By Aaron Pressman
October 12, 2017

Aaron in Adam for today. In a year that was originally expected to see some big tech names like Uber or Airbnb go public, 2017 has been a bit of a bust—with the exception of Snap. Unfortunately, the popular messaging service has been trading below the $17 price from its March initial public offering for many months now.

But the action is picking up this fall. Plenty of small and medium size tech companies need to raise capital, given how few have gone public the past few years. And with the stock market hitting new records daily and IPOs in other sectors performing well, investors are eager to take a risk or two on a new tech stock. Now, after the solid debuts from Internet video box maker Roku and data center operator Switch, voilà, the IPO window is open again for tech.

Last night, online auto marketplace CarGurus priced 9.4 million shares at $16, above the targeted range of $13 to $15. It will start trading later on Thursday under the symbol CARG. In a much smaller deal, Restoration Robotics set 3.6 million shares at $7 to raise capital for its automated hair transplant surgery technology. It shouldn’t be hard to remember their business aim: the symbol is HAIR.

On tap next, according to the IPO gurus at Renaissance Capital, are deals for Chinese e-commerce lender Qudian, Asian online gaming platform Sea, open source software vendor MongoDB, music streaming service LiveXLive Media, and online motorcycle market RumbleOn. Maybe if enough of those small deals succeed, the truly big names will venture forth in 2018.

Aaron Pressman


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