Upcoming IPOs to Watch in 2024

The IPO market of 2023 saw the global number of IPOs decreasing by 8%, and funds raised fell by 33% compared to 2022. A downturn influenced by various factors including macroeconomic and geopolitical uncertainties, as well as aggressive monetary policies. Overall however, 2023 was marked by cautious optimism, and companies like Instacart, Birkenstock, and ARM made their public debuts. But as we’re now in 2024, what companies are expected to enter the public market this year? Let’s take a closer look.

• 2023 downturn: The IPO market in 2023 experienced a downturn, with a decrease in the global number of IPOs by 8% and a significant 33% drop in funds raised.

• Cautious optimism for 2024: Despite the challenging conditions in 2023, the market outlook for 2023 carries cautious optimism as high-profile companies are poised for their IPOs.

• Diverse industry representation: The IPO pipeline for 2024 showcases a wide range of industries, from tech platforms like ServiceTitan and Stripe to consumer brands like Skims.

• Innovation and sustainability: Companies like Liquid Death and Lime are set to attract attention for their environmentally conscious approaches.

Heading into 2024, the IPO market is expected to continue facing challenges, with activity likely remaining at relatively low levels, albeit with the potential for a few high-profile IPOs throughout the year. Among the most anticipated and rumored IPOs in 2024 are:

A fintech company offering banking services aimed at simplifying finance for its users, Chime provides no-fee checking accounts, early paycheck access, and automatic savings features.

A pioneer in unified data analytics, Databricks offers a platform that facilitates collaboration between data scientists, engineers, and business analysts, accelerating innovation and simplifying the process from data preparation to reporting.

Initially a haven for gamers, Discord has evolved into a comprehensive communication platform offering voice, video, and text chat, connecting communities around a variety of interests beyond gaming.

Elevating written communication, Grammarly uses advanced AI to offer spelling, grammar, and style checking, helping individuals and businesses communicate more effectively and confidently.

Revolutionizing the couponing and cashback landscape, Ibotta offers a mobile app that rewards shoppers for purchasing products by providing cashback on everyday purchases, both in-store and online.

A leader in the buy now, pay later market, Klarna offers flexible payment solutions for consumers and merchants, making shopping smoother with options for deferred or installment payments, enhancing the e-commerce experience.

A global network with massive scale: Klarna Q2 2023, Slide 3

A global network with massive scale: Klarna Q2 2023, Slide 3

Leading the micro-mobility revolution, Lime offers electric scooters and bikes, providing urban dwellers with an eco-friendly, convenient, and fun transportation alternative for short-distance travel.

With its edgy branding, Liquid Death has made a splash in the beverage industry by packaging mountain water in tallboy cans, advocating for sustainability while aiming to eliminate plastic pollution.

Under its umbrella, Panera Brands combines leading bakery-café chains, including Panera Bread, known for its commitment to clean, high-quality ingredients, and a mission to serve food as it should be.

Plaid is a technology platform that enables applications to connect with users’ bank accounts, facilitating financial services in lending, payments, and more, with a focus on security and consumer privacy.

The front page of the internet, Reddit offers a vast network of communities based on people’s interests, where users can dive into discussions, content sharing, and collaborative problem-solving.

Specializing in cloud data management and cybersecurity, Rubrik offers solutions for data backup, recovery, and ransomware protection, helping businesses secure and manage their data across environments.

A leading software platform for home service businesses, ServiceTitan has transformed the trades industry by providing solutions for scheduling, invoicing, and customer management, propelling operational efficiency to new heights since its inception.

A global fashion retail powerhouse, SHEIN has redefined fast fashion with its on-demand manufacturing and direct-to-consumer sales model, offering trendy, affordable apparel while stirring discussions around sustainability and labor

A groundbreaking shapewear and apparel brand co-founded by Kim Kardashian, rapidly evolving since its launch in 2019. Renowned for its inclusive sizing and innovative designs, Skims has redefined the industry standard, offering a diverse range of products that cater to the comfort and style needs of a broad consumer base.practices.

An initiative by SpaceX, Starlink aims to provide high-speed internet across the globe, especially in underserved areas, through a constellation of low Earth orbit satellites, redefining global connectivity.

A major player in online payment processing, Stripe simplifies e-commerce for businesses of all sizes, providing tools for managing online transactions, preventing fraud, and expanding globally.

Revolutionizing car sharing, Turo allows vehicle owners to rent out their cars via an online and mobile interface, creating a unique marketplace for users to find vehicles that fit their needs, from daily drives to luxury experiences.

Dedicated to advancing safety science, UL Solutions has been a pioneer in safety certification, testing, and inspection, helping companies navigate complex regulatory landscapes and innovate responsibly.

Alto Neuroscience combines neuroscience, technology, and data to develop personalized treatments for mental health disorders. By using biomarkers to tailor therapies, Alto challenges conventional psychiatric care, offering more effective solutions for conditions like depression and anxiety. Alto went public on the 1st of February at a $409 million valuation.

Amer Sports is a global powerhouse with an over 70-year history and a brand portfolio including some of the most prominent sporting goods brands in the world such as Wilson, Arc’teryx, and Salomon. Amer Sports went public on the 2nd of February at a $6.5 billion valuation.

Amer Sports revenue growth by brand since 2020.

Amer Sports revenue growth by brand since 2020.

Kyverna Therapeutics focuses on advanced immunotherapies, particularly CAR T-cell treatments, for autoimmune diseases and cancers. They aim to offer personalized, targeted therapies that improve patient outcomes, utilizing cutting-edge technology in synthetic biology and cellular engineering. Kyverna went public on the 6th of February at a $857 million valuation.

Looking ahead, 2024 is set to be yet another year of cautious optimism in the IPO market, spotlighting companies that have not only weathered the storm of recent economic uncertainties but are also leading the way in innovation and market transformation. While challenges remain, the diversity and potential impact of these upcoming IPOs signal a dynamic shift in public market offerings, promising new opportunities for investors and consumers alike.