Market cap of tech companies sees steep fall since listing

The combined market capitalisation of the 50 largest tech initial public offerings (IPO) in the US since 2020 is down by nearly 59% as compared to the day they listed on the bourses, per data by market research firm CB Insights. In a report, CB Insights said the total combined market cap of the US IPOs on the day of listing was $1.086 trillion, which fell to $443.6 billion as of March 23, 2023.

This trend is not driven by a handful of companies. Data showed that of the top 20 tech IPOs in the US since 2020, 90% (18 of 20) currently trade lower than their IPO valuation, that too by a significant margin.