Inside a red-hot year for New York tech IPOs – Crain’s New York Business

The Midtown-based marketing startup Sprinklr debuted Wednesday on the New York Stock Exchange—joining a list of a dozen city technology companies to arrive on public markets this year. 

Definitions of what is and isn’t a tech company vary, but Crain’s assembled a list of 12 newly public businesses—ranging from health insurance to dog treats—whose operations are driven by technology.

However you define it, the influence of the city’s technology industry is growing. Halfway through this year, the number of initial public offerings for technology companies based in New York has exceeded the total for the previous four years combined, according to data from professional services firm EY. That total does not include companies that have gone public through a direct listing or a special-purpose acquisition company.

A mix of factors has helped the local IPO spurt. Venture capital funding has been steadily increasing for New York-based startups in recent years. That helped build a stable of market-ready technology companies when stock values caught fire last year and the IPO market started partying like it’s 1999. 

Many New York startups that benefited offered digital services to sectors that were greatly disrupted by the pandemic and remote work.

“Startups in fintech, insurtech and proptech are offering digital services to modernize old-line industries traditionally focused in New York,” said Mark Schwartz, head of the IPO and SPAC capital markets advisory at EY.

SPACs have slowed down, but the IPO market has remained hot—with more New York companies on the way. Biometric startup Clear is expected to debut on the New York Stock Exchange next week. Warby Parker and Rent the Runway reportedly are considering going public this year.

Here is a list of New York-based technology companies to reach public markets this year, with market cap data as of midday Friday:

Sprinklr

What it does: software that helps corporations interact with customers online

HQ: 29 W. 35th St.

Debut: June 23 on New York Stock Exchange, via initial public offering

Market cap: $3.7 billion

Previous coverage:

Midtown startup Sprinklr seeks $360M in kickoff to busy summer for IPOs

5 things to know about Sprinklr, the $3B Midtown startup plotting an IPO

1stdibs

What it does: online marketplace for buyers and sellers of antiques and luxury goods

HQ: 51 Astor Place

Debut: June 10 on Nasdaq, via initial public offering

Market cap: $883 million

Previous coverage:

Luxury e-tailer 1stDibs’ shares rise in market debut

Doubleclick leader helps capitalize Covid digital shift for luxury goods

Zeta Global Holdings

What it does: cloud-based marketing software

HQ: 3 Park Ave.

Debut: June 10 on New York Stock Exchange, via initial public offering

Market cap: $1.6 billion

Latch

What it does: phone-enabled smart locks for residential and office buildings

HQ: 508 W. 26th St.

Debut: June 7 on Nasdaq, via SPAC deal

Market cap: $1.8 billion

Previous coverage:

Tishman Speyer latches onto $1B deal as Goldman warns of SPAC bubble

Smart-lock startup Latch secures funding and customers but causes concerns

Original Bark Co. (Barkbox)

What it does: subscription boxes for dogs with toys and treats

HQ: 221 Canal St.

Debut: June 2 on New York Stock Exchange, via SPAC deal

Market cap: $1.7 billion

Previous coverage:

Startups for cat and dog lovers boom during pandemic

Vimeo

What it does: video-hosting services and editing tools for businesses

HQ: 555 W. 18th St.

Debut: May 25 on Nasdaq, via spinoff from parent company IAC

Market cap: $7.4 billion

Previous coverage:

A revamped Vimeo spins off into New York’s newest public tech firm

Squarespace

What it does: website hosting and customization for businesses and consumers

HQ: 225 Varick St. 

Debut: May 20 on New York Stock Exchange, via direct listing

Market cap: $8.7 billion

Previous coverage:

Squarespace rebounding after rough public market debut

Squarespace hits $10B valuation in last funding round before IPO

UIPath

What it does: automation software for businesses

HQ: 90 Park Ave.

Debut: April 21 on New York Stock Exchange, via initial public offering

Market cap: $35 billion

Previous coverage:

UIPath IPO filing sheds light on revenue boost, pared losses

NY startups lead billion-dollar industry creating software to automate repetitive workplace tasks

Compass

What it does: residential real estate services company

HQ: 90 Fifth Ave.

Debut: April 1 on New York Stock Exchange, via initial public offering

Market Cap: $5.6 billion

Previous coverage:

SoftBank-backed Compass cuts IPO size by half

SoftBank-backed Compass files for IPO

DigitalOcean

What it does: cloud-hosting services, catered toward technology startups

HQ: 101 Sixth Ave.

Debut: March 24 on New York Stock Exchange, via initial public offering

Market cap: $5.3 billion

Previous coverage:

Startup DigitalOcean seeks $5B valuation in IPO

Olo

What it does: software for ordering food online

HQ: 1 World Trade

Debut: March 17 on New York Stock Exchange, via initial public offering

Market cap: $5.4 billion

Previous coverage:

Manhattan food-ordering company Olo seeks $300M in IPO

Grubhub competitors now on the menu

Oscar Health

What it does: tech-enabled health care insurance focused on Affordable Care Act markets

HQ: 75 Varick St.

Debut: March 3 on New York Stock Exchange, via initial public offering

Market cap: $4.7 billion

Previous coverage:

Oscar’s revenue is spiking, but it’s still losing money

Shares of insurer Oscar Health fall following $1.4B IPO