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Keeping Up with Sharing Economy IPOs Fiverr, Slack, and RealReal

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The sharing economy was on fire in June

While May was marked by Uber’s (UBER) flop IPO, June saw three sharing economy IPOs do great on their debuts, meaning windfall gains for early investors.

Fiverr (FVRR), the marketplace for freelancers and the people looking to hire them, went public on June 13. Slack (WORK), the team collaboration tool, went public on June 20. And RealReal (REAL), the second-hand luxury retailer, went public just last Friday, on June 28.

Fiverr (FVRR) lost steam after a hot IPO

On June 13, Fiverr (FVRR) went public with an astonishing first day. While Fiverr set its IPO price at $21, the stock opened at $26.24 on its debut and ended 90% higher than its IPO price at $39.84. T

oday at 12:50 AM ET, the stock was down 8.16% to $27.27—closer to its first-day opening price. While the stock is still well beyond its IPO price of $21, it’s been on a losing streak since June 24. FVRR lost 25.56% in June after its sizzling IPO.

Slack held its ground

Slack (WORK) was the most notable public debut in June. The company didn’t actually have an IPO since it chose the direct listing route. But even without the help of investment bankers, the stock had a great first day.

Slack opened at $38.5 on June 20, 47% higher than the reference price of $26 set by the NYSE. The stock climbed up to $42 on its first day before closing at $38.6. Slack lost 3.9% in June against its opening price.

WORK was trading at $37.1 today at 1:02 PM ET, giving it a market capitalization of $18.7 billion. The company’s market cap is at almost 90x its 2018 revenues of $207 million.

Is RealReal real?

While RealReal (REAL) isn’t exactly a sharing economy company, it comes close. The company sells second-hand luxury products online as well as offline.

On the last working day of June, RealReal stock opened at $28, 40% above its IPO pricing of $20. It went on to close the day at $28.9. At 1:11 AM ET today, the stock was down 10% at $26.

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