2020 Tech IPO Performance: A Comprehensive Review
As the IPO cycle slows amid election season, let’s analyze how 2020’s major tech public offerings have performed post-debut. This report card evaluates valuation growth, market reception, and investor returns for the year’s most notable listings.
Methodology
Using Crunchbase’s 2020 IPO tracker as reference, we’ve graded companies based on:
- IPO pricing vs. current share price
- Valuation growth from final private round
- Market performance relative to sector benchmarks
Top Performers: The A-Rank IPOs
🏆 Snowflake (A+)
- IPO Price: $120/share
- Current Price: $250/share (108% gain)
- Key Fact: Became the largest software IPO ever, with valuation soaring past $70B
🎮 Unity (A)
- IPO Range: \(44-\)48 (raised from \(34-\)42)
- Current Price: $94.50/share (82% gain)
- Notable: Gaming engine company now valued at ~\(25B from \)6B final private valuation
🚗 Vroom (A-)
- IPO Price: $22/share
- Current Price: $49.73/share (126% gain)
- Irony: Valued at $5.9B despite razor-thin 3% gross margins
Strong Contenders: B+ to A- Grades
| Company | IPO Price | Current Price | Growth | Notable Fact |
|---|---|---|---|---|
| nCino | $31 | $80+ | 158% | Salesforce-based fintech |
| Lemonade | $29 | $65+ | 124% | Insurtech with innovative model |
| JFrog | $44 | $75 | 70% | Developer tools specialist |
| BigCommerce | $24 | $82 (peak) | 242% | Shopify compe***** |
| Palantir | $7.25* | $10 | 38% | Controversial data giant |
*Reference price for direct listing
Solid Performers: B to B+
- One Medical: \(14 → \)30 (114% gain)
- Kingsoft Cloud: \(17 → \)31 (82% gain)
- Jamf: \(26 → \)35 (35% gain)
- Asana: \(21* → \)24 (14% gain)
- ZoomInfo: \(21 → \)43 (105% gain)
Underperformers
⚠️ Casper (D)
- IPO Price: $12/share
- Current Price: ~$7/share (42% decline)
- Lesson: D2C brands face profitability challenges in public markets
Key Takeaways
- Cloud Dominance: Snowflake, JFrog, and Kingsoft Cloud highlight investor appetite for cloud infrastructure
- SaaS Success: nCino and Jamf demonstrate strong demand for enterprise software
- Profitability Paradox: Companies like Vroom and Lemonade achieved high valuations despite modest financials
- Direct Listings Work: Both Palantir and Asana showed this alternative path can succeed
“2020 proved that strong growth narratives can overcome traditional valuation metrics in today’s market.”
As we approach year-end, these IPOs set the benchmark for future tech listings. Their continued performance will test whether 2020’s valuations were justified or simply reflected unique market conditions.
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