European tech firms seek to share in US IPO bonanza

Some of Europe’s tech companies are preparing to speed up listing plans early next year to grab some of the billions of dollars of investor cash that has already fuelled a record-breaking run of tech IPOs in the United States this year.

Tech sector valuations, already red hot prior to the Covid-19 pandemic, have hit eye-popping levels as investors bet that trends such as online shopping and food delivery will outlast the crisis.

The United States has attracted most of the listing action, with a record $81 billion of initial public offering (IPO) proceeds this year so far, based on Refinitiv data.

Shares in food delivery startup DoorDash Inc and home rental firm AirBnB surged between 70% and 115% on their first day of trading in New York last week.