The easy availability of investor cash has allowed many technology companies to delay listing on public markets but caused a surge in trading of a different kind: in the private shares of unlisted companies.
For US venture-backed tech companies, the private market has outstripped the public market when it comes to raising capital this year. So far they have raised just $600m through initial public offerings, and 35 times as much — or $20bn — through private offerings, also known as “private IPOs”, according to CB Insights.
This boom in private primary offerings has translated into demand for secondary trading platforms from companies, their employees and investors.
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