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On the Road to Recap:

abovethecrowd.com

Many have noted that the aggregate shareholder value created by all of the Unicorns will vastly overshadow the losses from the inevitable failed unicorns. A high performing, high-growth SAAS company that may have been worth 10 or more times revenue was suddenly worth 4-7 times revenue. Entrepreneurs/Founders/CEOs.

IPO 40
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Customers Love Free Stuff … But That’s Not Your Problem

abovethecrowd.com

Also, take a look at this critically important data point , also aggregated by Professor Jay Ritter. He then argues Squarespace, as a result of choosing a Direct Listing, ended up with a valuation multiple of 6.7X, which he says compares unfavorably to its public peer $WIX (which has an 8X forward revenue multiple).

IPO 82