It’s no surprise that the initial public offering (IPO) market isn’t what it used to be. The highs seen in 2021 are behind us and after a long lull, investors are poised and ready to see which companies could be making IPO moves in 2024.
2023 has seen 214[1] companies go public so far through traditional IPOs, direct listings, and completed SPAC mergers, compared to 186[2] companies in 2022. While a ~15% year-over-year increase was reported, it is still less than half of the historic 516[3] IPO seen in 2021. CAVA, Arm, Klaviyo, and Instacart were some of the bigger names that conducted their IPOs this year, but with 2024 right around the corner, which companies are watching the IPO market to see what 2024 could bring?
Anticipated IPOs for 2024
Below are a handful of companies that have indicated they may pursue or have filed paperwork for a future IPO.
(MicroVentures’ portfolio companies are noted with an asterisk in the list below.)
Reddit*
Industry: Social Networking
Originally Filed: December 2021
Last Round: $410M Series F Round in August 2021
Originally filing a preliminary registration statement in December 2021, Reddit has been a highly anticipated IPO for the last 2 years. Its on-again, off-again plans may be finally coming to fruition, as it has begun holding talks with potential investors again. Considering a valuation as high as $15B, Reddit made a bold move in June 2023 and started charging third-party developers to access its applied programming interface in an attempt to achieve profitability. Many Reddit users engaged in a blackout to protest the changes, however, Bloomberg reported in November 2023 that Reddit’s IPO could come as early as the first quarter of 2024.[4] [5]
Shein
Industry: Fast-Fashion
Originally Filed: November 2023
Last Round: $2B Private Equity Round in May 2023
The online fast-fashion retailer confidentially filed for an IPO in November 2023 and is targeting a valuation of $80 to $90B. Considered to be a controversial company due to its labor practices, the company will need to prove to the SEC that it follows ethical guidelines in order to be listed on a U.S. exchange. Despite this, The Ticker reported in December 2023 it could be one of the most significant debuts in the last decade, and many investors are hoping that when Shein finally makes a move, it could help kickstart a recovery in the IPO market[6].
Navan (Formerly TripActions)*
Industry: Expense Management
Originally Filed: September 2022
Last Round: $154M Series G in October 2022
The corporate travel and expenses company reportedly filed for an IPO in September 2022 and was targeting a $12B valuation sometime in 2023. In August, a source reported that the company’s IPO timeline had shifted to April 2024. The company’s CEO and co-founder Ariel Cohen told TechCrunch that “I think eventually we will be a public company. We’ve raised around $1.4 billion to date and maturity-wise, we are there, to be public. Growth-wise, we are growing extremely fast, and a lot of our metrics would support being public. I don’t think the market is there right now.” [7]
Turo*
Industry: Two-sided car rental marketplace
Originally Filed: January 2022
Last Round: $154M Series G in October 2022
The online car sharing platform is another highly anticipated off-again, on-again IPO. Turo originally filed for an IPO in January 2022[8] and updated its filing in May[9], September[10], and December 2022[11] in addition to March[12], June[13], September[14] [15], and November 2023[16]. Sources familiar with the matter reported in September that Turo could list shares as early as this fall and has worked with Morgan Stanley and JPMorgan Chase & Co. on the matter[17]. Besides the rumor of fall 2023, there is not an anticipated date for the IPO yet.
Rubrik*
Industry: Cybersecurity
Originally Filed: Not Filed
Last Round: $261M Series E in January 2019
The data security vendor was originally expected to complete an IPO in 2023 and reportedly hired Goldman Sachs, Barclays Plc, and Citigroup Inc. as leading underwriters in addition to hiring seven additional banks[18]. Rubrik’s CEO Bipul Sinha told CRN in September 2023, “we are watching the market and when the time is right, we’ll be a public company.”
Liquid Death*
Industry: Food & Beverage
Originally Filed: Not Filed
Last Round: $70M Series D in October 2022
The specialty canned water company is reportedly preparing for its Initial Public Offering. The IPO could take place as soon as the Spring of 2024 and Liquid Death has hired Goldman Sachs to assist[19].
Ripple*
Industry: Blockchain Payments
Originally Filed: Not Filed
Last Round: $100K Series C in January 2023
For the blockchain-based payment company, in a Fireside Chat hosted by LinkedIn November 2023, experts shared insights and suggested that Ripple might aim for an IPO around mid-May 2024. However, if that timeline doesn’t materialize, some speculate the next likely window for the IPO could be 2025[20].
Impossible Foods*
Industry: Alternative Proteins
Originally Filed: Not Filed
Last Round: $100K Series C in January 2023
The plant-based meat company has been an anticipated IPO for some time now, but CEO Peter McGuinness stated in February 2023 that an IPO is definitely on the table, but there is no anticipated timeline as to when[21].
ServiceTitan*
Industry: Software
Originally Filed: Early 2022
Last Round: £628M Series F in January 2022[22]
The software for contract workers has revived preparations for a 2024 IPO, according to people familiar with the matter. Originally targeted for 2022, ServiceTitan is working with Goldman Sachs and Morgan Stanley for its latest preparations that could come as early as the second quarter of 2024. The company has yet to decide on how much it plans to raise[23].
Going Public
If you’re new to terms like “SPAC” and “IPO,” check out a few of our previous blog posts covering information about IPOs and the different ways to go public:
- IPOs in Recessions
- What’s the Difference Between an IPO and a Direct Listing?
- SPAC Explained: What is a Special Purpose Acquisition Company?
Ready to Invest Pre-IPO?
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.
Want to learn more about startup investing? Check out the following MicroVentures blogs to learn more:
- Trends and Industries to Watch 2024
- Cap Tables 101: The Foundation of Startup Investment
- Beyond Dollars: Non-Financial Startup Metrics to Consider
- From Equity to Alternatives: Understanding Dilutive vs. Non-Dilutive Funding
[1] MicroVenture Marketplace Inc. using data retrieved 12/21/23 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.
[2] MicroVenture Marketplace Inc. using data retrieved 12/22/22 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.
[3] MicroVenture Marketplace Inc. using data retrieved 6/15/22 from https://site.warrington.ufl.edu/ritter/files/IPO-Statistics.pdf & https://spactrack.io/despacs/.
[4] 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
[5] https://www.fastcompany.com/90989384/reddit-shein-ipo-plans-2024
[6] https://theticker.org/12965/business/sheins-confidential-ipo-filing-raises-excitement-amid-ethical-concerns/
[7] https://techcrunch.com/2023/12/05/expense-management-startup-navan-layoffs/
[8] https://finance.yahoo.com/news/car-sharing-turo-restarts-ipo-010106379.html
[9] https://www.sec.gov/Archives/edgar/data/1514587/000119312522156266/d145731ds1a.htm
[10] https://www.sec.gov/Archives/edgar/data/1514587/000119312522236530/d145731ds1a.htm
[11] https://www.sec.gov/Archives/edgar/data/1514587/000119312522304828/d145731ds1a.htm
[12] https://www.sec.gov/Archives/edgar/data/1514587/000119312523078252/d145731ds1a.htm
[13] https://www.sec.gov/Archives/edgar/data/1514587/000162828023021706/turoinc-sx1a5.htm
[14] https://www.sec.gov/Archives/edgar/data/1514587/000162828023031880/turoinc-sx1a6.htm
[15] https://www.sec.gov/Archives/edgar/data/1514587/000162828023033318/turoinc-sx1a7.htm
[16] https://www.sec.gov/Archives/edgar/data/1514587/000162828023039330/turoinc-sx1a8.htm
[17] https://finance.yahoo.com/news/car-sharing-turo-restarts-ipo-010106379.html
[18] https://www.crn.com/news/security/rubrik-plans-to-pursue-ipo-in-2023-report
[19] https://www.proactiveinvestors.com/companies/news/1020676/liquid-death-beverage-company-taps-goldman-sachs-for-ipo-1020676.html
[20] https://coinpedia.org/news/ripple-ipo-update-wall-street-expert-reveals-when-ripple-will-go-public/
[21] https://finance.yahoo.com/news/impossible-foods-ceo-ipo-will-happen-but-probably-not-this-year-163945190.html
[22] https://www.usnews.com/news/technology/articles/2023-12-19/software-startup-servicetitan-prepares-for-2024-ipo-sources#:~:text=Rowe%20Price.,an%20IPO%20in%20early%202022.
[23] https://www.reuters.com/technology/software-startup-servicetitan-prepares-2024-ipo-sources-2023-12-19/
*****
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.
