The IPO market performed well last year despite the coronavirus pandemic slowing financial markets worldwide. The momentum continued this year, with Q2 being the busiest quarter since 2000. According to data from Renaissance Capital, 113 companies held their IPO in Q2, raising about $39.9 billion. The IPOs gave an average return of 32% in the second quarter, compared to 13.5% in Q1. Further, the data showed that the IPO boom was primarily driven by traditional IPOs, while SPAC debuts were significantly down from the prior quarter. Let’s take a look at the ten biggest IPOs in Q2 2021.
Ten Biggest IPOs In Q2 2021
We have considered IPOs whose first day of trading was in Q2 2021. We have ranked the ten biggest IPOs in Q2 2021 on the basis of their IPO valuation.
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SoFi ($8.65 billion)
This finance company went public on June 1 after merging with one of Chamath Palihipitiya’s SPACs. On its Nasdaq debut, the company's shares jumped about 12%. Founded in 2011, this company offers a range of lending and wealth management services. Shares of the company are currently trading at over $19. It has its headquarters in San Francisco, Calif.
Compass ($8 billion)
This real estate technology company went public on Apr. 1 and raised about $450 million through its IPO. At the end of its first trading week, the company's shares closed at $21.90, up from the IPO price of $18. Founded in 2012, this company offers an online platform for buying, renting and selling real estate assets. It has its headquarters in New York.
Confluent ($9.1 billion)
This data streaming platform, which was spun out of LinkedIn, went public on June 24. On its first trading day, the stock closed 25% above its IPO price of $36. The company raised about $828 million from the IPO. Confluent offer the enterprise version of the Kafka streaming data platform. Usually, banks, retailers, automotive firms and other enterprises use this product to gain faster insights into their business.
Procore ($9.6 billion)
This construction tech company went public on May 19, raising about $635 million. On the first trading day, shares of the company gained 31% from the IPO price of $67. Founded in 2003, this company offers cloud-based construction management software. The stock is currently trading at over $94. It is headquartered in Carpinteria, Calif.
SentinelOne ($10 billion)
This cybersecurity firm went public on June 30. On its first trading day, the company's shares closed up 20% at $42.50, from its expected range of $31 to $32 per share. Founded in Israel and now based in California, this company specializes in endpoint security. It uses machine learning to strengthen its cybersecurity products built using its Singularity platform product.
Oatly ($10 billion)
This oat maker went public on May 19. On the first trading day, the shares jumped 18% from the IPO price of $17. Oatly raised about $1.4 billion through its IPO, and its shares are currently trading at over $24. Founded in 1990, this company delivers products with maximum nutritional value and minimal environmental impact.
Marqeta ($15 billion)
This company went public on June 8. On its first trading day, its stock gained about 13%, closing at $30.52 from the IPO price of $27. However, the shares dropped in the following days and are now trading at around $28. Founded in 2010, this company offers infrastructure and tools to help companies develop and manage payment programs.
AppLovin ($28.6 billion)
This company went public on Apr. 15, but it didn’t get a good start. On its first trading day, the shares opened well below the IPO price of $80. They closed 19% below the IPO price on the first day but saw significant gains in May and June. AppLovin shares breached the IPO price last month.
UiPath ($35 billion)
Founded in Romania in 2005, this robotics and automation company went public on Apr. 21 and listed on the New York Stock Exchange. UiPath raised about $1.34 billion through the IPO. On its first trading day, UiPath’s shares closed 23% above the IPO price from the guide price of $52-$54, giving it a valuation of about $35 billion. The company reported revenue of $608 million for the last financial year.
Coinbase ($85.8 billion)
This was the most-anticipated and likely the biggest IPO of the year. Coinbase went the direct listing route and started trading on the Nasdaq on Apr. 14. Shares of the popular cryptocurrency exchange jumped by more than 70% on the first day. On the first trading day, the stock closed at $328.28 (from its reference price of $250), giving it a valuation of $85.8 billion.