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

Send us Fan Mail00:32 | 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 markets08:53 | 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 gains21:44 | 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