Risk is back, at least in Silicon Valley.
After something of an IPO dry spell for the tech industry, companies are once again lining up to sell stock to the public. Monday morning alone had two new filings: Violin Memory, a flash storage provider, is the latest to jump on the "storage is not sexy, but it sure is lucrative" bandwagon, filing for a 173 million dollar IPO.
Violin's tune was joined by RingCentral, a company that combines phone service with cloud sevice. The San Mateo company filed to raise 100 million dollars by selling equity.
Not so coincidentally, Facebook's equity value topped 100 billion dollars for the first time monday morning. Shares of the Menlo Park social networking company have been hot enough lately to ease the concerns of many stock pickers, who worried that the sluggish Facebook IPO was enough to cool the heels of other companies thinking about going public.
But, now Facebook is rising, and investors seem ready to take the plunge. Case in point: The RingCentral IPO filing lists, among its risks, "We have incurred significant losses in the past and anticipate continuing to incur losses for the foreseeable future." And, yet, they're still filing to go public.
Doesn't that just take you back in time?
Scott files on Twitter; @scottbudman