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These are the most anticipated IPOs to watch in 2025
The IPO market saw a few winners in 2024, but on the whole, it was a largely forgettable affair. For the third year in a row, the number of companies that opted to go public was below historic averages.And while companies like Reddit, NANO Nuclear Energy, and Astera Labs all saw healthy launches, the total amount raised so far this year has been lackluster. As of mid-December, 121 companies debuted on public exchanges in the U.S. They raised a collective $27.3 billion. Thats roughly half of the IPO raise seen in the pre-pandemic days.What will 2025 bring? Thats still unclear. A new administration coming into the White House could give the market a boost, or the uncertainty surrounding Donald Trumps plans to increase tariffs could cause some companies to stay on the sidelines.Officials at the New York Stock Exchange say theyre expecting a busy year thanks to lower interest rates and lower odds of a recession. Nasdaq, meanwhile, has had more listings for six straight years. Regardless of where they make their debut, heres a look at the companies that market watchers are keeping their eye on for 2025.ChimeNext year could be a big one for fintech IPOs. Right before Christmas, Chime reportedly submitted a confidential filing for its IPO, with plans to list in 2025. The timing of the fintech companys public offering has not been finalized. Chime has raised $2.65 billion to date. Customers can access bank-like services via the companys app and even access money from their paychecks before payday. It was valued at $25 billion in 2021.DiscordDiscord has been on the radar of Wall Street traders ever since it decided in 2021 to end talks with Microsoft over a $10 billion takeover. The company has a $15 billion valuation and has been on a bit of a buying spree for the past few years, acquiring three companies. The communication tool thats a gamer favorite currently boasts 200 million monthly active users, who spend over 1.5 billion hours on the platform.KlarnaThe retail bank, payments, and shopping service has been tiptoeing toward the IPO starting line for over a year, but seems to be getting close. Earlier in December, it added 12 banks to the list working on its public offering. Bloomberg reports an IPO is now expected in the first half of the year. Klarna is said to be near profitability and has a valuation of $14.6 billion. A successful IPO could open the door for several other fintech companies to begin trading publicly.Liquid DeathThe canned water company has not made any formal filings yet, but it has hired Goldman Sachs to handle its public offering and acknowledged its considering an IPO. With a valuation of $1.4 billion, its already a power player in the beverage marketand in June it shored up its executive ranks, hiring beverage veteran Karim Sadik-Khan as CFO. Sadik-Khan oversaw the IPO of Jim Beam in 2011 and the later sale of that company. He also held finance roles at Keurig-Dr Pepper.PaneraAfter five years as a private company, Panera has said it plans to go public once again. Its just taking its time. The company, which also owns Caribou Coffee and Einstein Bros. Bagels, confidentially filed initial paperwork for a public offering in early November of 2023, but has not acted upon it yet. There is still no valuation for the company, nor data on when the offering will occur.SheinThe fast-fashion company made its filing confidentially in November 2023. Its valuation has been all over the map, though. In 2022, it was valued at $100 billion. Earlier this year, that had fallen to between $45 and $55 billion. That could spook investors, as could reported financial slowdowns. In October, The Information reported year-on-year sales growth during the first six months of 2024 fell to 23%, compared to 40% in 2023. Revenue and earnings reportedly slipped as well. Whether investors will see this as a permanent problem or just a bit of volatility will be determined when and if the company fully lays out its finances.SpaceXElon Musks rocket and satellite company is, arguably, the most watched company that could have IPO plans. Musk has not indicated whether he plans to take it public, but with its valuation of $350 billion, investors are salivating over the prospect. Musks close friendship with Donald Trump could be a factor in this decision as well. An IPO of a company this size would be a feather in the economic cap of Trumps second term. Earlier in December, SpaceX and its investors agreed to a tender offer, buying back $1.25 billion worth of insider shares at $185 each.StripeThe payments giant has been teasing a public offering since early 2023, but has kept its plans close to its vest. The company, in July, bought back some employee shares, setting a $70 billion valuation and raised $694 million in April. While it continues to play coy with investors, Stripe continually reports its financial performance, noting it surpassed payment volumes of $1 trillion in 2023 and has been cash flow positive for some time.StubHubIf all had gone according to plan, the ticketing service would already have had its IPO, but in July it delayed its plans until after Labor Day, then paused them once again due to market conditions. With a valuation of at least $16.5 billion, it has been working with JPMorgan and Goldman Sachs on its IPO plans for over two years and investors are eager to get a piece of a company, especially given the more than 40% growth in the share price of Ticketmaster parent company Live Nation over the course of 2024.
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