The Biggest IPOs Of 2021 Have Shed 60% Of Their Value

In normal times, going public at a valuation of over $10 billion is both a rare occurrence and a very big deal.

In 2021, however, such enormous IPOs became rather common, even for money-losing startups.

More than 20 global companies made debuts on the and that year at initial valuations above $10 billion. The list included some of the buzziest names in tech and the app economy: ride-hailing platform , EV maker , Southeast Asian 鈥渟uperapp鈥� , and crypto platform .

Valuations reached nosebleed altitudes. Per data, the initial valuations of that went public in 2021 on the two largest U.S. exchanges collectively exceeded a trillion dollars. Startups 1 delivered some of the biggest debuts.

Since then, these buzzy names have also posted some of the largest post-peak declines. To illustrate, we used data to assemble a curated list of the largest offerings of 2021, comparing initial valuation to present one:

Big decline

Overall, valuations of the selected largest startup offerings of 2021 are down 60% from their initial level. But as a group, post-debut performance has been quite mixed.

On the positive side, , an Internet of Things data platform provider, stands out as a star performer. Its shares are actually worth more today than they were when the company went public in December 2021.

Brazilian digital banking provider has also done comparatively well, being down only about 10% from its valuation post-offering.

Others are in much worse shape.

In terms of billions in market cap loss, Didi stands out for having shed $56.5 billion from its public valuation. The company also from the NYSE last year. Rivian is a not-too-distant second, having given up $48.1 billion in market cap since its November 2021 IPO.

As for percentage declines, the worst on our list is health insurer , which has shed more than 99% of its value since its June 2021 IPO. , a China-based IoT technology platform that co-listed in Hong Kong, has also performed poorly, with shares down over 92% from IPO day.

No wonder investors aren鈥檛 excited about IPOs

The poor aftermarket performance of the Class of 2021 IPOs may be one factor that鈥檚 prevented us from seeing a resurgence in new startup debuts.

Even though the big IPOs of recent months, including , and , involved profitable companies at post-bubble valuations, investor appetite remains muted. Currently, all three are trading well below their peak first-day prices.

Meanwhile, there remains a considerable backlog of still-private unicorns contemplating a market debut should conditions improve. Perhaps if some of these boom-era offerings recover, that鈥檇 go a long way toward re-opening the window.