Tech IPOs seem to be splitting into two very different tiers.
Some don't need the cash and may even do a direct listing with no capital raise, like Spotify and Slack.
Others have such huge losses that the IPO cash is acutely needed. I'd put Lyft and Uber in that bucket. WeWork of course is the poster child — it nearly collapsed after the IPO was pulled and cash from public markets wasn't forthcoming after all.
Some don't need the cash and may even do a direct listing with no capital raise, like Spotify and Slack.
Others have such huge losses that the IPO cash is acutely needed. I'd put Lyft and Uber in that bucket. WeWork of course is the poster child — it nearly collapsed after the IPO was pulled and cash from public markets wasn't forthcoming after all.