Has Bubble 2.0 popped so soon? With Groupon's stock now 24% below its IPO price, not to mention other highfliers like Pandora Media and Zipcar that have now lost investors money since going public, many would argue yes. Groupon shares fell 9% Monday even as the broader market soared.
But there's another, more important threshold that Groupon has yet to fall below: its last private market valuation before going public. Even at $15.24, where shares closed Monday, Groupon still fetches a market capitalization of some $10 billion, more than double the $4.8 billion valuation at which the company was able to raise money in January.
The logic that the public values these new companies at a significant premium to private markets is still leading to impressive pre-IPO valuations. Groupon rival Living Social is reportedly seeking to raise $200 million at a valuation of roughly $5 billion.
If Groupon's valuation drops below its last private funding round, however, that will signal that tech's newest darlings aren't the guaranteed money-makers that many connected investors still hope they are.
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