California Faces Loss of IPO Crown as Tech Startup Plans Stymied
- Share of US offerings falls to 2% this year from 39% in 2021
- Massachusetts set to top Golden State in listings and volume
Instacart Inc. and Stripe Inc. are among the California-based startups that have cut their valuations this year.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
California has been generating the most initial public offerings of any US state every year since 2003. That streak could end this year unless the Golden State picks up the pace.
Only nine companies headquartered in California went public during the first three quarters of 2022, compared with 81 that launched IPOs during the same period last year, according to a Bloomberg News analysis. Even more dramatically, California’s share of US IPO proceeds fell to 2% through Sept. 30, compared with 39% for 2021.