The hotly anticipated IPO of Workday could help to advance Morgan Stanley’s rehabilitation in the wake of the Facebook fiasco. But given the way other recent tech deals led by the bank have been structured, it is still too soon to pass a verdict on its performance – or to tell how much long-term damage the debacle surrounding the Facebook offering will do to its business in Silicon Valley. Read more
Plenty of fast-growing private companies insist that they are keeping their heads down, refusing to be distracted by large dollar signs and resisting the urge to rush forward with an IPO. Facebook actually means it. Read more
As an unusual sort of company, Zynga comes with an unusual set of warning labels, including its dependence “on a small percentage of our players for nearly all of our revenue”, as the prospectus filed on Friday puts it. That raises an interesting and still unanswered set of questions. Read more
With all the brouhaha around social media, it’s easy to forget a sector that was meant to have had a few hot IPOs of its own by now. A company that is trying to make money by selling green slime hopes to change that. Read more
There has been no shortage of players from the private secondary markets basking in the reflected glory from the LinkedIn IPO. But by itself, one successful deal does not prove the markets are working effectively, and there are still plenty of reasons to be cautious. Read more
There’s no doubt about it: Wall Street is ready to pay up for growth. Even when compared to the heady price Microsoft has just agreed to pay for Skype, the LinkedIn deal looks rich. But this kind of growth is a rare commodity in the public market these days. Read more
Now that the first half of the year is over, it’s a good time for taking stock. These numbers pretty much tell the story of the tech financing markets:
Down 57 per cent. The value of tech IPOs and M&A in the US in the first half of 2009, compared with the same period last year (figures from Dow Jones Venture Source.) At only $2.8bn, this is back at 2003 levels. The NVCA reckons that the amount that all venture-backed companies raised from “liquidity events” fell by 53 per cent, to just under $4bn. Read more
OK, so it’s not much to write home about. But with SolarWinds opening moderately well today and OpenTable set to price imminently, there are at least some signs that things are improving. Changyou, Rosetta Stone and Digital Globe all closed up on their first trading days recently, which is the sort of performance that brings IPO investors out of hiding.
So who will be next? Read more
Only 40 venture capital funds managed to raise money in the first quarter, the sparsest showing since the third quarter of 2003, according to data released today by the National Venture Capital Assn. Of those, just 3 were funds at new firms.
The total amount of dollars dropped as well, to $4.32 bn from $7.12 bn a year earlier, although that’s still better than the fourth quarter of 2008, when investors pledged a mere $3.52 bn. Read more