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Is the IPO Window Opening Back Up?

Is the IPO Window Opening Back Up?

The highs of the 2021 IPO market have been just a memory for the past couple of years. Initial Public Offering growth decreased in 2022 and 2023[1], and it is still too early to tell exactly what 2024 will bring. However, there are signs that the IPO market may be picking back up. In this blog, we’ll discuss IPOs so far in 2024, potential signs that the IPO market may be picking back up, and which companies investors may want to keep an eye on as 2024 progresses.

A Slow 2022-2023

When looking at the global IPO market, Ernst & Young found that 2023 ended with 1,298 IPOs raising $123.2B. This represents a decrease from the 1,415 global IPOs in 2022 and a contrast from the 2,436 conducted in 2021[2]. Many companies, like Stripe, Turo, Navan, and Rubrik, shuttered their plans and decided to wait until the market became more favorable for their goals. However, companies continued to update their IPO documentation with the SEC so once the time came, they could be ready to jump.


A Hopeful 2024

Some investors had floated the idea that the IPO window would open back up in 2024, and in early January, signs appeared to point to more favorable conditions for an IPO. TechCrunch reported in January 2024 that it is an expensive time to be a venture-backed tech company. High borrowing rates, decreased valuations, and slowed venture capital funding are straining companies that choose to stay private longer[3]. It appeared to be inevitable that the IPO market could open back up at some point, it was just a matter of when.

Reddit is one company that originally filed its registration statement in December 2021 but decided to wait until conditions were more favorable. On March 21, 2024, the MicroVentures portfolio company listed as $RDDT on the New York Stock Exchange. The stock gained 48% on its opening day after pricing shares at $34.00, opening at $47.00, and reaching a high of $57.80 before closing at $50.44[4]. After raising roughly $750M in its IPO, some investors are using Reddit’s result to gauge whether the IPO market might be picking up again[5].

Just a day earlier, Astera Labs conducted its IPO on March 20, 2024. It priced its IPO at $36.00, opened at $52.56, and closed at $62.03, representing a gain of 72%. While some investors speculate that the hardware company for cloud data centers mispriced its shares leaving money on the table, the success seen in early trading may help spur other private companies to take the leap and conduct their IPO[6].

From the constraints experienced by private companies choosing to stay private longer to improving market conditions and the success of the most recent Initial Public Offerings, could the IPO window be opening back up for the companies still waiting? While it is still too early to tell, these factors may support the theory that more IPOs are coming in 2024.

Who’s Next? 

As mentioned before, many companies chose to shutter their IPO plans in the midst of an icy 2022 and 2023. With current market conditions, which companies could be next to conduct their IPO? PitchBook compiled a list of VC-backed IPO candidates for 2024 with names on the list including Epic Games, Zipline, Noom, Databricks, and more. Some of the companies who have considered conducting IPOs in 2024 and their latest status include:

Cerebras – As of January 2024, Cerebras is considering an initial public offering which could come as early as the second half of 2024. It has held discussions with potential advisors and may seek a valuation north of $4B[7].

Plaid – Plaid originally teased an IPO in 2021, but not much information has come out since then about the Fintech’s company’s IPO plans. As of February 2024, it hired Facebook and Cloudflare veteran Jen Taylor as its first president. Taylor served at Cloudflare before, during, and after the company’s IPO which could point toward Plaid’s future plans but a spokesperson stated, “An eventual IPO is a milestone we’re tracking toward, but we don’t have any details or a timeline to share beyond that.”[8]

Rubrik – After it confidentially registered for an IPO, Rubrik has stated plans to go public in New York as early as April 2024. It was reported in 2023 that Goldman Sachs, Barclays, and Citigroup have been hired as underwriters. The IPO’s timing appears to hinge upon the conclusion of a U.S. fraud investigation into one of its former employees, with hopes that it could come next month[9].

Circle – A new addition to the list, Circle filed for its IPO in January 2024. It had originally planned to go public through a special purpose acquisition company (SPAC) but the deal fell apart in 2022. Circle plans to conduct its IPO after the SEC has finished its review, “subject to market and other conditions”.[10]

Egnyte – Hiring JPMorgan Chase in February 2024, Egnyte aims to target a valuation north of $3B in its IPO. Also underwritten by UBS group, the IPO could come as early as this year[11].

Stripe – Taking its first steps to go public in 2021[12], Stripe has been a highly anticipated IPO for quite some time. However, it inked deals with investors to conduct a tender offer at a $65B valuation in February 2024. Originally anticipated as a 2024 IPO, the tender offer leads some investors to believe that the IPO may not take place until 2025[13].

Liquid Death – Last summer, Liquid Death hired Goldman Sachs to assist with an IPO that is rumored to take place later in 2024. It closed a $67M financing round in March 2024 at a $1.4B valuation, propelling it to unicorn status[14]. Beyond hiring banks, not much else has been reported about filing or timing of the potential IPO.

Turo – Originally filing for an IPO in early 2022, Turo has continually updated its SEC filings showing continued interest in an eventual IPO[15] and Axios reported Turo was going to start its IPO roadshow in December 2023[16].

Shein – The fast fashion company filed for a U.S. IPO in November 2024 and tapped Goldman Sachs, JPMorgan, and Morgan Stanley as underwriters[17]. As of March 2024, it was deciding between filing on the London Stock Exchange or the New York Stock Exchange, with some anticipating a final listing on the London Stock Exchange[18].

Navan – Reportedly targeting 2024 for an IPO, it was reported to have filed confidentially for its public listing in December 2023 targeting a $12B valuation. In August 2023, a source told Business Insider the company was targeting April 2024. No new information has come out about the IPO since the December reports[19].

ServiceTitan – Originally beginning preparations in 2022, Service Titan has revived plans for an IPO in 2024 as of December 2023. It has hired Goldman Sachs and Morgan Stanley for preparations and the IPO could come in the first half of 2024[20].

Klarna – The buy-now-pay-later company reportedly started having detailed conversations with investment banks for an IPO in November 2023 and could be targeting a valuation around $20B[21].

Final Thoughts

Despite the IPO market slowdown seen in 2022 and 2023, there could be signs of 2024 bringing new IPOs. From constraints on private companies to current market conditions, the stage may be set for companies to finally take the plunge toward a public listing. The success seen by Reddit and Astera Labs may spur interest in companies that have been waiting for market conditions to improve. Check back in with us in June 2024 for our next update on current IPO conditions.

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[1] https://www.ey.com/en_gl/insights/ipo/trends

[2] https://www.ey.com/en_gl/insights/ipo/trends

[3] https://techcrunch.com/2024/01/10/the-ipo-window-is-reopening-heres-what-startups-need-to-know/

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

[5] https://www.cnbc.com/2024/03/25/reddit-shares-close-30percent-up-following-social-media-companys-ipo.html

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

[7] https://www.datacenterdynamics.com/en/news/wafer-scale-chip-company-cerebras-systems-considers-2024-ipo/

[8] https://www.bankingdive.com/news/plaid-president-jen-taylor-zach-perret-ipo-cloudflare-facebook-fintech-visa/707520/

[9] https://www.cnbc.com/2024/02/03/cybersecurity-software-startup-rubrik-plans-to-go-public-as-early-as-april-amid-us-probe-into-former-employee-sources-say.html

[10] https://www.cnbc.com/2024/01/11/circle-confidentially-files-for-ipo-following-banner-year-for-crypto-.html

[11] https://www.reuters.com/technology/cloud-storage-service-egnyte-hires-banks-ipo-sources-say-2024-02-28/

[12] https://public.com/learn/stripe-ipo

[13] https://techcrunch.com/2024/02/28/fintech-giant-stripe-valuation-spikes-65b-employee-stock-sale/

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

[15] https://techcrunch.com/2024/03/08/turo-car-rental-ipo-profitable-growth/

[16] https://tickernerd.com/resources/turo-ipo/

[17] https://www.cnbc.com/2023/11/27/shein-files-for-us-ipo-as-fast-fashion-giant-looks-to-expand-its-global-reach.html

[18] https://uk.investing.com/news/stock-market-news/shein-close-to-announcing-london-ipo–reports-3400087

[19] https://techcrunch.com/2023/12/05/expense-management-startup-navan-layoffs/

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

[21] https://fortune.com/europe/2024/03/08/klarna-ceo-wants-buy-now-pay-later-giant-go-public-copying-google-perfect-ipo/


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