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Hardware IPOs continue to struggle

Now that the final technology IPOs of 2019 have touched down, it’s a good time to start looking back at what happened during the year.

This year we saw Peloton, a hybrid hardware and digital services company, go public and struggle.

Despite a recent public market resurgence, the company is slipping back toward its IPO price.

EHang traded up today, but the firm is still worth less than its IPO valuation, a reduced figure that was dinged during the China-based drone company’s march toward the public markets.

It’s now worth its IPO price again, closing trading today worth about $14.80 per share.

But Roku was moving away from hardware at the time of its IPO, making it a somewhat poor example.

But for smaller hardware companies going public, unless I’m missing a number of recent of IPOs — and I don’t think that I am — it’s a tough world out there.

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