In all of 2018, 233 companies went public, according to research company IPOScoop.com. They raised a collective $54 billion. This year was meant to eclipse that, with unicorns—startups valued north of a billion dollars—expected to steal the show.
Of all these initial public offerings (IPOs), ride-hailing app Uber was supposed to be the definitive IPO listing of our time. With valuation targets ranging from $120 billion to $200 billion, Uber’s market capitalisation numbers were touted to be as large as its influence in pioneering the “gig economy” model.
Instead, Uber’s IPO turned out to be one of the worst-performing IPOs of all time.