Market Will Have to Justify a $20B Valuation for Lyft, Says Renaissance Capital's Smith

The video discusses the implications of dual share structures on investor appeal, highlighting issues faced by companies like Facebook and Snap. It delves into the profitability challenges of tech companies such as Lyft and Uber, questioning their valuation given their financial losses. The video also examines the large IPO backlog, offering investors a variety of choices, including profitable companies like Levi Strauss and cloud tech firms. Finally, it addresses the challenges for IPOs, emphasizing the need for price discipline and the competitive market environment.

What is the significance of the IPO backlog mentioned in the text?

What challenges does the sell side face with the current wall of IPOs?