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2024 IPO Check-in

2024 IPO Check-in

As we are now halfway through 2024, it is time to check in on the status of the 2024 IPO Outlook and see which companies have successfully completed an IPO, new companies that have filed, and who else to keep an eye on as the year progresses. Without further ado, let’s check in on 2024 initial public offerings.

Current 2024 IPO Outlook

2024 has been a promising year when it comes to initial public offerings, with large named such as Reddit, Astera Labs, and Rubrik successfully making their public market debuts. So far this year, we have seen 120 companies go public via traditional initial public offerings, direct listings, and completed SPAC mergers[1].

The IPO market appears to be finally on the upswing, as this outpaces the 93 public offerings that occurred in the first half of 2023[2]. While these numbers are still trailing the highs of 2021, many believe that the public markets are poised for a strong 2024 and that the IPO market is finally defrosting after a couple of sparse years[3].

Companies that have gone public in 2024

(MicroVentures’ portfolio companies are noted with an asterisk.)

Current prices are reflected below as of market close on 6/27/2024.

Astera Labs – IPO

Industry: Hardware Connectivity Solutions

Date: March 20, 2024

IPO Price: $36.00

Current Price: $57.88

The first major IPO to cross the finish line in 2024, Astera Labs (NASDAQ: ALAB), a developer of semiconductor-based connectivity solutions for cloud and AI, went public in March 2024. After pricing its shares at $36, the stock was up 46% when the bell rang, opening at $52.56. Over the course of the day, the stock performed strongly, closing at $62.03, a gain of 72%[4]. The shares are currently trading at 60.7% above the IPO price.

*Reddit – IPO

Industry: Social Media

Date: March 21, 2024

IPO Price: $34.00

Current Price: $63.58

Shortly following Astera Labs, Reddit (NYSE: RDDT), a social media platform, went public just a day later in March 2024. The first IPO for a major social media company since Pinterest hit the public markets in 2019, it priced its shares at $34 but opened trading at $47. Over the course of the first day of trading, the stock reached a high of $57.80 before closing at $50.44, representing an increase of 48.3% from its IPO price[5]. The shares are currently trading at 87.0% above the IPO price.

Ibotta

Ibotta – IPO

Industry: Cash Back Rewards Platform

Date: April 18, 2024

IPO Price: $88.00

Current Price: $75.00

Just a month after Astera Labs and Reddit, Ibotta (NYSE: IBTA), a mobile cash back rewards platform, hit the public markets in April 2024. With shares priced at $88, it went up to $117 at open before closing at $103.25, an increase of 17.3%. Senior research analyst at Renaissance Capital Nicholas Smith stated immediately after that the company left money on the table, a sentiment resounded by other critics as well. The shares are currently trading at 14.7% below the IPO price[6].

Rubrik

*Rubrik – IPO

Industry: Data Management

Date: April 25, 2024

IPO Price: $32.00

Current Price: $30.69

Rubrik (NYSE: RBRK), a data management company, went public in April 2024. Shares were priced at $32 and ended up raising $752M at a $5.6B valuation. The stock increased to $38.60 at open and closed at $37. The shares are currently trading at 4.1% below the IPO price[7].

Life360

Life360 – IPO

Industry: Family Location Tracking

Date: June 6, 2024

IPO Price: $27.00

Current Price: $31.89

Life360 (NASDAQ: LIF), the safety and tracking app for families and the parent company of Tile Bluetooth trackers, went public in June 2024 at an initial price of $27 per share[8]. The shares are currently trading at 18.1% above the IPO price.

Potential Public Listings

Liquid Death

*Liquid Death

Industry: Food & Beverage

Last Round: $67M Venture Round in March 2024

Liquid Death has created a line of still and sparkling water in aluminum “tall boy” cans in its mission of causing “death to plastic”.

Initially filing in 2023, the beverage brand tapped Goldman Sachs to assist with an IPO which could come this year[9]. After closing a $67M financing round in March 2024[10], CEO Mike Cessario stated that the company is currently focused on growth and margin improvement but didn’t rule out the possibility of a future IPO[11].

Cerebras

*Cerebras

Industry: Semiconductors

Last Round: $250M Series F in November 2021

A competitor to Nvidia, Cerebras develops high-performance computing chips for use cases in artificial intelligence (AI) and machine learning (ML).

A recent addition to the IPO watch list, Cerebras confidentially filed for its initial public offering June 2024. An unnamed person involved in the decision stated that the IPO is likely to come later this year.  Bloomberg reported before that Cerebras selected Citigroup to assist in the public offering and the company aims to seek a valuation above $4B[12].

Circle

*Circle

Industry: FinTech

Last Round: $400M Private Equity Round in April 2022

Circle Internet Financial is the creator of USDC, the second largest stablecoin by market cap.

Circle previously attempted to go public through a SPAC offering in 2021 but filed for an IPO in January 2024 after the SPAC attempt fell through. The initial public offering could come as early as the second half of 2024https://ww.

ServiceTitan

*ServiceTitan

Industry: Business Software

Last Round: $200M Series G in June 2021

ServiceTitan has created and end-to-end platform for service-based businesses like HVAC, Plumbing, and Electrical to manage agreements, scheduling, and payroll.

Originally filing in 2022, ServiceTitan revived its plans for an IPO in December 2023. Hiring Goldman Sachs and Morgan Stanley for the public market debut, sources from that time stated the IPO could come as early as the second quarter of 2024. As we’re now halfway through 2024, the IPO could potentially come this year[13].

Klarna

Klarna

Industry: Buy Now, Pay Later

Last Round: $800M Venture Round in July 2022

Klarna is a fintech company that provides buy now, pay later services.

As of February 2024, the company was in discussions with banks for an initial public offering at a $20B valuation. Klarna is considering a public listing as early as the third quarter of 2024 and its CEO Sebastian Siemiatkowski hinted that it will be coming quite soon[14].

Kraken

*Kraken

Industry: Cryptocurrency

Last Round: $1.5M Venture Round in October 2021

Kraken is a cryptocurrency investment platform that allows users to buy and sell different cryptocurrencies.

As of June 2024, Kraken is reportedly seeking $100M in a final funding round before launching a possible IPO. Unnamed sources stated that funding round could be completed by the end of 2024 and the IPO could be launched in early 2025[15].

Navan

Navan (Formerly TripActions)*

Industry: Travel and Expense Management

Last Round: $154M Series G in October 2022

Navan is a corporate travel and expenses company that helps companies manage bookings, corporate cards, and provides expense management software.

With an IPO on the radar since September 2022, CEO Ariel Cohen stated in May 2024 that the company is “not far” from an IPO and is on track to hit profitability this year. Cohen wouldn’t commit to a date for the eventual public listing due to a multitude of uncontrollable conditions, but he’s keeping his eye on the market for when the timing is right[16].

Egnyte

*Egnyte

Industry: Travel and Expense Management

Last Round: $75M Series E in October 208

Egnyte uses AI to help businesses manage, protect, connect, and unlocked value from stored content and data.

In February 2024, Egnyte tapped JP Morgan Chase and UBS for an eventual IPO which could come as early as this year and value the company at more than $3B[17]. Not much more is known about the potential IPO.

Going Public

While the IPO market may be starting to thaw from the deep freeze in the past couple of years, 2024 is already starting to look promising with big names completing IPOs, old companies updating filings, and new companies beginning the process. It will be interesting to see how 2024 shapes out and which companies are able to successfully debut on the public markets.

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:

Want to learn more about initial public offerings and current market conditions? Check out the following MicroVentures blogs to learn more:

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 6/24/24 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.

[2] MicroVenture Marketplace Inc. using data retrieved 6/21/23 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.

[3] https://www.whitecase.com/insight-our-thinking/global-ipos-2024-us-stock-markets.

[4] https://techcrunch.com/2024/03/20/astera-labs-ipo-pops-54-showing-that-investor-demand-for-tech-with-an-ai-twist-is-high/

[5] https://www.cnbc.com/2024/03/21/reddit-ipo-rddt-starts-trading-on-nyse.html

[6] https://techcrunch.com/2024/04/18/ibottas-ipo-opens-sharply-higher-hinting-at-warming-public-market-interest-in-tech-shares/

[7] https://www.cnbc.com/2024/04/25/rubrik-ipo-rbrk-starts-trading-on-new-york-stock-exchange.html

[8] https://www.foxbusiness.com/markets/tracking-app-life360-goes-public

[9] https://www.marketwatch.com/story/liquid-death-taps-goldman-sachs-for-initial-public-offering-report-7f3f1f40

[10] https://www.retaildive.com/news/liquid-death-funding-investment/709928/

[11] https://www.marketscreener.com/news/latest/Liquid-Death-CEO-Won-t-Rule-Out-an-IPO-46152311/

[12] https://siliconangle.com/2024/06/20/ai-chipmaker-cerebras-systems-competitor-nvidia-reportedly-files-ipo/

[13] https://www.reuters.com/technology/software-startup-servicetitan-prepares-2024-ipo-sources-2023-12-19/

[14] https://www.pymnts.com/news/ipo/2024/report-klarna-aims-for-q3-ipo-20-billion-valuation/

[15] https://www.pymnts.com/cryptocurrency/2024/kraken-considering-100-million-funding-round-before-possible-ipo/

[16] https://www.cnbc.com/2024/05/20/navan-is-not-far-from-ipo-on-track-for-2024-profitability-ceo-says.html

[17] https://telecom.economictimes.indiatimes.com/news/internet/cloud-storage-service-egnyte-hires-banks-for-ipo/108088015

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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.