to resolve to postpone its entry into New York. The Californian start-up then preferred to raise $ 1 billion from private funds, then revising its valuation downwards to “only” $ 26 billion, against about 40 billion at the end of 2019.
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