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The IPO Glut of 2020: Why Valuations Have Gone Too Far
There is an outsized risk with Snowflake, AirBnB, DoorDash and Roblox’s IPOs showing an extreme increase in valuation since the last private funding round that will be hard for the public markets to absorb. I dug up some comparative research between 2019 IPOs and 2020 IPOs and describe this outsized risk, which is 10-fold from the IPO class of 2019.