More Local Outfits Seek IPOs as Market Improves
Even as some Silicon Valley companies such as Facebook Inc. raise capital that enables them to stay private for longer, other Bay Area companies haven’t held back from going public.
In 2010, the region enjoyed one of its strongest slates of initial public offerings for years. A total of 15 local companies backed by venture capital went public last year, up from two Bay Area companies in 2009 and only one in 2008, according to new data from research firm VentureSource. It was the strongest year of local IPOs since 2007, when 21 Bay Area venture-backed companies went public, according to VentureSource.
Among the Bay Area companies that went public last year were biomedical company Pacific Biosciences of California Inc. in Menlo Park and electric car maker Tesla Motors Inc. in Palo Alto. In total, all of the local companies raised nearly $1.3 billion in IPO proceeds, up from just $103.7 million in 2009 and $54 million in 2008, according to VentureSource.