Yeup, no shortage of tech IPOs over the past five years that are now valued at like 5% of what they were after being dumped onto the market: ZoomInfo, Bumble, Gemini

And many more that are 50% of what they were: Snowflake, Coinbase

And many more that went back to private companies and then were sold off: Carbon Black, etc...

I'm actually too lazy to go list out all of them.

But employees, beware, of those gnarly lockup periods post IPO where all the better classed options than yours get to exit.

Coinbase wasn't an IPO, they didn't create any new shares to sell as part of going public. They did a DPO, Direct Public Offering where they listed the existing private shares publicly and allowed most shareholders to sell immediately from day one. It was a great way to make the founders rich, VC to cash out their initial investment, and... well mostly just that.

... still, "on average" IPOs tend to make money, no? that's why people (fight to be able) to buy them.

this gives a nice comfy exit to many late-stage investors, etc.

and, of course, it's hard to say that it's great that these companies are mere shadows of themselves post-IPO, but also it's impossible to non-misleadingly assess each IPO as if they were in a vacuum.

obviously Coinbase is/was a stupid venture, but at the same time it was a pretty good bet at the time. and the same stands for a lot of these.

Maybe snowflake was a bad example considering that stock is up 36 percent today haha