IPOs are track to continue accelerating in the last few months of 2023 and into the new year following a series of impressive debuts after a lull in high-profile listings.
This week, ARM Holdings and RayzeBio both made a splash with their respective listings.
ARM debuted on Thursday, closing up 25% from its listing price of $51. It continued to make gains at noon on Friday, up 2.2% at US$65.
RayzeBio listed Friday and as of midday had added about 36% to US$24.50 from its listing price of US$18.
This comes after debuts from beauty brand Oddity, Mediterranean restaurant chain Cava, and Johnson and Johnson consumer health spin-off Kenvue earlier this year.
Here’s a glimpse of what’s to come.
Instacart
Grocery technology company Instacart is targeting a fully diluted valuation of up to US$10 billion when it debuts its shares on the Nasdaq under the ticker symbol “CART” next week.
The company plans to list 22 million shares at US$28 to US$30 each, raising up to US$660 million.
Instacart raised its price range from its earlier range of US$26 to US$28 per share, which would have raised up to $616 million, following ARM’s impressive IPO.
Klaviyo
Also set to debut next week is marketing automation software company Klaviyo, which intends to raise up to US$310.7 million bringing the firm’s valuation to about US$6.8 billion.
The company said it will offer 19.2 million shares at an expected price range of between US$25 to US$27 per share.
It plans to list on the New York Stock Exchange under the ticker symbol “KVYO.”
Birkenstock
Iconic sandal maker Birkenstock has filed for an IPO with the New York Stock Exchange.
Its owner L Catteron hopes to list the company, believed to be worth more than US$8 billion, in the week commencing October 9.
Stripe
FinTech Stripe has been mulling an IPO for several years, with its leadership saying in January that it plans to make a decision on the timing of the float by the year-end.
With the fourth quarter rapidly approaching and no update yet, it appears the company may push off an offering until the new year.
The digital payments processor was valued at about US$50 billion in March following a fundraising round, a sharp drop from its peak valuation of US$95 billion about two years earlier.
Another rumored IPO that has been a long time coming but is yet to be officially announced is for the social media site Reddit.
According to a report earlier this year by The Information citing people with knowledge of the manner, Reddit renewed talks to go public in the second half of 2023.
The company first filed for an IPO in December 2021 but as the stock market took a nosedive in 2022, its IPO discussions were put on hold.
Like Stripe, without any updates from Reddit’s management, it appears an IPO remains a way off.
Liquid Death
Looking ahead to 2024, canned water company Liquid Death could go public as soon as the spring, according to a report by The Information.
The report came as the beverage brand, which targets Millennial and Gen Z consumers, was valued at US$700 million following a US$70 million financing round led by Science Ventures in 2022.
Canva
While there have been no official announcements from the graphic design platform itself, Canva is also rumored to go public in 2023 or 2024.
The company was valued at about US$25 billion in August 2023, down from its highest-ever valuation of US$40 billion in September 2021.
Databricks
Following a US$500 million fundraising round with high-profile investors including AI-powered chipmaker NVIDIA Corporation (NASDAQ:NVDA) and Capital One Financial (NYSE:COF), Databricks is also considered a top IPO contender.
The machine learning cloud data storage and processing software company is now valued at US$43 billion, making it the eighth most valuable private company, according to Crunchbase data.
Contact the author at emily.jarvie@proactiveinvestors.com
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