The feeding frenzy surrounding Snap’s initial public offering has died down, but IPO activity is picking up, with a handful of other tech companies setting the stage this week for their own Wall Street debuts.
San Francisco-based software startup Okta filed for a $100 million IPO on Monday, as did Yext in New York. In a show of confidence Tuesday, San Francisco-based software company MuleSoft raised the anticipated range of its offering, which is expected to price as early as Thursday. And Palo Alto-based Cloudera, which runs a data management and analytics platform, reportedly has filed confidentially for an IPO and expects to take the plunge this year.
Matt Murphy, managing director of Menlo Park-based venture capital firm Menlo Ventures, said a poor IPO market in 2016 created a backlog of public-market-ready companies that now are finally taking the plunge.
“I think a lot of companies were kind of waiting for that to sort itself out,” he said. “You’ve got a pretty large cohort of mature, enterprise (software as a service) companies with recurring revenue models that are ready to go out … and I’m sure we’re going to see quite a few other ones here.”
This small flurry of IPO activity follows Snap’s…