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Illustration: Lazaro Gamio/Axios

The traditional "IPO window" for tech companies has been shattered, says Scenic Advisement, a San Francisco-based investment bank that works with private companies.

Why it matters: Trends like staying private longer and raising more money before going public have changed the equation, and we'll see a wider variety of approaches instead of one-size-fits-all.

"It's not ever gonna look the same again," Scenic Advisement co-founder Barrett Cohn tells Axios of startups seeking perfect market conditions and then getting the first-day price pop. "If there's a market issue, companies are gonna find a way to get it done."

  • Expect to see many high-profile companies float a relatively small number of shares, including IPOs in which only one class of stock is listed for companies with multiple classes (to better maintain control).
  • Expect to see more IPO "alternatives," like the direct listing route taken by Spotify and (coming soon) Slack.
  • Liquidity via secondary sales or acquisitions will continue to be a popular option.

Yes, but: The IPO window may have been a mirage all along. "The IPO window was already greatly exaggerated," Lise Buyer, founder of IPO consulting firm Class V Group, adding that it's only ever truly shut after a major financial crisis or if the government is shut down.

Go deeper: Fundraising no longer the top goal of some tech IPOs

Go deeper

California governor declares drought emergency for entire state

California Gov. Gavin Newsom speakinng to reporters in Los Angeles in September. Photo: Allen J. Schaben/Los Angeles Times via Getty Images

California Gov. Gavin Newsom (D) extended a drought emergency declaration to cover the entire state on Tuesday.

Why it matters: "California is experiencing its worst drought since the late 1800s, as measured by both lack of precipitation and high temperatures," per a statement from the governor's office. This past August was the driest and hottest one on record, "and the water year that ended last month was the second driest on record," the statement added.

Updated 2 hours ago - World

Reports: Brazil leader to be accused of crimes against humanity over COVID

Brazilian President Jair Bolsonaro. Photo: Andressa Anholete/Bloomberg via Getty Images

A Brazilian Senate panel will recommend President Jair Bolsonaro be charged with "crimes against humanity," alleging his COVID-19 pandemic response led to hundreds of thousands of deaths, per the New York Times and the Washington Post.

The latest: The lawmakers initially said Bolsonaro should be charged with mass homicide and genocide, but lawmakers updated the report to replace these recommendations with the new charge, its lead author, Sen. Renan Calheiros, told the NYT.

Updated 6 hours ago - World

North Korea claims latest missile test new weapon launched from submarine

North Korean state media claims the country's military fired this missile on Tuesday. Photo: Korean Central News Agency

North Korean state media announced that a detected ballistic missile launch off its east coast on Tuesday was a newly developed weapon test-fired from a submarine.

Why it matters: Pyongyang's latest in a series of recent missile launches into the sea happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.