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