I don't know, personally I think 10% growth in the value of a mature company over a year is pretty good.
I don't think it's reasonable to expect all tech companies to gain 20% on the day of the IPO. If they do, that's an indication that existing investors are reliably leaving a ton of value on the table.
I don't think it's reasonable to expect all tech companies to gain 20% on the day of the IPO. If they do, that's an indication that existing investors are reliably leaving a ton of value on the table.