One could easily argue that 2018 wasn’t the busiest IPO year, but it produced some very memorable names. Chinese e-commerce giant Pinduoduo and entertainment platform iQIYI both went public, along with well-known U.S. brands like Dropbox, Spotify, and Eventbrite. On the enterprise side, Elastic and DocuSign tapped into the growing demand for cloud and SaaS.
| Company | Ticker | IPO Price | Current Price | Total Return |
|---|---|---|---|---|
| Pinduoduo | PDD | $19.00 | $125.44 | +561% |
| DocuSign | DOCU | $29.00 | $76.12 | +162% |
| Elastic | ESTC | $36.00 | $88.35 | +145% |
| StoneCo | STNE | $24.00 | $55.21 | +130% |
| Spotify | SPOT | $132.00 (direct listing ref.) | $266.48 | +102% |
| iQIYI | IQ | $18.00 | $4.92 | –73% |
| Dropbox | DBX | $21.00 | $23.76 | +13% |
| Eventbrite | EB | $23.00 | $3.01 | –87% |
| Farfetch | FTCH | $20.00 | $2.25 | –89% |
| GreenSky | GSKY | $23.00 | $0.00 (acquired, equity worthless) | –100% |
It was also a year when direct listings got attention, thanks to Spotify, which skipped the traditional roadshow process. The good news is that investors had plenty of options, including high-growth Chinese internet stocks, U.S. consumer plays, and cloud software that promised recurring revenue. A few names thrived, while others struggled to prove out their models.
With seven years of hindsight, the results are clear. Some of 2018’s IPOs delivered market-beating returns, while others faded badly. The mix of winners and losers gives us a front-row view of what really matters in long-term IPO investing.
1. Pinduoduo (PDD)
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Pinduoduo IPO’d at $19 and quickly redefined e-commerce in China with its social group-buying model. The stock now trades at $125.44, up more than +561%, making it the clear winner from 2018. Its ability to tap rural markets and expand into groceries gave it staying power that most rivals lacked.
2. DocuSign (DOCU)
DocuSign went public at $29, betting that digital signatures would become a staple in business. At $76.12, it’s delivered a +162% return, boosted by the pandemic’s push toward remote work. Even as growth slowed, it held on to a sticky role in enterprise workflows.
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3. Elastic (ESTC)
Elastic was listed at $36, offering open-source search and data analytics tools that developers already love. Shares are at $88.35, a +145% gain, showing steady adoption across use cases like logging and security. It’s proof that a technical product with a loyal community can quietly compound.
4. StoneCo (STNE)
StoneCo IPO’d at $24 as a Brazilian payments company backed by Warren Buffett’s Berkshire Hathaway. Today it trades at $55.21, good for a +130% return, though the ride has been bumpy with regulatory changes in Brazil. Still, the business model proved durable enough to reward patient investors.
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5. Spotify (SPOT)
Spotify skipped the traditional IPO and entered public markets via a direct listing at $132. The stock is now $266.48, doubling for a +102% gain. Even against Apple and Amazon, it managed to keep its crown as the go-to music streaming service worldwide.
6. IQIYI (IQ)
iQIYI IPO’d at $18, billing itself as the “Netflix of China.” At $4.92, it’s down 73%, dragged down by heavy content costs and tighter regulation. It shows that a big market alone doesn’t guarantee investor success.
7. Dropbox (DBX)
Dropbox went public at $21, selling investors on cloud storage and collaboration. The stock sits at $23.76, up only +13%, which is essentially flat over seven years. It’s been stable, but it never became the explosive growth story many hoped for, even though it’s one of the biggest independent names in a crowded space.
8. Eventbrite (EB)
Eventbrite’s IPO was priced at $23, aiming to reinvent ticketing for live events. Today it trades at $3.01, an 87% loss, after the pandemic crushed demand and competition limited recovery. For investors, it was one of the most painful rides from this class.
9. Farfetch (FTCH)
Farfetch IPO’d at $20, pitching itself as a marketplace for luxury fashion online. At just $2.25 now, it’s down 89%, with profitability proving elusive. Even high-end branding couldn’t offset weak economics.
10. GreenSky (GSKY)
GreenSky was initially priced at $23, promising to disrupt home-improvement loans with point-of-sale financing. Goldman Sachs acquired it in 2022, but later wrote the unit down to zero, leaving IPO investors with a 100% loss. It’s the harshest reminder from the 2018 class of how badly things can go.
What the 2018 IPO Winners Have in Common
The success stories, Pinduoduo, DocuSign, Elastic, StoneCo, and Spotify, share a few traits: huge addressable markets, strong recurring revenue, and platforms that kept expanding. Whether it was Chinese e-commerce or U.S. SaaS, scalability mattered more than hype.
On the flip side, companies tied to heavy costs, regulatory risks, or cyclical industries (iQIYI, Eventbrite, Farfetch, GreenSky) couldn’t sustain early promise. The gap between winners and losers in 2018 is as wide as any year this decade.
The 2018 IPO class also highlights the split between scalable software and consumer platforms that thrived, and high-burn or cyclical businesses that didn’t. Pinduoduo (+561%) stands out as the runaway winner, while DocuSign and Elastic show how enterprise software can quietly compound. Even Spotify, despite intense competition, delivered solid long-term gains.
On the losing side, Farfetch, Eventbrite, and GreenSky remind investors that brand recognition or novel models don’t guarantee lasting returns. For IPO watchers, the 2018 class underlines a timeless truth: durable moats and recurring revenue matter most.
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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!
