There is no question that 2011 was a volatile year in the market, but it still produced several high-profile IPOs. LinkedIn brought professional networking to Wall Street, Groupon capitalized on the daily-deals craze, and Zillow helped usher in a wave of consumer tech platforms. There were also smaller retail, restaurant, and energy listings that rounded out the year.
| Company (Ticker) | Offer Price | Current Price* | Total Return |
|---|---|---|---|
| Dunkin’ Brands (DNKN) | $19.00 | $106.00 (buyout) | +458% |
| Michael Kors (KORS) | $20.00 | $75.00 (peak pre-buyout) | +275% |
| Imperva (IMPV) | $18.00 | $55.00 (buyout) | +206% |
| LinkedIn (LNKD) | $45.00 | $196.00 (buyout) | +335% |
| Zillow (Z) | $20.00 | $46.72 | +134% |
| Angie’s List (ANGI) | $13.00 | $9.00 (adj. buyout) | –31% |
| Pandora (P) | $16.00 | $10.00 (buyout) | –38% |
| Jive Software (JIVE) | $12.00 | $5.25 (buyout) | –56% |
| Zynga (ZNGA) | $10.00 | $9.40 (buyout) | –6% |
| Groupon (GRPN) | $20.00 | $2.50 | –88% |
For investors, the 2011 class shows the extremes of IPO investing. Dunkin’ Brands delivered strong returns before being acquired, while Groupon became a cautionary tale of hype meeting harsh realities. Some companies, like Zillow and Michael Kors, found steady growth niches, while others struggled to live up to their lofty valuations.
With more than a decade of hindsight, the performance of the Class of 2011 offers a valuable perspective. The winners shared sticky business models and clear paths to monetization, while the laggards leaned too heavily on short-term fads. Let’s look at the numbers.
1. Dunkin’ Brands
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Dunkin’ went public at $19 in 2011 and was later bought by Inspire Brands in 2020 for about $106 per share, handing IPO investors a +458% gain. The company leaned on its franchise model and brand loyalty to scale across the U.S. and abroad. It’s a reminder that consumer staples can be just as powerful as tech when they have staying power.
2. LinkedIn
LinkedIn’s IPO in May 2011 was priced at $45, and Microsoft acquired the company five years later for $196 per share, a +335% return. Its network effects and recruiter-focused revenue streams turned it into a business essential. In hindsight, it was one of the best long-term bets in social media.
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3. Michael Kors
Fashion house Michael Kors priced its IPO at $20 and shares later surged to about $75, delivering a +275% return. For several years, the brand dominated the accessible luxury market with handbags and accessories. Though fashion cycles eventually caught up with it, early investors had a strong run.
4. Imperva
Cybersecurity firm Imperva IPO’d at $18 in 2011 and was acquired in 2019 for roughly $55 per share, good for a +206% return. Demand for digital security made it an attractive takeover target. It shows how even smaller names in big growth sectors can quietly deliver solid returns.
5. Zillow (ZG)
Zillow went public in July 2011 at $20 and today trades around $46.72, a +134% gain. Its popular home-search platform became a household name, and the company expanded into rentals, mortgages, and agent services. While the stock has had ups and downs, it’s carved out a durable spot in the real estate market.
6. Zynga
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Zynga debuted at $10 in December 2011, riding the wave of FarmVille and social gaming. It was eventually acquired by Take-Two for about $9.40 per share, leaving IPO investors with a small 6% loss. The company’s story is a reminder of how tough it is to sustain a hit-driven business.
7. Angie’s List
Angie’s List priced its IPO at $13, but by the time it was folded into ANGI Homeservices, effective returns were around –31%. While the brand was well known, it struggled to monetize and keep up with competitors. Investors learned that visibility doesn’t always translate into profitability.
8. Pandora
Pandora IPO’d at $16 in 2011 but was acquired by Sirius XM in 2019 at the equivalent of $10 per share, leaving holders with a –38% loss. The music streaming market experienced massive growth, but Pandora struggled to keep pace with Spotify and Apple. It’s a clear example of how being first doesn’t guarantee long-term success.
9. Jive Software
Jive Software went public at $12, aiming to be a leader in enterprise collaboration. By the time it was acquired in 2017 for $5.25 per share, investors faced a –56% decline. Competition in enterprise software was fierce, and Jive never managed to stand out.
10. Groupon (GRPN)
Groupon’s 2011 IPO was one of the year’s biggest headlines, priced at $20 for a market cap near $12.7 billion. Today, the stock trades closer to $2.50, a painful 88% loss. Its daily-deals model faded quickly, showing how hype without durability can collapse fast.
What the 2011 IPO Winners Have in Common
The best performers from 2011 were companies with either strong network effects (LinkedIn, Zillow), highly scalable consumer brands (Dunkin’, Michael Kors), or exposure to secular tailwinds like cybersecurity (Imperva). These traits allowed them to deliver steady compounding or profitable exits.
In contrast, companies that leaned on fads (Groupon), lacked moats (Angie’s List), or faced powerful competitors (Pandora, Zynga) struggled. The lesson: IPO excitement is temporary; durable models are what drive returns.
Looking back, the Class of 2011 produced a wide spectrum of outcomes. Dunkin’ (+458%) and LinkedIn (+335%) proved that brand loyalty and network effects could create lasting value. Zillow (+134%) turned real estate searches into steady gains, while Imperva (+206%) showed cybersecurity’s long-term promise.
On the losing side, Groupon (–88%) and Pandora (–38%) highlight how quickly hype can fade. Investors who bought into fads without moats often paid the price. The takeaway: IPO winners aren’t about the loudest launch, but about business models that can scale and endure.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
