As markets on both sides of the Atlantic hit fresh highs, boosted by hopes of an economic rebound from the crisis inflicted by the pandemic, tech companies are choosing their moment and queuing up to make their stock market debuts.
The first three months of the year are traditionally a quiet period for initial public offerings (IPOs), but in 2021 its was the busiest quarter for listings in the past 20 years, according to accountancy firm EY – and tech companies dominated.
The trend has continued in recent weeks, with tech firms boasting a combined valuation of more than $150bn (£108bn) announcing plans to float, clearly not put off by Deliveroo’s “flopperoo”, when the food delivery firm’s shares tanked on their market debut last month.
More encouraging for firms was Coinbase’s blockbuster float on the Nasdaq last week. Shares in the US’s largest cryptocurrency exchange rose 58% at the start of trading, valuing the company at about $100bn.
While the flurry of recent and planned IPOs has been dominated by the US, the UK…