Dec 09 2024 3 mins
In 2024, the technology sector has seen a decline in initial public offerings (IPOs) with limited activity among tech unicorns and biotech companies. Reddit has emerged as a strong performer with a 332% increase in shares since its March IPO, reaching a market cap of around $26 billion. Astera Labs also performed well, with shares up 214%. Other notable successes include Life360, Rubrik, and Serve Robotics. In contrast, Webtoon Entertainment has lost about one-third of its value, Gauzy’s shares have declined by approximately 50%, and Ibotta is down around 17%. In biotech, CG Oncology's stock increased by 90% due to positive trial results, while Ceribell's shares rose 70%. However, Metagenomi has faced an 80% drop, FibroBiologics lost over two-thirds of its value, and Fractyl Health has also seen declines exceeding 80%. Overall, 56% of the 168 companies that debuted in 2024 trade above their initial prices, with an aggregate total return of about 8%, falling short compared to the 35% rise in the Nasdaq Composite Index.
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