Roughly 125 companies completed IPOs on US exchanges in 2011, according to CNBC’s year-end tally — down from 153 in 2010, but a dramatic recovery from the 31 that managed it during the 2008 crisis. Technology and energy accounted for 57% of the deals.
Six US listings raised at least $1 billion that year, up from just one in 2010 — that one being General Motors. Globally, IPOs raised $138 billion across 336 deals, down 41% from 2010’s $235 billion.
Fifteen years later, the class of 2011 has scattered in every possible direction. Some are among the most valuable companies in America. Several were acquired for tens of billions. At least a few no longer exist at all — including one that shut down entirely just months ago.
A note on accuracy: many articles covering this topic contain significant errors, including listing companies that didn’t actually IPO in 2011 and reporting current statuses that are years out of date. Everything below has been verified against primary sources.
The Largest US IPOs of 2011
HCA Holdings — the biggest of the year
IPO: March 10, 2011 · Price: $30/share · Raised: ~$3.79 billion · NYSE: HCA
The largest US IPO of 2011 and, at the time, the largest private-equity-backed IPO in history. HCA had been taken private in a 2006 leveraged buyout by KKR, Bain Capital, and Merrill Lynch before returning to public markets.
Where it is now: Still publicly traded as HCA Healthcare, and it remains the most valuable company from the entire 2011 IPO class. Ticker Nerd’s analysis found HCA carrying a market capitalization around $75 billion, ahead of every other company that went public that year. Anyone telling you HCA went private is confusing it with the 2006 buyout that preceded this IPO.
Kinder Morgan
IPO: February 11, 2011 · Price: $30/share · Raised: ~$2.86 billion · NYSE: KMI
The energy infrastructure giant’s return to public markets after its own 2007 buyout. Still publicly traded and one of North America’s largest pipeline operators.
Nielsen Holdings
IPO: January 26, 2011 · Price: $23/share · Raised: ~$1.8 billion · Formerly NYSE: NLSN
The measurement and analytics company behind Nielsen ratings. Taken private again in 2022 by a consortium led by Evergreen Coast Capital and Brookfield.
Apollo Global Management
IPO: March 30, 2011 · Price: $19/share · NYSE: APO
The alternative asset manager listed on NYSE in 2011 and has since become one of the largest private equity and credit firms in the world — the second-most-valuable company from the 2011 class.
Dunkin’ Brands
IPO: July 27, 2011 · Price: $19/share · Formerly NASDAQ: DNKN
Parent of Dunkin’ Donuts and Baskin-Robbins. Acquired by Inspire Brands in 2020 for $11.3 billion and taken private.
Delphi Automotive
IPO: November 17, 2011 · Price: $22/share
The auto parts supplier that emerged from GM’s bankruptcy restructuring. Split into two companies in 2017 — Aptiv (NYSE: APTV) for the electronics and software business, and Delphi Technologies for powertrain, which BorgWarner acquired in 2020.
Technology and Internet
IPO: May 19, 2011 · Price: $45/share · NYSE: LNKD
The IPO that reopened the door for consumer internet listings. LinkedIn offered just 7.8 million shares — under 10% of the company — and closed roughly 110% above its offering price on day one.
Where it is now: Acquired by Microsoft in 2016 for $26.2 billion, the largest acquisition in Microsoft’s history at the time. Still operating as a Microsoft subsidiary.
Groupon
IPO: November 4, 2011 · Price: $20/share · NASDAQ: GRPN
Raised roughly $700 million on 35 million shares — the biggest internet IPO since Google. Valued around $12.7 billion at listing.
Where it is now: Still publicly traded, but the comparison to the IPO price is misleading without context: Groupon executed a 1-for-20 reverse stock split in 2020, meaning any current share price needs to be divided by 20 to compare against the original $20 offering. On a split-adjusted basis, the stock is down enormously from its debut.
Zynga
IPO: December 16, 2011 · Price: $10/share · NASDAQ: ZNGA
The FarmVille-era social gaming company, valued around $7 billion at IPO.
Where it is now: Acquired by Take-Two Interactive in 2022 for $12.7 billion. No longer independently traded.
Pandora Media
IPO: June 15, 2011 · Price: $16/share · NYSE: P
The personalized internet radio pioneer, valued around $2.6 billion at listing.
Where it is now: Acquired by SiriusXM in 2019 for approximately $3.5 billion.
Zillow
IPO: July 20, 2011 · Price: $20/share · NASDAQ: Z / ZG
Valued around $1.3 billion at IPO. Still publicly traded and the dominant US online real estate marketplace — one of the clearest long-term successes from the 2011 class, despite a costly detour into iBuying that it exited in 2021.
Yandex — now Nebius Group
IPO: May 24, 2011 · Price: $25/share · Formerly NASDAQ: YNDX
This is the entry most commonly reported incorrectly. “Russia’s Google” listed on NASDAQ in 2011 at an $8 billion valuation.
Where it is now: Following Russia’s invasion of Ukraine, the parent company sold its Russian operations and renamed itself Nebius Group N.V. in August 2024. It resumed NASDAQ trading under NBIS as a completely different business — a Netherlands-based AI infrastructure company building large-scale GPU clusters, with a strategic alliance with NVIDIA. Any article still describing YNDX as a Russian search company is years out of date.
Angie’s List — now Angi Inc.
IPO: November 17, 2011 · Price: $13/share · NASDAQ: ANGI
Where it is now: Merged with IAC’s HomeAdvisor in 2017 to form ANGI Homeservices, later renamed Angi Inc. Still publicly traded.
Other notable tech listings
| Company | IPO Date | Price | Outcome |
|---|---|---|---|
| Ubiquiti Networks | Oct 14, 2011 | $15 | Still public (NYSE: UI) — one of the best performers of the class |
| HomeAway | June 29, 2011 | $27 | Acquired by Expedia, 2015, ~$3.9B |
| Imperva | Nov 9, 2011 | $18 | Third-best 2011 performer; taken private by Thoma Bravo 2019, acquired by Thales 2023 |
| Fusion-io | June 9, 2011 | $19 | Acquired by SanDisk, 2014 |
| Cornerstone OnDemand | March 17, 2011 | $13 | Taken private by Clearlake Capital, 2021 |
| Jive Software | Dec 13, 2011 | $12 | Acquired by ESW Capital, 2017 |
| Carbonite | Aug 11, 2011 | $10 | Acquired by OpenText, 2019 |
| Zipcar | April 14, 2011 | $18 | Acquired by Avis Budget Group, 2013, ~$500M |
| Ellie Mae | April 2011 | $6 | Taken private by Thoma Bravo, 2019 |
| Boingo Wireless | May 4, 2011 | $13.50 | Taken private, 2021 |
| Demand Media | Jan 26, 2011 | $17 | Became Leaf Group; acquired by Graham Holdings, 2021 |
| Bankrate | June 2011 | $15 | Acquired by Red Ventures, 2017 |
| Responsys | April 2011 | $8 | Acquired by Oracle, 2013 |
| Epocrates | Feb 2011 | $16 | Acquired by athenahealth, 2013 |
| NeoPhotonics | Feb 2011 | $11 | Acquired by Lumentum, 2022 |
| InvenSense | Nov 2011 | $7.50 | Acquired by TDK, 2017 |
| Active Network | May 2011 | $15 | Taken private by Vista Equity, 2013 |
| Freescale Semiconductor | May 26, 2011 | $18 | Acquired by NXP, 2015, ~$11.8B |
Chinese Companies That Listed on US Exchanges
2011 saw a significant wave of Chinese listings in New York:
- Qihoo 360 — March 30, 2011, $14.50/share. Taken private in 2016 in a $9.3 billion buyout, later relisted in Shanghai.
- Renren — May 4, 2011, $14/share. Often called “China’s Facebook”; the stock collapsed and the company pivoted to SaaS.
- Tudou — August 17, 2011, $29/share. Merged with rival Youku in 2012; the combined entity was later acquired by Alibaba.
Consumer, Retail, and Restaurants
GNC Holdings — best performer of 2011
IPO: April 1, 2011 · Price: $16/share
The nutritional supplement retailer was 2011’s best-performing IPO by price appreciation, up nearly 75% by December.
Where it is now: The story reversed hard. GNC filed for Chapter 11 bankruptcy in 2020 and was acquired by Harbin Pharmaceutical Group. A cautionary reminder that first-year IPO performance predicts very little.
Michael Kors — now Capri Holdings
IPO: December 15, 2011 · Price: $20/share
The fashion house’s IPO was one of the year’s strongest closers. Renamed Capri Holdings (NYSE: CPRI) after acquiring Versace and Jimmy Choo.
Spirit Airlines — the one that no longer exists
IPO: May 26, 2011 · Price: $12/share · Formerly NYSE: SAVE
This is the entry most articles get badly wrong, because the collapse was recent and fast.
Where it is now: Spirit filed for Chapter 11 bankruptcy in November 2024 and agreed to be delisted from the NYSE. The old common stock was cancelled entirely when the company emerged from restructuring in March 2025 — shareholders received nothing. The airline then filed a second Chapter 11 later in 2025, and on May 2, 2026 announced an orderly wind-down with all flights cancelled.
Spirit Airlines, as a going concern, is gone.
Other consumer listings
- Arcos Dorados — April 2011, $17/share. McDonald’s largest Latin American franchisee. Still public (NYSE: ARCO).
- Teavana — July 2011, $17/share. Acquired by Starbucks in 2012 for ~$620 million; Starbucks later closed all Teavana stores.
- Skullcandy — July 2011, $20/share. Taken private in 2016.
- The Chefs’ Warehouse — July 2011, $15/share. Still public (NASDAQ: CHEF).
- Vanguard Health Systems — June 2011, $18/share. Acquired by Tenet Healthcare in 2013.
Energy and Industrials
2011 was a heavy year for energy listings, reflecting the shale boom:
- Tesoro Logistics — April 2011. Second-best performing IPO of 2011, up more than 50% by year end. Later absorbed into Andeavor, which Marathon Petroleum acquired in 2018.
- Kosmos Energy — May 2011, $18/share. Still public (NYSE: KOS).
- Air Lease Corporation — April 2011, $26.50/share. Still public (NYSE: AL).
- Gevo — February 2011, $15/share. Still public (NASDAQ: GEVO), now focused on sustainable aviation fuel.
- Solazyme — May 2011, $18/share. Renamed TerraVia; filed for bankruptcy in 2017.
- KiOR — June 2011, $15/share. The cellulosic biofuel company filed for bankruptcy in 2014.
Financial Services
- BankUnited — January 27, 2011, $27/share. The Florida bank rebuilt from a 2009 failure. Still public (NYSE: BKU).
- Apollo Global Management — covered above.
- Imperial Holdings — February 2011. Second-worst performing IPO of the year.
Healthcare and Biotech
- Pacira Pharmaceuticals — February 2011, $7/share. Still public (NASDAQ: PCRX).
- Endocyte — February 2011, $6/share. Acquired by Novartis in 2018 for $2.1 billion.
- Fluidigm — February 2011, $13.50/share. Renamed Standard BioTools.
- Clovis Oncology — November 2011, $13/share. Filed for Chapter 11 bankruptcy in 2022.
- Sagent Pharmaceuticals — April 2011, $16/share. Acquired by Nichi-Iko in 2016.
The Worst Performer of 2011
FriendFinder Networks — May 2011, $10/share.
The publisher of Penthouse and operator of adult social networking sites was 2011’s worst-performing IPO, down more than 94% from its filing price by December. The company filed for Chapter 11 bankruptcy in 2013.
Corrections to Common Errors About the 2011 IPO Class
Several widely-circulated articles about 2011 IPOs contain errors worth flagging:
MercadoLibre did not IPO in 2011. The Latin American e-commerce company went public on NASDAQ in August 2007 at $18 per share, raising over $300 million at a $1.9 billion valuation. It was the first Latin American technology company listed on NASDAQ. The $18 price and August date are correct — the year is wrong by four years in several published lists.
HCA is not private. It was taken private in 2006, then returned to public markets via this 2011 IPO, and remains publicly traded as HCA Healthcare.
Yandex no longer exists in the form described. It’s now Nebius Group, an AI infrastructure company with no Russian operations.
Spirit Airlines is not “continuing to expand.” It wound down operations in May 2026.
Glencore was not a US IPO. It raised nearly $10 billion in 2011 — the largest globally that year — but listed in London and Hong Kong, not on a US exchange.
What the Class of 2011 Actually Teaches
First-year performance predicted almost nothing. GNC was the best performer of 2011 and went bankrupt nine years later. Zillow had a modest debut and became one of the most durable names on the list.
Acquisition was the most common outcome. LinkedIn, Zynga, Pandora, HomeAway, Freescale, Fusion-io, Carbonite, Zipcar, Teavana, Responsys, Epocrates, NeoPhotonics, InvenSense, Endocyte, and Dunkin’ Brands were all acquired. For the 2011 class, going public functioned more as a step toward a sale than as a permanent destination.
Private equity took several back off the market. Cornerstone OnDemand, Imperva, Ellie Mae, Nielsen, Active Network, and Boingo all returned to private ownership — in most cases at prices well above their IPO valuations.
Business model mattered more than sector heat. The 2011 cohort’s celebrated tech names diverged enormously: LinkedIn and Zillow built durable businesses, while Groupon and Zynga struggled to convert early growth into sustainable economics.
Related WiseWorq Guides
- Top 10 Highest-Paying Companies in the US — where today’s public tech companies rank on compensation
- Top Companies with the Best Work Culture in the US — culture rankings across major public employers
- How Many Jobs Are Available in Major Banks? — the institutions that underwrite IPOs, from the employee side
- How Many Jobs Are Available in Finance? — careers in investment banking, capital markets, and equity research
- Is Technology a Good Career Path? — working at the tech companies that came out of this era
