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Today’s IPO market is not the next dot-com bubble

The IPO market isn’t for the faint of heart, but this isn’t 1999 — the current generation of listing candidates spent years building their businesses in private

Pinterest CEO Ben Silbermann (centre), rings the opening bell at the New York Stock Exchange to mark the company's IPO in April
Pinterest CEO Ben Silbermann (centre), rings the opening bell at the New York Stock Exchange to mark the company's IPO in April Photo: Getty Images

Two decades after the dot-com crash, Pets.com remains the symbol of 1990s excess in initial public offerings. EBay is littered with listings for the pet supplier’s vintage sock puppets — the most tangible evidence of the company’s short existence. Today, the website, Pets.com, forwards to bricks-and-mortar retailer PetSmart.

When it filed to go public in 2000, Pets.com had lifetime revenue below $6m and just a year of operations under its belt. Still, the company came public with a valuation of more than $300m. Within a year, Pets.com had shut down. Investors lost everything and a legend was born.

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