Last week, Intelligize published The Unicorn IPO Report, which analyzes IPOs from 2016 through 2018. In 2016, the report notes that the AppDynamics IPO was days away from completion prior to its acquisition by Cisco for $3.7 billion. There were 13 unicorn IPOs in 2017 and 20 in 2018. Despite the increase in number of deals in 2018, the size of the Snap IPO ($3.4 billion) in 2017 skewed the average offering size for 2017 IPOs.
From 2016 through 2018, the ten largest unicorn IPOs were as follows: Snap Inc. ($3.4 billion), Dropbox Inc. ($756 million), DocuSign Inc. ($629.3 million), Moderna Inc. ($604.3 million), Switch Inc. ($531.3 million), Allogene Therapeutics Inc. ($324 million), Pluralsight Inc. ($310.5 million), Blue Apron Holdings Inc. ($300 million), Bloom Energy Corp. ($270 million), and Anaplan Inc. ($263.5 million). The report provides statistics on the underwriting fees for unicorn IPOs; a 7% fee remained the norm for all but seven offerings. This is interesting given that an SEC Commissioner’s comments on underwriting fees has raised concern and interest among legislators that smaller and medium-sized companies were paying higher fees.
About 30% of the unicorn IPO issuers had multi-class share structures.
The survey also reports on governance and other trends.