The business contact and information database firm brought in US$934.5 million in its IPO as the stock opened at US$40 after pricing at US$21. (Reuters)
Talking point: Markets have reacted well to new listings this week—Warner Music Group climbed 20.5 per cent on Wednesday, its first trading day. That follows a pandemic-induced lull in IPOs. The private tech companies that do go public may be smaller than anticipated. In September 2019, Airbnb said it planned to “become a publicly traded company during 2020”; in April, the short-term-rental company raised US$2 billion in extra funding as the outbreak challenged its listing prospects. In Canada, Emerge Commerce will soon hit the TSX Venture Exchange via reverse takeover. But investment bankers told The Logic the Canadian markets are likely to see smaller tech offerings over the next few quarters, as big firms hold off.