Companies That Had Their IPO in 2024: Momentum Increasing

As 2023 turned to 2024, many of the dominant and underlying themes carried over into the new year on the global stock markets. AI and tech companies continued to outperform, and a resilient and stable economy, despite high interest rates, contributed to an increasing activity in the IPO market. Join us as we look at some of the most notable IPOs that took place during 2024.

• Market momentum: Market conditions in 2024 remained broadly strong and stable, supporting consistent IPO activity across sectors and regions.

• The AI trend: AI continued to be a central theme in 2024, driving investor interest and shaping both tech and non-tech IPOs.

• Notable IPOs: Major listings included companies like Puig, Amer Sports, Reddit, and Kioxia, reflecting a diverse and geographically broad IPO landscape.

Following a strong finish in 2023, 2024 began with continued market resilience, as optimism from the previous year carried over into the new year. Despite concerns earlier in the year about a potential slowdown, major indices finished the year with notable gains, driven by solid corporate earnings, consumer confidence, and resilience in key sectors like technology and AI.

Going into 2024, AI had been a central theme in 2023, which continued through the new year, with the sector continuing to outperform expectations and reshape industries across the board. This surge was reflected not only in tech stocks, but also in companies from diverse sectors that embraced AI-driven innovations.

However, while the stock market was thriving, the wider economy presented some challenges. High interest rates continued to have a mixed impact across industries, particularly affecting real estate and capital-intensive industries, where borrowing costs are more significant. Although the overall economy remained resilient, these higher rates created headwinds for businesses reliant on debt or discretionary spending.

Reflecting on 2024, despite the challenges faced by some industries due to high rates, the market stayed resilient. This overall strength created a favorable environment for IPOs, with many companies choosing to go public amid strong investor sentiment and a relatively steady and predictable market.

While the IPO market continued to gain momentum in 2024, building on the recovery that began in 2023, it remained well below the record-breaking highs of 2020 and 2021. Still, the uptick signaled a meaningful shift in sentiment, with more companies seizing the opportunity to list their shares in the public markets.

With market volatility easing and investor demand returning for high-quality names, more companies felt confident stepping onto the IPO stage. This included a mix of smaller, earlier-stage businesses as well as more established and widely followed names. Let's go through some of the most notable companies that conducted their IPOs in 2024.

Puig

Puig is a Spanish cosmetics and fashion company known for brands like Carolina Herrera, Paco Rabanne, and Jean Paul Gaultier. It went public on the Spanish Stock Exchanges in May 2024, marking one of Europe's largest IPOs of the year.

Hyundai Motor India

Hyundai Motor India is the Indian subsidiary of South Korean automaker Hyundai, producing and selling vehicles tailored to the Indian market. It launched its IPO on the Indian BSE and NSE markets in October 2024, raising $3.3 billion, making it India's largest-ever IPO.

Galderma

Galderma Group is a Swiss dermatology-focused pharmaceutical company offering aesthetic, prescription, and consumer skincare products. The company went public on the SIX Swiss Exchange in March 2024.

Reddit

Reddit is an American social media platform that hosts user-generated communities and discussions across countless topics, famously known for being the centre of attention during the GameStop short squeeze. Reddit debuted on the New York Stock Exchange in March 2024.

Rubrik

Rubrik is an American cloud data management and cybersecurity firm that helps businesses manage and protect their data infrastructure. The company went public in April 2024 on the NYSE.

Kioxia

Kioxia is a Japanese manufacturer of flash memory and solid-state storage devices. It was formerly part of Toshiba's memory business and is widely known for being a supplier to Apple's iPhone. It went public on the Tokyo Stock Exchange in December 2024.

Amer Sports

Amer Sports is a Finland-based sporting goods company that owns well-known brands such as Wilson, Salomon, and Arc'teryx. It held its IPO in February of 2024, listing on the New York Stock Exchange.

Raspberry Pi

Raspberry Pi is a UK-based organization made up of a nonprofit foundation and a commercial entity that develops affordable single-board computers for education and hobbyists. Raspberry Pi completed its IPO in June 2024, on the London Stock Exchange.

IPO activity in 2024 reflected broadly strong and stable global market conditions, with a steady flow of companies going public across sectors and regions. While volumes remained below the highs of 2020 and 2021, the year marked a clear improvement from the subdued levels of the past two years.