Tech, Media, and Telecom IPO Themes 2018 to 2021 – Thematic Research
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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.
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
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
Xiaomi Corp
Ximalaya
XPeng
Yitu Technology
ZipRecruiter
Zomato
ZoomInfo
Table of Contents
Frequently asked questions
-
What was the value of proceeds raised by TMT IPOS in 2021?
2021 was the strongest year for tech, media, and telecom (TMT) IPOs since 2018 with $237 billion of IPO proceeds raised.
-
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.
-
Which geographical region had the largest distribution of TMT IPOs during 2018-2021?
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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