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PitchBook Analyst Note: Searching for Validation

1Q 2019

PitchBook Analyst Note: Searching for Validation

March 20, 2019

PitchBook Analyst Note: Searching for Validation
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Venture Analyst Cameron Stanfill takes a look at how billion-dollar companies fare after their IPOs, and what affects their public market performance.

This analyst note explores valuation step-ups at exit and public market returns for venture-backed IPOs over $1 billion. Overall valuation exit step-ups tell a very positive story, remaining over 1.8x since 2010, while public market performance of the IPOs in the sample has been mixed. This data also clearly illustrates the value captured through the IPO pop as it drives the returns for the sample much higher.