2021 was the strongest year for tech, media, and telecom (TMT) IPOs since 2018 with $237 billion of IPO proceeds raised. 2021 was a record year for billion-dollar TMT IPOs, with 53 in total. Established themes like e-commerce, mobile, fintech, and cloud have seen the most successful IPOs over the last four years. Cloud, fintech, cybersecurity, mobile, and gaming IPOs have generated the highest investor returns in the TMT market since 20 18. The US was the biggest market for TMT IPOs in the last four years, generating over half of the total proceeds.
Between 2018 and 2021, there were 1,335 TMT IPOs globally. These TMT companies raised total proceeds of $470 billion in their listings. 2021 was the strongest IPO year for TMT companies since 2018. The number of TMT IPOs in the US doubled in 2021 but fell in China due to the regulatory crackdown. Chinese companies are abandoning US listings and returning home amid tensions with the US. The non-traditional routes to IPO SPAC combination IPOs and direct listings remain popular among TMT companies. The TMT IPO pipeline for 2022 looks crowded; e-commerce and fintech will remain the biggest themes driving TMT IPOs in 2022.
What are the market dynamics in the TMT IPO themes?
Established themes have seen the most successful IPOs between 2018 and 2021. Ecommerce has been the strongest theme driving TMT IPOs since 2018. It is followed by mobile, fintech, and cloud. Cutting-edge technologies like electric vehicles, digital media, health tech, Internet of Things (IoT), gaming, artificial intelligence (AI), and cybersecurity have been moderately successful in raising capital. By contrast, we have only just started seeing listings of early-stage technologies like blockchain, quantum computing, metaverse, and space economy.
Cloud and fintech IPOs generated the highest investor returns TMT IPO market between January 1, 2018, and January 10, 2022. The most lucrative themes for investors in TMT IPOs over the last four years were a cloud, fintech, cybersecurity, mobile, and gaming. By contrast, the early-stage themes metaverse, edtech, blockchain, 3D printing, and quantum computing generated the worst investor returns. By IPO proceeds, the US is also the biggest TMT IPO market over the last four years. Ecommerce and fintech saw the most successful listings between 2018 and 2021. We will continue to see more IPOs in these themes.
What are the different themes of the TMT IPOs?
The themes include cloud, fintech, cybersecurity, mobile, gaming, e-commerce, digital media, batteries, future of work, internet of things, big data, autonomous vehicles, electric vehicles, health tech, robotics, industrial automation, internet TV, AI, social media, space economy, advanced materials, metaverse, edtech, blockchain, 3D printing, and quantum computing. Cloud and fintech IPOs generated the highest investor returns. IPOs involving cybersecurity, mobile, and gaming also generated high investor returns. The most lucrative themes for investors in TMT IPOs over the last four years were a cloud, fintech, cybersecurity, mobile, and gaming. By contrast, the early-stage themes metaverse, edtech, blockchain, 3D printing, and quantum computing generated the worst investor returns.
TMT themes that generated the best IPO returns since 2018
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What is the geographic distribution of TMT IPOs?
In volume terms, the US is the biggest TMT IPO market over the last four years. When compared to 2020, TMT IPOs in the US have doubled in 2021. Whereas the number of TMT IPOs in China fell from 2020 to 2021. TMT IPO proceeds in the US accounted for more than 50% of total proceeds. By IPO proceeds, the US emerged even stronger in 2021 IPOs. On the other hand, the pace of listings in China slowed down in 2021 due to a regulatory crackdown. The number of TMT IPOs in China has decreased by more than 30% in 2021 when compared to 2020. Newly imposed rules require Chinese companies to comply with a set of national laws and regulations and ensure data security. In August 2021, China banned edtech companies from raising funds from foreign investors. Moreover, the sudden halt of Ant Group’s IPO in November 2020 is still impacting sentiment in fintech.
Number of TMT IPOs by geographies
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Market report scope
|Key themes||Cloud, fintech, cybersecurity, mobile, gaming, e-commerce, digital media, batteries, future of work, internet of things, big data, autonomous vehicles, electric vehicles, health tech, robotics, industrial automation, internet tv, AI, social media, space economy, advanced materials, metaverse, edtech, blockchain, 3D printing, and quantum computing|
|Companies covered||aCommerce, ADT, Advantage Solutions, Afiniti, Airbnb, Airtel Africa PLC, Alibaba Group Holding, Alight Solutions, Allego, Allegro, Allfunds, Alphawave IP Group, American Well (Amwell), Amplitude, Appier, AppLovin, Arrival, Arteria, Asana, Babylon Healthcare, Baidu, Better.com, BigBear.ai, Bilibili, BlackSky, Bukalapak, Bullish, Byju’s, ByteDance, C3.ai, Cambricon Technologies, Change Healthcare, Cherry, Chime, China Mobile, China Railway Signal & Communication, China Resources Microelectronics, China Telecom, China Tower Corp Ltd, Circle Internet, Cloudwalk, Clover health, Coinbase Global, Core Scientific, Coupang, Cybereason, Databricks, DataRobot, Dave, Delhivery, Didi Chuxing, DoorDash, DouYu International Holdings Ltd, Doximity, Draftkings, Droom, Dropbox, E2Open, Endeavor, eToro Group, Everdisplay optronics, Evolv Technology, Faraday Future, FinAccel, Fisker, Flipkart, Foxconn Industrial Internet Co Ltd, Freee, Freshworks, Getty Images, GlobalFoundries, Good doctor (Ping An Healthcare And Technology Co Ltd), GoodRx, Grab, Graphcore, Griid, Hashicorp, Hensoldt, Hinge Health, Horizon Robotics, Huuuge Games, Informatica, Inpost, Instacart, Iqiyi, ironSource, JD Health, JD Logistics, JD.com, Justworks, Kakao Pay, KE Holdings, Klarna, KORE Wireless, Krafton, Kraken, Kredivo, Kuaishou, Lalamove, Li Auto, Lime, LinkDoc, Lordstown Motors, Lucid Motors, Lufax, Megvii, Meituan Dianping, Mercari, Mitratel, Mobileye, Multiplan, N26, NetEase, Network International Holdings, Nikola, Nio, Noom, Nubank, Nuix, Ola Cabs, One Career, One97 Communications, OneConnect, Oscar Health, Oyo Rooms, Pagaya Technologies, Pagseguro, Palantir, Paysafe, Pexa, Pharmeasy, Pinduoduo, Pine Labs, Playtika, Plus Alpha Consulting, PlusAI, Polestar, Qualtrics International, QuantumScape, Rappi, Reddit, Rivian, Robinhood, Roblox, Safie, Samsara, Sansan, SciPlay corp, SES, SGHC (Super Group), SK Technology, Skillz, Slack Technologies, SmartRent, SmileDirectClub, Snapdeal, Snowflake, SoFi, SoftBank Corp, Solutions by STC, Sportradar, Spotify, Squarespace, Stem, Suse, Swiggy, Symbiotic, Syniverse Technologies, Taboola, Teamviewer, TELUS International, Tencent Music Entertainment Group, The Hut Group, Toast, TPG, Tracxn, TransferWise, Tuya, Uber Technologies, UiPath, UMG, Unity Software, Vantage Towers, Via, View, Virgin Orbit, Visional, Vivint, Warby Parker, Warner Music Group Corp., WeDoctor, Weibo, Xiaomi Corp, Ximalaya, XPeng, Yitu Technology, ZipRecruiter, Zomato, and ZoomInfo|
Our research identified the themes that generated the highest investor returns in the TMT IPO market between January 1, 2018, and January 10, 2022. To do this, we calculated the capital gain an IPO investor would have made by holding the shares from the IPO date until January 10, 2022. The most lucrative themes for investors in TMT IPOs over the last four years were a cloud, fintech, cybersecurity, mobile, and gaming.
Reasons to Buy
- This report will help you understand the themes driving IPOs in the TMT sector. It identifies the themes generating the highest investor returns since 2018, including cloud, fintech, cybersecurity, mobile, and gaming.
- It also provides a geographic analysis of TMT IPO activity since 2018, including an analysis of why Chinese companies are abandoning US listings and returning home.
- The report includes a TMT IPO pipeline for 2022, giving readers an insight into the key IPOs planned for the coming year. ByteDance’s listing in China is expected to be the biggest IPO in 2022, and we will also see at least eight AI companies go public this year.
- Also included is the analysis of IPO activity driven by 10 critical themes: e-commerce, mobile, fintech, cloud, electric vehicles, digital media, healthtech, Internet of Things, gaming, and artificial intelligence.
Airtel Africa PLC
Alibaba Group Holding
Alphawave IP Group
American Well (Amwell)
China Railway Signal & Communication
China Resources Microelectronics
China Tower Corp Ltd
DouYu International Holdings Ltd
Foxconn Industrial Internet Co Ltd
Good doctor (Ping An Healthcare And Technology Co Ltd)
Network International Holdings
Plus Alpha Consulting
SGHC (Super Group)
Solutions by STC
Tencent Music Entertainment Group
The Hut Group
Warner Music Group Corp.
Table of Contents
TMT IPO Market
Deal Selection and Theme Tagging Methodology
Thematic Research Methodology
Frequently Asked Questions
2021 was the strongest year for tech, media, and telecom (TMT) IPOs since 2018 with $237 billion of IPO proceeds raised.
The themes include cloud, fintech, cybersecurity, mobile, gaming, e-commerce, digital media, batteries, future of work, internet of things, big data, autonomous vehicles, electric vehicles, health tech, robotics, industrial automation, internet TV, AI, social media, space economy, advanced materials, metaverse, edtech, blockchain, 3D printing, and quantum computing.
The US was the biggest market for TMT IPOs in the last four years, generating over half of the total proceeds.
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