10 Best Upcoming IPOs to Watch in 2024

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10 Best Upcoming IPOs to Watch in 2024

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Best Upcoming IPOs

After seeing record-breaking deal flow for IPOs in 2021, the year 2022 was almost flat. A mere 37 companies went public which raised a total of $ 7 billion, in 2022. Whereas, nearly 400 companies raised a whopping $142.4 billion in 2021

This is the lowest amount of capital raised via IPOS in the past three decades, according to Barron’s. Federal Reserve aggressively raised interest rates to slow spiraling inflation, which was the prime factor discouraging from companies going public.

List of Best Upcoming IPOs

Here are some of the top brand-name IPO players going forward:

Sr. #Company Name Potential IPO Evaluation
1Arm Ltd.$50 billion
2Stripe Inc.$55 billion
3Reddit Inc.$10 billion
4Instacart Inc.$10 billion
5Databricks Inc.$38 billion
6Chime Financial Inc.$25 billion
7Discord Inc.$15 billion
8Vinfast$ 30 billion
9Epic Games $ 30 billion
10Fanatics$ 40 billion

Arm Ltd.

Arm is a British semiconductor and software design company. The company develops microprocessors based on reduced instruction set computing that is licensed by computer chip manufacturers. The company serves a wide range of industries including automotive, healthcare, infrastructure, IoT, mobile, smart homes, and wearables.

Arm is one of the world’s largest semiconductor companies which was founded 30 years ago. It has shipped more than 230 billion chips across the world and its technologies impact about 70 % of the world’s population.

In the recent third-quarter report for the year 2022, the company reported:

  • Arm partners shipped a record 8.0 billion Arm-based chips, taking the total shipped to date to more than a quarter of a trillion (250 billion).
  • Total revenue was reported at $ 746 million, a 26 % increase from the previous year
  • Adjusted EBITDA was recorded at $ 450 million

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Stripe Inc.

Stripe is a developer of an online financial infrastructure platform designed to accept payments, grow revenue, and accelerate new business opportunities. The company’s platform offers a developer-centric, application programming interface-driven payments platform that simplifies payment infrastructure complexity and also provides a suite of ancillary commerce enablement and financial services products, such as fraud management and analytics, enabling companies to accept payments, send payouts, and manage their businesses online.

In the recent annual report for the year 2022, the company reported:

  • Stripe processed more than $817 billion in total volume in 2022, up 26 % from the previous year
  • More than 100 companies now handle more than $1 billion in payments with Stripe every year. 
  • In total, the number of new businesses coming to Stripe increased by 19% in 2022, with an average of more than 1,000 new ventures launched every day.

Reddit Inc.

Reddit is home to thousands of communities, endless conversation, and authentic human connection. The Company provides a platform for online communities to submit links, create content and have discussions about whatever topic interests them. Users can post links to content on the web and then the other users can vote the posted links up or down, causing them to appear more or less prominently on the site’s home page.

In the year 2021, the company reported:

  • A total of 5.8 billion posts, comments, private messages, and chats across the platform. At the same, there was a roughly 20 % increase in the volume of content removed by our community moderators and a 27 % increase in the amount of violating content removed by Reddit admins.

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Instacart Inc.

Instacardt is an operator of an on-demand goods delivery platform intended to facilitate the smooth delivery of essential goods. The company’s platform offers full-service and in-store shopper services through a network of independent shoppers with same-day delivery and pickup service of fresh groceries and everyday essentials, enabling users to select items from their favorite grocery stores and get them delivered same-day.

Instacart key statistics:

  • Instacart made $ 1.8 billion in revenue in 2021, a 20 % increase.
  • During the coronavirus pandemic, Instacart had its first profitable month, netting $10 million
  • Instacart had an estimated 9.6 million active users in 2020
  • Instacart is partnered with 750 retail and grocery companies, which allow shoppers to bag and deliver their items.
  • Instacart had a total of 600,000 shoppers in 2021
  • Instacart is available in a total of 5,500 cities in the United States and Canada.
  • Over 500 million products are listed on Instacart

Databricks Inc.

Databricks popularized the data “lakehouse,” which combines raw data repositories with structured data warehouses. Some 9,000 like Comcast, Walgreens, and the USPS use its products to build analytics and machine learning tools. 

In 2023, the company announced Dolly, an open-sourced language model which functions similarly to OpenAI’s ChatGPT despite being developed using less than 3% of the amount of data points. Databricks was founded by seven UC Berkeley academics and is valued north of $30 billion.

The Databricks platform architecture comprises two primary parts:

  • The infrastructure used by Databricks to deploy, configure, and manage the platform and services.
  • The customer-owned infrastructure is managed in collaboration with Databricks and your company.

Databricks is a tech unicorn that has the potential to be an IPO valued in the tens of billions, and therefore one of the highest-profile offerings in any year that it goes public. The cloud-based data infrastructure company was valued at $38 billion in 2021.

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Chime Financial Inc.

Chime is a financial technology company founded on a simple idea: everyday banking and payment services should be helpful, easy, and free. It is a developer of mobile banking and finance platform designed to offer banking services on the go. The company’s platform sets aside a pre-determined amount of money in savings after a transaction and the company earns revenue from transaction fees paid by the merchant aligning company incentives, enabling users to avoid fees, save money and lead healthier financial lives.

Initially, Chime Financials was scheduled for an IPO in 2022. But that year Fintech industry as a whole was down and stocks were down by 40 %. The Chime executive team read the room, and it told them that it was time for the IPO to be shelved until a more favorable moment.

2023 may be the year when it happens. However, the company is still facing a typical dilemma. On one hand, the market at the time of a proposed IPO may not be favorable but on the other, it faces pressure to list before other non-listed competitors to enjoy investor backing before the others do

Discord Inc.

Developed an instant messaging and digital distribution platform designed to offer VoIP and texting services among friends or as part of gaming communities. The company’s platform offers secure voice and text chat which works on both desktops and phones, helping to talk regularly with the people they care about, enabling gamers to chat while playing without affecting their gaming performance.

Discord Inc. key highlights:

  • They have 150 million active users.
  • They have 19 million active servers per week
  • They have 4 million server conversation minutes daily

The company’s projected revenue for 2022 is set to top $ 200 million, up from approximately $ 150 million in 2021. 

Discord is not relying on digital advertising revenues, which is acting in favor of the company. The company has yet to file for an IPO with the SEC, but 2023 seems increasingly probable now.

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Vinfast

Vinfast is a Singapore-based subsidiary of Vingroup, a $ 5 billion Vietnamese business conglomerate. Vinfast makes electric vehicles (EVs) and is the latest of a seemingly never-ending line of EVs to hit the stock market. The company started in 2017 and is part of the Vingroup conglomerate. Initially, the company was building combustion engine (petrol) vehicles but switched over to a complete EV focus in 2019. Part of what makes this firm unique is that it recently became the first Vietnamese EV car and scooter manufacturer to expand into global markets. Vietnam is one of the fastest-growing economies in the world, with a highly productive labor force.

Vinfast key highlights:

  • The company has sold more than 65,000 EV cars globally
  • The company has sold more than 145,000 EV scooters globally

The company filed for its US IPO on December 6, 2022. It’s rumored the company is looking to go public sometime during 2023.

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Epic Games 

Founded in 1991, Epic Games is an American company founded by CEO Tim Sweeney. The company is headquartered in Cary, North Carolina, and has more than 40 offices worldwide. Today Epic is a leading interactive entertainment company and provider of 3D engine technology. 

Epic Games is the maker of Fortnite, the online video game with an estimated 400 million users. The company is also the creator of Gears of War, itself a highly popular game that proves it isn’t a one-trick pony. Epic also develops Unreal Engine, which powers the world’s leading games and is also adopted across industries such as film and television, architecture, automotive, manufacturing, and simulation. Through Unreal Engine, Epic Games Store, and Epic Online Services, Epic provides an end-to-end digital ecosystem for developers and creators to build, distribute, and operate games and other content.

There is no official date for when Epic Games will go public. The company has yet to file any paperwork. An Epic Games IPO could bring a number of benefits to the company. For one, it would give them access to a larger pool of capital that they can use to invest in new projects and expand their operations. It would also allow them to tap into the public markets for additional funding, which could help them grow even faster.

Epic Games key stats:

  • The Epic Games Store has more than 180 million users.
  • Gamers spent a total of $ 700 million in the Epic Games Store in 2020. 
  • The Epic Games Store has 471 titles.
  • The Epic Games Store has 32 million monthly active users.
  • The Epic Games Store has 31.3 million daily active users.
  • The Epic Games Store registered a peak of 13 million concurrent players in 2020. That’s a 44.44 % increase compared to the peak of 9 million achieved in 2019.
  • Users of the Epic Games Store clocked up 5.7 billion hours of playtime in 2020, a 70.15% increase over the previous year.
  • The Epic Games Store catalog reached 471 titles in 2020, having introduced 281 new games since 2019.
  • Players in the Epic Games Store claimed a total of 749 million free games last year. That’s a 3.74x increase since 2019.

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Fanatics

Fanatics is the ultimate one-stop sports fan destination that ignites and harnesses the passion of fans and maximizes the presence and reaches for preeminent sports partners globally. Leveraging long-standing, often exclusive relationships with more than 900 sports properties, a database of more than 90 million consumers worldwide, and a trusted brand name, Fanatics is furthering its innovation across the sports landscape by building the leading global digital sports platform, complete with offerings including e-commerce and licensed merchandise, physical and digital trading cards and collectibles, and online sports betting and iGaming. Fanatics is a company that the sports world has never seen before—and we’re just getting started.

Recent highlights of the company

  • WWE will have Fanatics operate its global live events merchandise business, selling shirts, and other collectibles to fans at events like WrestleMania, the Royal Rumble, and SummerSlam.
  • Fanatics, which has partnerships with more than 900 sports properties globally, also operates WWE’s e-commerce platform.

Fanatics is on the list of companies that could see a high level of interest with an IPO in 2023 if market conditions improve.

Fanatics (FANA) has reportedly raised $ 700 million in a new funding round to push its valuation to $ 31 billion. That is a quick jump from the $ 27B valuation for the sports merchandise platform just last March when Michael Dell and Blackrock (BLK) participated. It was only about 20 months ago that Fanatics (FANA) was valued at $ 12.8B in a funding round

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