Tech IPOs: Technology company Affirm, Airbnb, C3.ai, Roblox, Wish file for IPO

  • 14th Jan'21
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The wait was long, but finally, it is over as Technology company Affirm, Airbnb, C3.ai, Roblox, Wish filed their S-1. Form S-1 is the initial Securities and Exchange Commission (SEC) registration form used by companies that are planning on going public to register their securities with the U.S. SEC.

Amidst the ongoing pandemic and political turmoil, 2020 has been a supreme year for tech IPOs and now, before this year ends, we are ready to see these five prices on public markets.

For many years, most of these companies were functioning under privately-funded growth strategies. Seeing the growth in the tech IPO, soon we will witness even more spread of tech companies going public in the coming years.

 

MUST-READ: Mrs. Bectors Food gets Sebi's go-ahead to float Rs 550-cr IPO

 

Affirm to go public

A consumer finance business founded by PayPal mafia member Max Levchin, Affirm filed to go public on November 18, 2020. Affirm, which distributes personalized loans on an installment basis to consumers at the point of sale, is having a tempting combination of rapidly expanding revenues and slimming losses, as per the company’s financial result.

In the 2019 fiscal year, Affirm lost $120.5 million on a fully-loaded basis (GAAP). That loss was slightly less in fiscal 2020 and it was recorded around $112.6 million. Affirm’s fiscal year starts on July 1, which allows the company to capture the U.S. end-of-year holiday season in its figures.

Also, keeping its pattern of rising revenues and falling losses, in the three-month period that ended on September 30, 2020, Affirm’s revenue totaled $174.0 million, up 98% compared to the year-ago quarter. Thanks to the pandemic boosting e-commerce, the company’s revenue growth accelerated in 2020.

 

Roblox IPO filing

Among many tech companies going public this year, Roblox, an online game platform and game creation system that allows users to program games and play games created by other users also filed to go public this year. Read the details here.

 

Airbnb files to go public

Airbnb is an online community marketplace for people to list, discover, and book accommodations. When the lockdown was imposed, travel was one of the businesses which collapsed badly resulting in the falling of hotel and restaurant bookings.

The company announced that it had filed for an IPO on August 19, 2020. The company was privately valued at $31 billion, and to be listed as a public company, it is projected a targeted evaluation of between $30 and $33 billion.

Source: Fortune

In the first quarter of 2020, the revenue of Airbnb was $842 million, and it recorded a loss of $341 million. And in the second quarter, the revenue fell to $335 million, and a loss of $400 million was recorded.

 

Period

First Quarter 2020

Second Quarter 2020

Revenue

$842 million

$335 million

Adjusted loss

$341 million

$400 million

 

Airbnb Increases its IPO Price Range

Targeting a $42 billion valuation, recently Airbnb has increased its IPO price range. There is an increase in the price range of between $56 and $60 per share from $44 to $50. The Wall Street Journal was the first to report the increase in the price range. Airbnb will be selling 50 million shares of Class A common stock, and some of the company’s stockholders will be selling shares as well. Read more.

 

With 100 million monthly actives, Wish files to go public

Global pandemic and Covid-19 has changed consumer behaviour worldwide, blistering e-commerce businesses as going to the stores has become more dangerous. Joining Affirm, Airbnb, and Roblox, Wish, a well-known mobile e-commerce startup, also filed to go public.

In 2019, Wish’s revenue growth slowed, but quickly expanded much more quickly in 2020. In 2017, the company saw revenues of $1.10 billion, and in 2018 it was $1.73 billion, it grew 57%. But if we see its revenue growth from 2018 to 2019, it only grew to $1.90 billion, up a far-smaller 10%.

In the first 3 months of 2020, Wish managed to grow quickly as the digital retailer situation has improved. The company’s revenues racked up to $1.33 billion in the first nine months of 2019. Also, its top line grew to $1.75 billion in the same time period of 2020.

Source: MarketWatch

But this accelerated growth of the company resulted in rising losses. And Wish posted a net loss of just $5 million during the first three quarters of 2019, before some preferred stock costs pushed its total deficit to $12 million. In the same period of 2020, Wish lost a far steeper $176 million.

 

C3.ai filed for IPO

A leading enterprise AI software provider for accelerating digital transformation, C3.ai announced its IPO pricing of 15,500,000 shares of its Class A common stock for $42.00 per share. According to its S-1, the net loss of the company for the fiscal year 2019 was around $33.3 million. Read the details of the IPO.

 

Biggest tech IPOs of 2020

We have witnessed a myriad of incidents in 2020, and amidst this global pandemic, several tech companies filed to go public. Have a look at the biggest tech IPOs of 2020.

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer our other blogs.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Jyotshana Rani, OpenGrowth Content Team

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.


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