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Tech IPOs face tough crowd with start-up fatigue

Investors keen on growth but want to see path to profitability and cash flow

Atlassian was an outlier among unicorns, where growth-at-any-cost is the norm. Atlassian pitched its track record of conservative spending, annual revenue growth upwards of 40 per cent and 10 years of net income, and its shares sold in December above their already increased marketed IPO range range.

New York

EXPECT a resurrection of technology initial public offerings in 2016 as private fundraising options cool. But when it comes to valuations, it may not be pretty.

After a slow year for tech IPOs, market-bound companies will need to show profitability - in addition to lofty...