A flurry of initial public offerings hit the tech industry in 2019, putting popular brands into the public markets. But 2020 could be just as exciting.

This year brought welcome liquidity to a number of so-called unicorns—private tech companies with valuations over $1 billion. The high-profile businesses included ride-share rivals Lyft and Uber Technologies, social media platform Pinterest and indoor fitness company Peloton.

It was also an active year for the law firms representing those companies through the IPO process. Here is a list of some of the highly anticipated IPOs that came to fruition this year, and law firms that represented those companies. Together, they generated nearly $17 million in fees for their outside counsel.

CompanyLegal CounselUnderwriter CounselAmount RaisedLegal Fees & Expenses
UberCooley; Covington & BurlingDavis Polk & Wardwell$8.1 billion $5.5 million
LyftWilson Sonsini Goodrich & RosatiGoodwin Procter$2.3 billion$1.4 million
ZoomCooleyWilson Sonsini Goodrich & Rosati$356.8 million$1.5 million
PinterestCleary Gottlieb Steen & Hamilton; Potter Anderson & CorroonSkadden, Arps, Slate, Meagher & Flom$1.4 billion$2 million
PagerDutyCooleyOrrick, Herrington & Sutcliffe$218 million$1.5 million
SlackGoodwin ProcterLatham & Watkins$427 million$2.5 million
PelotonFenwick & WestLatham & Watkins$1.16 billion$2.55 million

However, not every private business that aimed to go public this year was successful. Co-working company WeWork halted the launch of its public offering after investors raised questions about the company's finances and its corporate governance. The New York company had turned to Skadden, Arps, Slate, Meagher & Flom for advice on the IPO, while Simpson Thacher & Bartlett represented the underwriters.

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IPOs to Watch for in 2020

While several well-known tech companies have already debuted on the public markets in 2019, it appears there is more to look forward to in 2020. Here are five expected IPOs to watch for next year.

Airbnb

Airbnb said in September that it would file for an initial public offering in 2020, but it did not give a specific timeline for its planned IPO.

The online home-sharing marketplace launched in 2008 and has grown significantly over the years. In its latest round of private financing in September 2017, the company was valued at $31 billion.

Airbnb is leaning toward going public through a direct listing, rather than an initial public offering, according to several news reports. As part of its expansion, in May Airbnb acquired last-minute hotel booking app HotelTonight, which was represented by Gunderson Dettmer. (It was reported that Skadden, Arps, Slate, Meagher & Flom attorneys advised Airbnb in the deal, but the firm did not confirm the information)

The home-rental app also previously worked with Fenwick & West for a $475 million round of financing and its acquisition of mobile social media start-up Localmind Corp. in 2014.

Robinhood

Robinhood's CEO Baiju Bhatt has confirmed the company's IPO plans and hired Jason Warnick as its CFO last year. However, the official IPO date has yet to be determined.

In its latest financing round in July, Robinhood said it raised $323 million in Series E funding at a company valuation of $7.6 billion, led by DST Global. (Gunderson Dettmer served as lead counsel to Robinhood in its Series D financing.)

In March, Robinhood acquired MarketSnacks, which was described as a daily financial news podcast and newsletter, and has re-relaunched these products as Robinhood Snacks.

Postmates

Postmates officially delayed its IPO earlier this year due to market conditions.

The third-party delivery service app announced in September that is has raised another $225 million in funding from private equity giant GPI Capital, valuing the company at $2.4 billion. Kirkland & Ellis represented GPI in the investment.

Instacart

Apoorva Mehta, CEO of the popular grocery delivery company Instacart, said at the beginning of 2019 that "an IPO is definitely on the horizon" for the company.

Instacart, founded by a former Amazon employee in 2012, is valued at around $8 billion after raising $271 million in funding in November 2017.

In May, the delivery start-up ended its partnership with Whole Foods as a result of Amazon's acquisition of Whole Foods in 2017.

Palantir

Data-mining company Palantir, co-founded by Peter Thiel, is reportedly plotting an IPO in 2020, but recent reports speculate that Palantir could delay its IPO for another two or three years.

Palantir's last funding round in 2015 left it with a reported $20 billion valuation. According to Bloomberg, Palantir is in talks with private investors to raise more funding, which could indefinitely delay its initial public offering.

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