Snowflake Headlines a Week of Red Hot IPOs

Unity Software popped, JFrog jumped, and Snowflake made history

Going public via blank check companies (SPACs) has been the Wall Street craze of the summer, but don’t forget about good ol’ IPOs—they’re having a better year than even bike shorts. Here’s the highlight reel from last week’s public offerings. 

Unity Software: The company whose videogame engine has been used to make mega-popular games Fall Guys and Pokémon Go went public yesterday, closing up 31%. Unity’s IPO was unconventional—it used a data-centered approach to price its shares instead of relying on bankers.

JFrog: The Israel-based software company (ticker: FROG) jumped 62% after opening on Thursday. 

Snowflake: On Wednesday, the enterprise data analytics firm backed by Warren Buffett became the biggest software IPO in history. It’s now worth $66 billion. 

Bottom line: If it smells like the 1999 dot-com boom in here, Jay Ritter, a finance professor at the University of Florida, has the data to prove your nose correct—the average first-day returns of all IPOs this quarter is higher than any calendar year’s average since…1999.

Via Morning Brew

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