In 2014, the stock market witnessed a wave of excitement as numerous high-profile companies went public. The IPO boom of that year was driven by robust investor appetite for tech firms, data solutions, and consumer services platforms. For many companies, it was a transformative step that shaped their future — for better or worse.
TLDR: The IPO class of 2014 included a mix of tech heavyweights and niche players. While some, like Alibaba and Zendesk, grew to become industry leaders, others such as King Digital saw limited longevity. Fast forward a decade, and these firms have taken divergent paths due to market shifts, mergers, and strategic pivots. This article examines where some of the most notable 2014 IPO companies stand now.
Alibaba Group (NYSE: BABA) – From Record-Breaking Launch to Geopolitical Headwinds
IPO Date: September 19, 2014
IPO Price: $68
Funds Raised: $25 billion (largest IPO in history at the time)
Alibaba’s 2014 IPO on the New York Stock Exchange was nothing short of historic. Touted as a blend of Amazon, eBay, and PayPal, the Chinese e-commerce giant instantly commanded global attention. Initially, the stock soared, riding the wave of investor enthusiasm over China’s growing digital economy. However, over the years, Alibaba’s journey has been anything but smooth.
The company expanded aggressively into cloud computing, digital payments, and logistics. But post-2020, Alibaba began encountering regulatory hurdles from Chinese authorities. Ant Group’s halted IPO, Alibaba’s $2.8 billion antitrust fine, and increased scrutiny heavily disrupted its momentum. In addition, geopolitical tensions with the U.S. have put further pressure on Chinese ADRs.
As of 2024, Alibaba remains a dominant but more cautious player in the global market, focusing mainly on domestic e-commerce and AI innovation. Its stock has underperformed relative to its early post-IPO years, but the firm has maintained strong fundamentals and annual revenues over $120 billion.
GoPro (NASDAQ: GPRO) – From Market Darling to Struggling Hardware Maker
IPO Date: June 26, 2014
IPO Price: $24
Peak Price: $93.85 in October 2014
GoPro’s IPO was initially a massive success, capturing the imagination of action enthusiasts and tech investors alike. The company’s compact cameras became synonymous with adventure sports and viral content. But after its post-IPO peak, GoPro’s fortunes rapidly declined.
The firm failed to diversify its hardware-dependent business and struggled amidst intense competition from smartphones and budget camera makers. Ambitious forays into drones and content licensing fell flat. Price cuts, layoffs, and management shakeups followed.
Today, GoPro remains a publicly traded company, but its stock trades well below its IPO level. It has shifted toward a subscription-based model and introduced cloud storage features, but investor enthusiasm has not returned in full force. Analysts remain mixed on its long-term viability.
Zendesk (Formerly NYSE: ZEN) – Sustainable Growth and a Private Equity Exit
IPO Date: May 15, 2014
IPO Price: $9
Initial Market Cap: ~$600 million
Zendesk was a rare example of a SaaS company that maintained double-digit revenue growth years after going public. The customer-service software provider steadily gained enterprise adoption thanks to a user-friendly platform and robust analytics.
For years, Zendesk expanded through acquisitions and innovation. However, in 2022, mounting activist investor pressure and strategic concerns led to its sale for $10.2 billion to a consortium of private equity firms including Hellman & Friedman and Permira.
Although Zendesk is no longer publicly traded, the company continues to operate independently, investing in AI-driven customer support technologies. It is seen as a potential candidate for a future IPO or strategic acquisition.
King Digital Entertainment – The One-Hit Wonder
IPO Date: March 26, 2014
IPO Price: $22.50
Known for: Candy Crush Saga
King Digital made its debut at a time when mobile gaming stocks were gaining popularity, but its IPO was underwhelming. While Candy Crush was a global phenomenon, investors were concerned about the company’s reliance on a single game.
Less than two years after listing, King was acquired by Activision Blizzard for $5.9 billion in early 2016. The deal gave Activision a strong foothold in mobile gaming, and King’s franchises have since become key pillars in Activision’s multi-platform ecosystem.
As of 2024, King continues to release updated versions of Candy Crush and other mobile-centric games. With Microsoft’s acquisition of Activision Blizzard completed in 2023, King now sits within one of the largest tech conglomerates in the world.
HubSpot (NYSE: HUBS) – A Quiet B2B Giant
IPO Date: October 9, 2014
IPO Price: $25
2024 Market Cap: Over $28 billion
Unlike the flashier names of its IPO class, HubSpot built its success methodically. The inbound marketing and CRM platform reached profitability through consistent customer acquisition and product development. Its user-friendly tools became especially popular among mid-sized businesses.
Over the past ten years, HubSpot has transformed into a full-fledged sales, customer service, and operations platform, competing head-to-head with Salesforce in certain segments. Its cloud-based ecosystem has proven resilient through economic cycles.
HubSpot’s stock has appreciated significantly post-IPO, regularly appearing on tech-focused investment radars. With international expansion and AI integration on its roadmap, the company is poised for continued growth.
New Relic – From Market Pioneer to Acquisition
IPO Date: December 12, 2014
IPO Price: $23
Core Business: Application performance monitoring (APM)
New Relic carved out a strong niche in DevOps and observability, offering tools for developers to monitor and manage web and mobile applications. While revenue growth remained steady, competition from rivals like Datadog and Dynatrace squeezed market share.
Turbulent executive changes and inconsistent profitability hurt investor confidence over time. In 2023, New Relic agreed to be taken private by Francisco Partners and TPG in a $6.5 billion all-cash deal.
The company is now focusing on simplifying its platform and prioritizing enterprise clients under private ownership. Though no longer in the public eye, New Relic remains relevant in the software observability space.
Key Takeaways: A Snapshot of the 2014 IPO Class
The 2014 IPO cohort was diverse — covering e-commerce, SaaS, gaming, and hardware. Ten years later, their trajectories underscore how varied post-IPO outcomes can be. Here’s a summarized status check:
- Thriving Public Companies: HubSpot, Alibaba (despite volatility)
- Acquired or Taken Private: King Digital, Zendesk, New Relic
- Struggling Independents: GoPro
Several factors played roles in shaping these outcomes, including:
- Market Positioning – Firms like HubSpot and Zendesk thrived by servicing B2B sectors with recurring revenue.
- Diversification Strategy – Failure to evolve beyond core products, as seen with GoPro and King, proved costly.
- Regulatory and Geopolitical Risks – Alibaba’s experience shows how external forces can blindside even the most robust companies.
The Final Word
The IPO is just the beginning of a public company’s journey. For some members of the 2014 class, going public unlocked long-term value, while for others, it marked the peak of their corporate narrative. Lessons from these experiences continue to guide investors and entrepreneurs alike, emphasizing the need for adaptability, resilience, and sustained innovation in an ever-changing market landscape.