Hyperdrive
Tech Unicorns Rushing to Go Public Defy Sleepy Summer Season
- Monday rush included five software firms, four SPACs, others
- ‘Busiest summer, bar none,’ says Morgan Stanley’s MacNeill
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Forget merger Monday. The start to this week instead saw a flurry of companies file to go public as unicorns gallop to market, waking up what’s usually a sleepy end to the U.S. summer season.
Five software companies joined the rush: Unity Software Inc., Sumo Logic Inc., JFrog Inc., Snowflake Inc. and, filing for a direct listing instead of a traditional initial public offering, Asana Inc. All of them filed with the U.S. Securities and Exchange Commission, revealing their financial results for the first time.