This was really interesting.
After quite a few quiet months for IPOs, it certainly felt like a lot was riding on these IPOs. And I think most people would say that they were broadly successful. The companies managed to raise significant capital, and many investors will now have all the liquidity benefits of the public market. But success also varies depending on who we're talking about and when they made their investments in these companies.
One thing I really like about some of the data we have and the charting we can do at Forge is that we can look at how prices on these names moved prior to the IPO as well as after it.
This not only can help us develop expectations around the price the company may list at, but it also can help us see what the historical investment opportunities look like. Looking here at Instacart, we can see that an investor buying shares at the start of the year could have made a 34.8% return through the close of the first day of public trading. We also see the path of pricing and how it picked up throughout the year. First, as the company announced a new internal valuation and later in August when Instacart announced its plans to go public.
In 2023, Instacart notably outperformed both the Forge Private Market Index as well as its own transportation sector. In the case of Instacart, the Forge price right before the IPO was actually very close to the eventual first day closing price. But of course, this isn't always the case.
Turning to the Klaviyo Forge price chart, here we're looking at the price-performance of Klaviyo shares since the start of 2022. You can see the company's shares perform similarly to both the Forge Private Market Index as well as the enterprise software sector.
And both were down, and all three were down considerably since early 2022. However, in hindsight, this presented opportunity. The company's shares rose over 100% from their 2023 lows and 82% from their last private market Forge price to their first public closing price. Both these names were holdings in the Forge Private Market Index and made strong returns contributions to the index in 2023.
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The performance of the Forge Private Market Index with respect to the growth of $10,000 shown herein does not represent the performance of any actual investment, as you cannot invest in the index, but rather reflects the hypothetical growth of a $10,000 investment in a basket of securities based on the index. Additionally, the chart assumes reinvestment of dividends and capital gains in the constituent securities but does not reflect any fees or commissions that may be incurred in purchasing or selling such securities, which would lower the figures shown if included. Further, $10,000 may not be a sufficient amount to invest simultaneously in all securities contributing to the performance shown, which would further prevent an investor from matching the performance shown. The performance shown represents past performance, and past performance is not indicative of future results.
The Forge Private Market Index is calculated and disseminated by Forge Data LLC ("Forge Data") and is a mark of Forge Data. The Forge Private Market Index is solely for informational purposes and is based upon information from sources believed to be reliable. It is not possible to invest in the Forge Private Market Index, and Forge Data makes no assurance that any investment products based on or underlying the Forge Private Market Index will accurately track index performance or provide positive investment returns. Forge Data is not an investment adviser and makes no representation regarding the advisability of investing in any asset classes or investment vehicles. Private company securities are highly illiquid, and the Forge Private Market Index may rely on a very limited number of trade and/or indication of interest inputs in its calculation. Please see Forge Private Market Index Disclaimers & Acknowledgments for other important disclaimers, disclosures and restrictions related to the Forge Private Market Index that you acknowledge by downloading this content and to which you are subject. References to "Returns" in the context of the Forge Private Market Index Price are hypothetical in nature. The percentages displayed indicate the per-share change in percentage in the Forge Private Market Index Price of the applicable constituent, rounded to the nearest tenth of a percent unless otherwise indicated.