E63: Arm, Instacart, Klaviyo IPOs all valued; VCs/LPs selling in the private market secondary; Employees selling in private market secondary acceptable/smart? | Pre-IPO Stock Podcast – Sep 11, 2023 | Clint Sorenson, Nick Fusco, Aaron Dillon

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00:32 | Arm, Instacart, Klaviyo IPOs all valued
- Arm = $55b vs $64b last round in Aug 2023, 10x oversubscribed
- Instacart = $9b vs $39b last round in Mar 2021 and $12b last internal valuation in Mar 2023
- Klaviyo $6.8b vs last round at $9.5b, updated to $8.6b Tue morning
- Bankers are priming these companies for a big pop in the public markets

08:53 | VCs/LPs selling in the private market secondary
- VCs and LPs are selling positions in the private secondary market
- Notable is Tiger selling Cohere for a gain
- VCs are attempting to lock in a gain to distribute capital or get liquidity to make other investments
- LPs have a need to rebalance across asset classes and realize gains

21:44 | Employees selling in private market secondary acceptable/smart?
- CoreWeave employees are selling $500m of stock and hired Morgan Stanley as banker
- This is a smart approach for employees to table some money off the table and lock in gains
- Historically, investors viewed employee/founder selling as taboo … as companies stay private longer liquidity points need to be established