From one perspective, DoorDash is a bargain today. The same goes for Coinbase, UiPath, AppLovin, Oscar Health, Bumble, and Qualtrics.
Indeed, if you pick nearly any 2021 technology IPO and compare its debut price to where it trades today, you will find that the market is offering yesteryear’s standouts at a massive discount. So much of a discount that it’s hard to not wonder if at least part of the reticence of the 2022 IPO market is not predicated on macro conditions, but the more specific — dare we say microeconomic? — awful performance of the public debuts that we saw last year.
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