Upcoming IPOs in 2024 and Recent IPOs Reviewed

This article was originally published on November 15th, 2022 and was updated fr relevance on July, 23rd, 2024

Does 2024 mark the beginning of the end of the Initial Public Offering (IPO) slump? It sure seems that way.

By the end of May, 76 IPOs had raised $15 billion, a modest but notable increase over the 68 IPOs and $9 billion raised from the same period last year. Moreover, 71 additional companies have filed papers to go public later this year.

While no records are getting broken, this is the best start to a year since 2021, signaling confidence that investors may finally get over the jitters that have hallmarked the past two years.

Highlights of the year so far include the long-awaited Reddit IPO, which debuted at $34 a share and has nearly doubled to $63 in just three months, and Astera Labs, which came in at $35 a share and has since climbed to $60.51 mid-year.  

More excitement awaits the second half of 2024, especially surrounding the upcoming US election in November. How companies respond to that is anyone’s guess, although a good bet is a slew of IPOs getting released by the end of October, followed by a slower end of the year as more companies push out their offerings to 2025.

Which IPOs should you look out for? Below, we’ve compiled a list of the biggest and most anticipated public offerings in the next few months. Start your research now to be prepared.

Pro-tips: We’ve got everything you need to know about investing in IPOs. If you want additional context about these offerings’ size, check out the 11 biggest IPOs of all time.

1. Stripe

Estimated Valuation: $65 billion

Expected IPO Date: 2025

Industry: Fintech

Stripe is once again on our list – and this time at the very top! For years, investors have been practically salivating at the chance of an IPO from this company, only to be disappointed repeatedly. And while we’re still not sure about an IPO in 2024, we think 2025 may finally be the year Stripe takes itself public.

First, some context. As you may remember, Stripe has been dangling the prospect of a public offering since 2021, when its valuation hit a high of nearly $100 billion. However, rather than pursue this course, it has continued to seek private funding instead, even though it has pretty clearly stated that this funding is not needed to run its business but is instead meant to provide its employees with liquidity—a promise they followed through with in February 2024 with their tender offer.

So why our optimism? Stripe continues to enjoy a positive cash flow, generating over $1 trillion in payment volume. Yet, it still has a way to capture the same market share enjoyed by its biggest competitor, PayPal. That may mean they’ll be looking for the extra push a public offering can finally give them.

2. Databricks

Estimated Valuation: $43 billion

Expected IPO Date: Q4 2024

Industry: Technology

Another year, another spot for Databricks on our upcoming IPO list. This company has been making waves for a while, but we would be surprised to leave the year without a public offering from them finally happening. There are a few promising indicators of why.

First, benefiting from the growing excitement around AI, the company grew its revenue last year by an impressive 50 percent. It also raised an additional $500 million in capital, helping to push its valuation up. And then there’s its recent acquisition of MosaicML, further burnishing its AI bonafide.

This suggests that Databricks is waiting for the right time to debut its IPO. With the market for IPOs slowing down in the months before a major election, look for Databricks to make a splash at the end of the year or possibly the beginning of next year at the latest.

3. Klarna

Estimated Valuation: $8 billion

Expected IPO Date: Q3 2024

Industry: Fintech

Stockholm-based Klarna is one of the market’s current leading “buy now, pay later” financial services platforms. With over 37 million users in the U.S. alone, Klarna has positioned itself as a significant candidate for a public offering—something its CEO seems to acknowledge fully. Speaking with Bloomberg, he mentioned that he is hoping to make their IPO happen “quite soon.”

All the same, there have been some mixed signals recently. While the company reported a profit in the third quarter of last year, it posted a loss of about $244 million for all of 2023. On top of this, there has been some reported boardroom drama and tensions between executives. Still, Klarna is actively discussing with banks for an IPO valued at as much as $20 billion.

4. Chime

Estimated Valuation: $5 billion

Expected IPO Date: 2025

Industry: Fintech

The timing felt auspicious for Chime to debut its IPO last year, but the stars did not seem to align for the neo-bank. Despite an initial valuation of $25 billion in 2021 and a customer base of over 22 million, the market continued to stay sour for tech stocks across the board. And with continued inflation and high interest rates, as well as the scrutiny banks have been under from lawmakers and regulators alike, Chime has opted to continue putting off what has otherwise been an anticipated offering for years.

But their time may finally be coming soon. With the recent Reddit IPO, the market for tech stocks has all but reignited, inspiring many companies who have put their public offerings on hold to once again set things in motion. With Chime’s solid customer base, competitive advantage, and commitment to fee-free services, there’s strong reason to believe that an offering may be around the corner.

5. Impossible Foods

Estimated Valuation: $10 billion

Expected IPO Date: 2025

Industry: Food

Alternative food products for meat and dairy have benefited from a surge in popularity over the past few years. Beginning during the pandemic, companies like Beyond Meat, Oatly, and Impossible Foods have won over customers and even scored lucrative distribution deals from the likes of Burger King and McDonald’s. Of those three, only Impossible Foods has yet to go public, a prospect that has many investors readying their plates.

With a popular flagship product (the Impossible Burger), distribution across thousands of grocery stores, and consumers’ continued interest in plant-based alternatives, it would seem like the time is right for Impossible Foods to make their move – but the company has so far been cautious. After rival Beyond Meat saw their shares lose nearly all their value since they debuted in 2019, they may be right to wait for the perfect conditions. Still, with the kind of momentum they have, chances are the wait won’t be long.

6. Turo

Estimated Valuation: $1.5 billion

Expected IPO Date: Q4 2024

Industry: Automotive

What’s not to like from a company many describe as a combination between Airbnb and Uber? Very little, as it turns out, at least from an investment perspective. With a unique business model, positive cash flow, and a rapidly expanding customer base, it seems like everyone’s been asking when Turo will go public. And they’ve given some tantalizing hints over the past few years, first filing an S-1 in 2022, then making a series of amendments to it in 2022 and 2023.

So where are we now? Although Turo’s profitability has generally been trending upward, it reported its most negligible profits since 2020 and its smallest net earnings since 2021. This may indicate that the company is still cautious about going public too early and may be waiting for its growth to return. But with its latest S-1 adjustment just this past March, it’s clear Turo is eager to make its public splash.

7. Skims

Estimated Valuation: $4 billion

Expected IPO Date: Q4 2024

Industry: Retail

No doubt, thanks to the immense influence and social media presence of owner Kim Kardashian, Skims has had a fantastic trajectory despite only being around for three years. With a valuation already topping $4 billion and 2023 revenue of $750 million—a 50 percent increase year-over-year—the shapewear company has been turning heads. Many agree that its next move is a public offering.

But when will this happen? Given its rapid rise, success at acquiring funding, and devoted and growing following, not to mention the clout that Kardashian’s celebrity brings, we’re confident in predicting an IPO before the end of this year, especially with signs of further aggressive growth, including the launch of a men’s line and the opening of several physical stores. However, potential challenges remain, such as a crowded retail marketplace and an unpredictable fashion landscape. Still, at least for this shapewear company, things seem to be taking shape.

8. Discord

Estimated Valuation: $15 billion

Expected IPO Date: 2025

Industry: Technology

Discord has been a shoo-in for an IPO for the last couple of years, but the company has disappointed would-be investors, especially since it remains one of the most promising tech companies out there. A darling with gamers since its debut in 2015, Discord started to gain attention when it pivoted from a platform focused on gaming to a more general, all-purpose communication tool. It now boasts over 150 million active users and an impressive market value of roughly $15 billion.

It makes sense that investors are eager to get in on the game. The only question is when. While the company has been cautious, several factors are working in its favor: its sustainable and scalable business model, ability to maintain an enthusiastic user base, and strategic position at the gaming and digital communications crossroads. There’s also the fact that Discord’s CFO, Tomasz Marcinkowsk, previously led Pinterest to its $13 billion IPO in 2019. The groundwork seems to be set for a public offering soon.

9. Plaid

Estimated Valuation: $13 billion

Expected IPO Date: 2025

Industry: Fintech

Plaid has a lot of potential for an IPO this year, particularly after bringing in its first CFO and hiring its first-ever president, Jen Taylor, who previously helped shepherd Cloudflare to its IPO. There’s also the fact that Plaid has enjoyed a steady rise in revenue, reaching a height of nearly $67 million this past year. But, alas, hopes of an offering seemed dashed after Plaid CEO Zach Perret announced in March that the company had “no immediate plans to IPO.”

But this doesn’t necessarily mean investors should be looking elsewhere just yet. As tech stocks start to rebound from a dismal few years and the payments sector continues its rapid growth, there’s still a good chance that the ground may be just right next year for Plaid to finally make its move. After all, with an estimated market value of $13 billion, the company knows the ball is in its court.

10. Panera Bread

Estimated Valuation: $7.5 billion

Expected IPO Date: 2025

Industry: Food

Finally, there’s been buzz that Panera may be cooking up something even more exciting in its ovens. After expanding into new markets and posting increased foot traffic over the past year, the fast-casual chain’s financial outlook has never looked better. This marks an exciting turnaround after JAG Holdings took Panera private in 2017 and called off an SPAC deal in 2022.

Some other signs point to a public offering as well. For instance, there was the announcement that the chain would be laying off 18 percent of its corporate staffers, a slimming down often common before an IPO. In addition, Panera has been actively revamping its menu to compete against other fast-casual, more direct concepts. And, of course, the fact that JAG has been holding onto the company for nearly six years may mean it is ready to unload it to the public.

1. Arm

Current Valuation: $170.5 billion

IPO Date: September 14, 2023

Stock Performance: +171%

We hope you had the foresight to make some strategic investments in this semiconductor company. Arm came out of the gates with a price of $56.10 per share and has been on an upward trajectory since it’s available on the NASDAQ stock exchange. As of this writing, it stands at $163.62 per share, which is clear evidence of Arm’s success with cloud computing companies and data centers and a vote of confidence from investors for Arm’s long-term prospects.

2. Kenvue

Current Valuation: $35 billion

IPO Date: May 5, 2023,

Stock Performance: -28%

Despite an impressive debut in a relatively lackluster year for IPOs, Kenvue has since run into trouble. Notably, a securities class action lawsuit against the health manufacturer, known best for brands such as Band-Aid and Benadryl, accused the company of making fraudulent and misleading statements to its consumers. As a result, its shares have dropped from a debut price of $26.90 to $18.18.

3. Cava

Current Valuation: $10.6 billion

IPO Date: June 12, 2023

Stock Performance: +125%

Cava, a fast-casual Mediterranean restaurant chain with 349 locations and growing, has stoked an appetite. Its stock has risen more than 100 percent since its debut a little over a year ago, soaring from an IPO price of $43.30 a share to $92.75 as of this writing. While it’s clear investors are banking on Cava’s continued long-term growth, those on the sidelines may want to take a wait-and-see approach. The chain’s price-to-earnings ratio is in the hundreds, which could mean the stock price is overly optimistic.

4. Birkenstock

Current Valuation: $10.2 billion

IPO Date: October 11, 2023

Stock Performance: +38%

While Birkenstock’s IPO may be relatively new, the company itself certainly isn’t. Founded over 300 years ago, the footwear company knows how to run its business. Opening at a healthy stock price of $41 a share, it now stands at $54 – not a record-breaking feat, but still a sign of comfortable growth. Continued strong consumer demand shows this company is likely headed toward continued success.

5. Vinfast

Current Valuation: $9.26 billion

IPO Date: August 15, 2023

Stock Performance: -63%

Electric vehicle maker Vinfast has had its share of troubles since its IPO debut. These troubles began even before it went public when the company set ambitious delivery targets that it could not meet. Rising interest rates, sluggish US sales, and a pricey new plant that has met increasing delays have all contributed to what has become one of 2023’s most disappointing IPOs. Vinfast’s opening stock price of $22 a share is now down to just $4.30.

6. Instacart

Current Valuation: $8.5 billion

IPO Date: September 19, 2023

Stock Performance: -23%

Buyers of Instacart stock were likely disappointed by the grocery delivery service’s initial performance, which saw its stock slip down from their debut of $42 a share. Whether this performance was indicative of Instacart itself or investors’ continued hesitance around tech companies is up for debate. What isn’t is that Instacart has rallied in recent months, nearly regaining much of its initial loss, which is a possible sign of tech’s resurgence. Current stock prices now stand at $32.14 a share.

7. Nextracker

Current Valuation: $3.5 billion

IPO Date: February 9, 2023

Stock Performance: +83%

The sun has been shining on Nextracker. Since its public debut, the solar company has consistently and significantly outperformed competitors and even the S&P itself. Strong demand and the company’s continued efforts at optimizing its supply chain and driving sales through strategic pricing have resulted in stock gains to match. Since its debut, its price per share has gone from $24 to $46.

8. Klaviyo

Current Valuation: $6.2 billion

IPO Date: September 20, 2023

Stock Performance: -28%

Count Klaviyo is another victim of the hostile environment tech IPOs still face throughout 2023. The marketing automation and email platform seemed well-positioned enough for a public offering with strong revenue and year-over-year growth, but it wasn’t enough to convince investors. However, continued earnings and a full embrace of AI may be what it needs to turn the tide. From a debut stock price of $36.75, Klaviyo now stands at $24.89 – not too far behind.

9. Savers Value Village

Current Valuation: $1.9 billion

IPO Date: June 19, 2023

Stock Performance: -50%

The lackluster performance of Savers Value Village, a retailer specializing in thrift stores, can largely be attributed to the dynamic environment in which it operates. Its stock went from $18 a share at opening to just $12.24. Always unpredictable, the retail market was especially volatile in the years coming out of the pandemic. But don’t write off the company yet. Its acquisition of 2 Peaches Group gave it a foothold in the Southeast, while a new CFO is expected to drive more growth opportunities.

10. Neumora Therapeutics

Current Valuation: $1.4 billion

IPO Date: September 15, 2023

Stock Performance: -41%

Neumora Therapeutics, makers of various treatments for brain and neurodegenerative diseases, already exists in a harsh industry with razor-thin margins for revenue. So it hasn’t helped that its spending has far outpaced what the company manages to bring in. As a result, its annual rate of return stands at -17.4 percent. This has contributed to the drop in stock price from $16.50 per share to just $9.83.

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‍1. Mobileye

Current Valuation: $22.6 billion

IPO Date: October 26, 2022

Stock Performance: +0%

The Israeli-based (and Intel-owned) microchip manufacturer was one of the rare highlights of an otherwise depressing year for technology IPOs. And this optimism was well placed, with Mobileye stocks steadily rising since they went public and hitting a peak at the beginning of this year. Since then, however, the company has underperformed, sending them back to where they began. But the story is far from over here. The growth of the autonomous driving market and many large contracts, including with Volkswagen, may mean good times are ahead.

2. Corebridge Financial

Current Valuation: $17.7 billion

IPO Date: September 14, 2022

Stock Performance: +42%

Originally spun out of insurance giant AIG, Corebridge Financial has been on an upward trajectory ever since. One of the few businesses on this list to benefit from elevated interest rates, consumers have been flocking to its annuity products, leading to record profits. With AIG now fully divested from the company, Corebridge doesn’t seem to have trouble growing the business without AIG branding. Substantial investments and a solid market look will fuel continued growth for this company.

3. TPG Inc

Current Valuation: $14.6 billion

IPO Date: January 12, 2022

Stock Performance: +27%

TPG entered the public market at what turned out to be a historically volatile time for stocks. Still, the private equity firm did have a few things going for it, most notably a history of positive investment returns. This understanding has carried it through the past two years as TPG has the foresight to diversify its portfolio beyond its traditional focus on tech and healthcare and instead invest heavily in private credit, one of the fastest-growing finance segments. Its stock performance shows this success.

4. Bausch and Lomb

Current Valuation: $5.1 billion

IPO Date: May 5, 2022

Stock Performance: -21%

There’s more than meets the eye with this IPO. A spin-off of Bausch Health after the parent company had dealt with heavy losses and mounting debt, Bausch and Lomb started its IPO, with Bausch still owning an 80 percent stake. Since then, it has pursued an aggressive M&A strategy, producing solid revenue. So why is its stock down? You can blame the parent company’s $20 billion in debt. But this could be good news for potential investors looking for a stock valued lower than it should be.

5. Credo Technology Group

Current Valuation: $5 billion

IPO Date: Jan 26, 2022

Stock Performance: +163%

Early investors in Credo Technology should be celebrating – and for good reason. While the high-speed connectivity manufacturer debuted at an inauspicious time for tech stocks as a whole and, as a result, did not see excellent performance initially, it has been on a steep rise ever since the start of 2023. Fueled by massive spending on AI and the need for high-speed solutions at data centers, Credo is well-positioned to continue to capitalize on this growth.

6. Excelerate Energy

Current Valuation: $1.9 billion

IPO Date: April 12, 2022

Stock Performance: -34%

Building the infrastructure needed to meet the demand for liquid natural gas is crucial for reducing the harmful emissions from dirtier energy sources like coal. Yet, this need has to translate into success for investors. Excelerate Energy has also been dealing with an oversupply of natural gas in the US and increased stress in shipping capacity as essential routes through the Red Sea and Panama Canal get constrained. All this has meant its stock price has dropped by a third since its IPO debuted.

7. CinCor Pharma

Current Valuation: $1.2 billion

IPO Date: Jan 6, 2022

Stock Performance: +49%

CinCor Pharma, a biopharmaceutical company focused on heart and kidney diseases, initially enjoyed a surge of interest after it went public. However, a year later, its shares dropped below their debut price after a failed clinical trial. Taking advantage of this price, AstraZeneca reached a deal to acquire the company, sending its share prices soaring again. The company was fully incorporated at the beginning of 2023.

8. ProFac Holding

Current Valuation: $1.1 billion

IPO Date: May 12, 2022

Stock Performance: -10.2%

As one of the most vertically integrated pumping companies in the fracturing industry, ProFac was in a strong position at the outset of its IPO. At least, investors thought so, as evidenced by the company’s impressive stock price throughout 2022. However, by the following year, certain industry realities, such as soft demand, a fragmented market, and ProFrac’s elevated debt levels, began to catch up. Subsequently, stock prices have slipped below debut IPO levels, with more volatility likely on the horizon.

9. HilleVax

Current Valuation: $703 million

IPO Date: April 28, 2022

Stock Performance: -23%

Spun out from Takeda to focus solely on developing its proprietary norovirus vaccine, HilleVax initially garnered around $135 million from its IPO. If investor confidence has proven shaky since then, it could be because vaccine stocks traditionally produce poor ROIs. That said, norovirus affects 20 million people in the US each year, providing a large potential market. Unfortunately, with few exceptions (such as the coronavirus), few clinical trials succeed, so we may have to wait and see for this one.

10. Amylyx Pharma

Current Valuation: $121.5 million

IPO Date: Jan 6, 2022

Stock Performance: -90%

As is often typical for healthcare-focused companies, Amylyx offers investors a nuanced and potentially lucrative picture. While their ALS treatment, Relyvrio, is still in development, it has shown some compelling clinical results. Despite that good news, Amylyx faces stiff competition from more prominent players in the market. Investors have remained skeptical over the long-term prospects of this stock, hence its drop, but this could be a case of riches going to the ones who know how to wait.