As we are now halfway through 2023, it is time to check in on the status of the 2023 IPO Outlook and see which companies have made progress or extended their IPO timeline, and which companies to keep an eye on as they begin the IPO process.
Current 2023 IPO Outlook
2023 has seen 93 companies go public so far via traditional initial public offerings, direct listings, and completed SPAC mergers[1]. While this is slightly above this time last year which had recorded 75 public listings, it is still significantly below the record 516 that occurred in 2021[2]. However, many companies are confidentially filing for IPOs, selecting or hiring investment banks to assist in the process, or updating their IPO documents, poised and ready for when market conditions improve.
Companies that have gone public in 2023
(MicroVentures’ portfolio companies are noted with an asterisk.)
Current prices are reflected below as of market close on 6/29/2023.
Cava – IPO
Industry: Food & Beverage
Date: June 13, 2023
IPO Price: $22.00
Current Price: $43.60
Cava (NYSE: CAVA), a Mediterranean fast-casual culinary brand, went public in June 2023, which many recognized as the “end of the IPO drought”. The company sold 14.4M shares, raised nearly $318M, and pushed the company valuation to roughly $2.45B. Their shares reached as much as 117% in its market debut and closed at $43.78 per share[3]. The shares are currently trading at 98.18% above the IPO price.
ATS Corporation – IPO
Industry: Automation Solutions
Date: May 23, 2023
IPO Price: $41.00
Current Price: $45.61
ATS Corporation (NYSE: ATS), an automation solutions provider, went public in May 2023. They offered 6M common shares to raise $246M. The shares are currently trading at 11.24% above the IPO price.
Nextracker – IPO
Industry: CleanTech
Date: February 8, 2023
IPO Price: $24.00
Current Price: $38.10
Nextracker (NASDAQ: NXT), a developer of solar tracker systems, conducted their IPO in February 2023. With shares priced at $24, it raised $638M in their IPO, considered at the time to be the largest IPO of 2023[4]. The shares are currently trading at 58.75% above the IPO price.
Kenvue – IPO
Industry: Private Equity Firm
Date: May 4, 2023
IPO Price: $22.00
Current Price: $25.99
Kenvue (NYSE: KVUE), Johnson & Johnson’s consumer health business, went public in May 2023. Shares were priced at $22 and the company aimed to sell more than 172M shares, bringing in $3.8B[5]. Kenvue ended up selling more than 198M shares and brought in $4.37B, the largest IPO so far in 2023[6]. The shares are currently trading at 18.13% above the IPO price.
TXO Energy Partners – IPO
Industry: Oil and Gas
Date: January 27, 2023
IPO Price: $20.00
Current Price: $21.82
TXO Partners (NYSE: TXO), formerly known as the oil and gas company MorningStar, went public in January 2023 at an initial price of $20 per share. The IPO aimed to raise $100M[7]. The shares are currently trading at 9.1% above the IPO price.
Potential Public Listings
Stripe*
Industry: FinTech
Last Round: $6.5B Series I in March 2023
Stripe is a developer-oriented commerce company helping small and large companies accept web and mobile payments.
Stripe has been stating its intentions to go public since July 2021[8]. The company is considering going public through a direct listing or private market transaction and has hired Goldman Sachs and JPMorgan to advise on the deal. In January 2023, Stripe told its employees that it will make a decision on its plans to go public within the next year[9].
Rubrik*
Industry: Cloud Data Management and Cybersecurity
Last Round: $261M Series E in January 2019
Rubrik is a cloud data management company that focuses on zero trust data security.
A new addition to the IPO list, Rubrik has not yet filed for their initial public offering, but hired Goldman Sachs, Barclays, and Citigroup in June 2023 for its planned stock market flotation. Sources report Rubrik may raise more than $750M in its IPO with a potential timeline of 2024, pending a more welcoming IPO market[10].
Klaviyo*
Industry: Marketing Automation
Filed: May 2023
Last Round: $329M Series D in May 2021
Klaviyo is a multichannel marketing automation platform for email, SMS, and push.
Klaviyo is another new addition to the IPO list, with sources first reporting the potential IPO in April 2023[11]. We didn’t have to wait long for the official news, with Klaviyo confidentially submitting their IPO paperwork in early May 2023. Contemplating a raise of at least $750M, they’ve hired Goldman Sachs, Morgan Stanley, Citigroup, Barclays, Mizuho Financial Group, and William Blair to assist in the listing[12]. Klaviyo could participate in their market debut later this year.
Navan (Formerly TripActions)*
Industry: Travel and Expense Management
Filed: September 2022
Last Round: $154M Series G in October 2022
TripActions is a corporate travel and expenses company that helps companies manage bookings, corporate cards, and provides expense management software.
TripActions confidentially filed for an IPO in September 2022 at a targeted $12B valuation. Initially planned for the second quarter of 2023, the company has not provided any new information regarding timing of the initial public offering[13].
Discord
Industry: Social Networking
Filed: May 2022
Last Round: $500M Series H in September 2021
Discord is a channel based voice, video, and text social platform with dedicated servers for different communities.
Discord has been a highly anticipated IPO on many investors’ radars since late 2021, but no filing has occurred, bank hired, or lawyer selected as of June 2023. However, they’ve turned down acquisition deals from Microsoft, Twitter, and Amazon in addition to making other moves that indicate the company could be preparing for an IPO[14].
Turo*
Industry: Short Term Car Rentals
Filed: January 2022
Last Round: $35.2M Venture Round in April 2022
Turo is an online car sharing platform that allows car owners to rent out their vehicles for short-term rentals.
Turo filed for an IPO in January 2022[15], with little new information released since then about their IPO plans. The company updated its filing in May[16], September[17], December 2022,[18] March 2023[19], and June 2023[20] showing continued interest in getting to a public offering. Based on the original IPO filing, the deal could raise up to $300 million.
Reddit*
Industry: Social Networking
Filed: May 2023
Last Round: $410M Series F in August 2021
Reddit reported that it had filed a preliminary IPO registration statement with the SEC in December 2021, but did not initially specify a timeline[21]. Sources reported in February 2023 that the company was targeting the second half of 2023 and has been keeping its paperwork up to date. However, in a recent attempt to become profitable, many Reddit users engaged in a blackout to protest Reddit’s newly unveiled charges for third-party developers, like Apollo, to access Reddit’s applied programming interfaces (APIs)[22]. So far, it is unclear how the Reddit blackout has affected the company’s IPO plans.
Bolt*
Industry: Carsharing
Last Round: £628M (≈$797M) Series F in January 2022
Bolt is an Estonian Uber and Lyft rival that primarily operates in Europe, Africa, and Mexico.
Bolt’s CEO stated their IPO intentions in May 2023 and that a final decision will hinge on market conditions. They have put a tentative timeline on a 2025 IPO and expects to be profitable by May 2024 in advance of IPO efforts[23].
Impossible Foods*
Industry: Plant-based Meat Substitutes
Last Round: $500M Series H in November 2021
Impossible Foods makes plant-based alternatives for beef, sausage, chicken, and pork.
Another anticipated IPO, Impossible Foods has not filed their S-1 yet. In February 2023, the company’s CEO said the industry is still in its infancy and that an IPO will happen, just “probably not this year”[24].
Going Public
While the IPO market is far removed from immense growth it experienced in 2021, hope is on the horizon with many companies continuing to update their IPO documentation, reviving plans, or beginning to take the first steps. It will be interesting to see if the IPO market continues to change through the rest of 2023 and which companies could debut in the public market.
If you’re new to terms like “SPAC” and “IPO,” check out a few of our previous blog posts covering different ways to go public:
- What’s the Difference Between an IPO and a Direct Listing?
- SPAC Explained: What is a Special Purpose Acquisition Company?
Visit our offering pages to review the offerings currently available. We offer crowdfunding opportunities as well as early and late-stage private offerings for accredited investors.
[1] MicroVenture Marketplace Inc. using data retrieved 6/21/23 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.
[2] MicroVenture Marketplace Inc. using data retrieved 6/15/22 from https://site.warrington.ufl.edu/ritter/files/IPO-Statistics.pdf & https://spactrack.io/despacs/.
[3] https://www.cnbc.com/2023/06/15/cava-group-ipo-cava-starts-trading-on-the-new-york-stock-exchange.html
[4] https://www.axios.com/2023/02/09/nextracker-years-largest-ipo
[5] https://www.cnbc.com/2023/05/03/jj-kenvue-ipo-what-to-know.html
[6] https://www.davispolk.com/experience/kenvue-437-billion-ipo
[7] https://fortworthbusiness.com/business/bob-simpsons-morningstar-files-to-go-public-with-100-million-ipo/
[8] https://nypost.com/2021/07/08/online-pay-firm-stripe-reportedly-hires-law-firm-in-first-step-toward-big-ipo/
[9] https://www.cnbc.com/2023/01/26/stripe-tells-employees-it-will-decide-on-an-ipo-within-the-next-year-.html
[10] https://www.reuters.com/markets/deals/microsoft-backed-rubrik-hires-banks-ipo-sources-2023-06-05/
[11] https://techcrunch.com/2023/04/03/report-klaviyo-to-ipo-later-this-year/
[12] https://www.nasdaq.com/articles/klaviyo-files-confidentially-for-u.s.-ipo-sources
[13] https://techcrunch.com/2022/09/29/tripactions-ipo/
[14] https://www.mlq.ai/discord-ipo/
[15] https://techcrunch.com/2022/01/10/peer-to-peer-car-sharing-company-turo-files-ipo-to-go-public/
[16] https://www.sec.gov/Archives/edgar/data/1514587/000119312522156266/d145731ds1a.htm
[17] https://www.sec.gov/Archives/edgar/data/1514587/000119312522236530/d145731ds1a.htm
[18] https://www.sec.gov/Archives/edgar/data/1514587/000119312522304828/d145731ds1a.htm
[19] https://www.sec.gov/Archives/edgar/data/1514587/000119312523078252/d145731ds1a.htm
[20] https://www.sec.gov/Archives/edgar/data/1514587/000162828023021706/turoinc-sx1a5.htm?mod=article_inline
[21] https://www.inc.com/sam-blum/reddit-faces-a-crossroads-as-it-considers-an-ipo-later-this-year-and-users-are-still-in-open-revolt.html
[22] https://www.inc.com/sam-blum/reddit-faces-a-crossroads-as-it-considers-an-ipo-later-this-year-and-users-are-still-in-open-revolt.html
[23] https://www.coinspeaker.com/bolt-profitable-ipo-2025/
[24] https://finance.yahoo.com/news/impossible-foods-ceo-ipo-will-happen-but-probably-not-this-year-163945190.html
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The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.
