Despite a slow last couple of years, the market for initial public offerings (IPOs) is expected to recover in 2024. In the past two years, rising inflation and high interest rates led to high funding costs and a volatile market that many companies deemed too risky for a first-time listing. Thus, many IPOs were either postponed or simply cancelled.

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In 2023, the number of IPOs globally fell by nearly half from 2021 (to 1,298), a banner year for new issues in recent history. And two thirds of the 154 companies that went public in the U.S. last year have seen their share prices drop below debut prices.

Analysts predict that there will be a small window of market stabilization fit for initial listings this year between the Federal Reserve’s anticipated interest rate cuts and the Presidential election.

Here is a running list of the largest IPOs on the New York Stock Exchange and Nasdaq in 2024 so far:

Founded in: 2005

Main product: Online discussion forum

Key executives, investors and other individuals: Reddit was founded by college classmates Steve Huffman and Alexis Ohanian. In 2006, they sold the company to Condé Nast for $10 million and relinquished most of their equities before leaving the company in 2009. Huffman has since recaptured a substantial portion of shares and returned as CEO in 2015. His predecessor, now OpenAI CEO Sam Altman (who is also an early investor) and several senior executives, including chief operating officer Jennifer Wong, also hold large chunks of company shares.

In addition, Reddit is backed by institutional investors including Advance Magazine Publishers, FMR LLC, Quiet Capital, Tacit Capital, Vy Capital and Chinese tech giant Tencent.

Founded in: 1950

Main product: Sports equipment

Share price gain since IPO: +17%

Key executives, investors and other individuals: Amer Sports is a Finnish company that owns popular athletic brands like Arc’teryx, Armada and Wilson. Amer Sports is owned by Chinese athletic conglomerate Anta Sports.

The company is led by CEO James Zheng, an executive director at Anta, and chief financial officer Andrew Page, a former executive at Foot Locker and Under Armour.

Founded in: 2008

Main product: Super app

Share price gain since IPO: +23%

Key executives, investors and other individuals: Kaspi.kz is a mobile app developer based in Kazakhstan. The company was founded by Mikheil Lomtadze and Vyacheslav Kim. Lomtadze serves as the company’s CEO. Its mobile app operates like a super app, similar to China’s WeChat, that provides a wide range of services, from banking to payments to tax filing.

Kaspi.kz has been listed on the London Stock Exchange since 2020 and is also listed on the Kazakhstan Stock Exchange and Kazakhstan’s Astana International Exchange.

Founded in: 2008

Main product: Online shopping site

Target valuation: $80 billion to $90 billion

Key executives, investors and other individuals: Shein was founded in 2008 in mainland China as an e-commerce logistics company by Sky Xu (also known as Xu Yangtian and Chris Xu). Little is known about the elusive founder, but he boasts a net worth of $21 billion, making him one of the richest people in China.

Xu had two early co-founders: entrepreneur Wang Xiaohu, who owned 45 percent of the company, and Li Peng, a consultant with a 10 percent stake. Xu reportedly abruptly dropped both of them in 2011 when he decided to rebrand the business as a wedding dress retailer called Sheinside. Shein’s current leadership team consists of executive chairman Donald Tang and vice chairman Marcelo Claure.

Founded in: 1987

Main product: Bakery-café fast food restaurants

Target valuation: $10 billion

Key executives, investors and other individuals: Panera Bread was publicly traded for 25 years until being taken private by JAB Holding Company in 2017 for $7.5 billion. JAB attempted to take the company public again in 2021 via reverse merging with a special-purpose acquisition company (SPAC) when SPAC mergers were a popular path to go public among tech companies. The deal eventually fell through. In 2021, Panera Bread merged with Einstein Bros. Bagels and Caribou Coffee and formed a new parent company called Panera Brands, led by José Alberto Dueñas, the former CEO of Einstein Bros. Bagels.

QOSHE - Tracking 2024’s Largest IPOs: Reddit, Shein, Panera Bread and More - Sissi Cao And Maddie Whitaker
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Tracking 2024’s Largest IPOs: Reddit, Shein, Panera Bread and More

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21.03.2024

Despite a slow last couple of years, the market for initial public offerings (IPOs) is expected to recover in 2024. In the past two years, rising inflation and high interest rates led to high funding costs and a volatile market that many companies deemed too risky for a first-time listing. Thus, many IPOs were either postponed or simply cancelled.

Thank you for signing up!

By clicking submit, you agree to our terms of service and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime.

In 2023, the number of IPOs globally fell by nearly half from 2021 (to 1,298), a banner year for new issues in recent history. And two thirds of the 154 companies that went public in the U.S. last year have seen their share prices drop below debut prices.

Analysts predict that there will be a small window of market stabilization fit for initial listings this year between the Federal Reserve’s anticipated interest rate cuts and the Presidential election.

Here is a running list of the largest IPOs on the New York Stock Exchange and Nasdaq in 2024 so........

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