Business services like Zoom and Slack make for better listings

In technology, as in life, history doesn’t repeat itself. But it does rhyme. The share price of Chewy, an online pet-food retailer which has just listed in New York, shot up by more than 50% on June 14th, its first day of trading. To seasoned investors it brought back memories of, Chewy’s ill-fated predecessor, which collapsed nine months after it debuted on the Nasdaq exchange in February 2000. It became emblematic of the first dotcom bubble, when loss-making startups fetched stratospheric valuations—until they didn’t.


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