Top 10 IPOs in 2023/24 with up to 40% Potential Returns

1: Jaguar Land Rover IPO

Market Cap: $2.5 billion

Jaguar Land Rover (JLR), a subsidiary of India’s Tata Motors—which has its shares traded on both the Indian and New York stock exchanges—has been navigating some turbulent waters lately.

Enthusiasm for a potential initial public offering (IPO) for JLR has seen a dip due to a variety of factors, including falling diesel sales, decreased demand in the Chinese market, and the ongoing ramifications of the COVID-19 pandemic.

In financial terms, the first quarter of 2022 did not show any growth in retail sales compared to the last quarter of the previous year.

The reported losses for Q1 2022 amounted to approximately £542 million. About half of these losses were attributed to unfavorable currency exchange rates and commodity valuations when compared year-on-year.

However, it’s crucial to note that despite these logistical and broader economic hurdles, the appetite for JLR vehicles remains strong.

As of July 2022, reports indicated that the company had close to 200,000 unfilled orders. This suggests that consumer demand remains robust, and it may bode well for the brand’s long-term prospects, even if current conditions have dampened immediate expectations for a successful IPO.

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2: Virgin Atlantic IPO

Market Cap: Unknown

Founded in 1984 as a part of the Virgin Group, Virgin Atlantic rapidly ascended to become one of the United Kingdom’s premier airlines. However, like many in the aviation industry, the carrier took a severe financial blow due to the COVID-19 pandemic, ultimately leading to its bankruptcy filing.

Originally, Virgin Atlantic aimed for a listing on the London Stock Exchange (LSE) in 2021, buoyed by recovering economies and a resurgence in international travel. Yet, plans for the IPO were postponed as the company chose to concentrate on reviving its transatlantic routes, which are crucial to its business.

Recent speculation suggests that the airline might pursue its public offering in the early part of 2022, although there has been no official confirmation to substantiate these claims.

Despite the global uptick in travel as economies bounce back, Virgin Atlantic’s struggles did not end in 2021. The airline’s most recent financial disclosures revealed a pre-tax loss of £594 million, excluding one-off items.

The company has indicated that it is unlikely to return to profitability until the following year, making the timeline and prospects for its IPO even more uncertain.

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3: Starlink IPO

Market Cap: Estimated $30 Billion

Starlink, a satellite-based internet service initiative, aims to offer rapid, worldwide internet connectivity. Speculation about a possible Initial Public Offering (IPO) for Starlink has been circulating since 2019, following hints from its parent company, SpaceX, about future plans to go public.

Elon Musk, SpaceX’s CEO, lent credence to the IPO rumors in February 2021, stating that the company would consider a public offering once it could reliably forecast Starlink’s cash flow.

He further elaborated in a tweet from June 2021 that it could take several years for Starlink’s financial performance to stabilize sufficiently for an IPO.

Financial magazine Forbes projected that by 2025, Starlink’s valuation could escalate to around $30 billion. A valuation estimate for SpaceX in January 2021 pegged the company’s worth at approximately $74 billion, a substantial portion of which is tied to the promise of Starlink’s capabilities.

The eventual valuation of a Starlink IPO would be influenced by several factors, including the broader market conditions and SpaceX’s overall performance at the time.

Musk has even suggested that Tesla shareholders might receive preferential treatment in stock allocations when Starlink ultimately goes public.

While there’s no confirmed timeline for this public offering, industry observers are looking toward 2022 or 2023 as possible windows for Starlink to make its stock market debut.

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4: Stripe IPO

Valuation: $50 billion

In a recent announcement, San Francisco’s payment processing heavyweight Stripe disclosed securing $6.5 billion in funding from both new and returning backers. As of March 2023, the company’s valuation stood at $50 billion, a considerable dip from its high of $95 billion in March 2021.

Stripe revealed that the influx of cash isn’t intended to sustain daily operations. Rather, the funds will be allocated for repurchasing shares and settling tax obligations connected to equity rewards.

There’s been strong speculation among investors that Stripe could stage one of the most monumental IPOs ever, driven largely by the surging necessity for online commerce—a trend significantly accelerated by the Covid-19 outbreak. Despite a decrease in its valuation, the prospect of a Stripe IPO continues to generate a lot of investor enthusiasm.

The pandemic has catapulted online shopping into an integral facet of the average American’s daily routine. Given that the success of online commerce hinges on versatile and user-friendly payment solutions, sinking money into a dominant force in the online payments landscape, such as Stripe, appears to be a prudent investment decision.

Founded over ten years ago by siblings John and Patrick Collison, Stripe has metamorphosed from a fledgling startup into an industry titan with a peak valuation close to $95 billion. Should the company opt to go public, market experts anticipate that its valuation could soar even higher, potentially resulting in one of the largest IPOs in history.

Although Stripe is capitalizing on timely market conditions, the payments industry is already saturated with formidable competitors. From longstanding giants like Paypal to emerging disruptors like Affirm, which specializes in buy-now-pay-later schemes, the field is teeming with alternatives. Keep this in mind when determining whether investing in a potential Stripe IPO aligns with your financial goals.

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5: Arm Holdings IPO

Market Cap: Estimated $23.95 Billion

Arm Holdings, a company specializing in microprocessor design along with related technologies and software, is a dominant player in the mobile technology market. Its designs are embedded in an astonishing 95% of smartphones worldwide.

With a global workforce of around 6,000 employees, nearly half of whom are based in the UK, Arm is often described as the ‘crown jewel’ of British technology.

In 2020, SoftBank, Arm’s parent company, entered into an agreement for Nvidia to acquire Arm, with an eye-popping valuation estimated at $40 billion. However, by early 2022, the acquisition deal had crumbled, largely due to insurmountable regulatory hurdles, according to both parties.

Following the deal’s collapse, Arm’s estimated market capitalization took a hit, plummeting to roughly $23.95 billion amid market uncertainties.

As for Arm’s public listing plans, the location remains a subject of speculation. Masayoshi Son, SoftBank’s CEO, suggested in early 2022 that the United States, particularly the Nasdaq, could be Arm’s chosen market for its IPO rather than the London Stock Exchange.

Son further hyped the upcoming IPO, describing it as potentially one of the largest tech IPOs ever. However, over half a year has passed since that announcement, and the public offering remains in limbo.

Meanwhile, rumors about a possible dual listing have also been making the rounds, adding another layer of complexity and anticipation to Arm’s future in the public market.

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6: Klarna IPO

Valuation: $6.7 billion

Swedish trailblazer in the buy-now-pay-later sector, Klarna, has faced a downturn in its financial outlook. After securing $800 billion in July 2022, its market value plummeted to $6.7 billion, marking a significant 85% depreciation compared to the previous year when it was estimated to be worth nearly $50 billion, securing its spot as Europe’s highest-valued startup at that time.

What led to this drastic reduction in valuation? The current market sentiment has shifted away from favoring businesses that aren’t profitable and are rapidly depleting their cash reserves.

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7: Databricks IPO

Valuation: $33 billion

Companies across various sectors are increasingly fixated on big data, and Databricks stands out as a key provider of solutions aimed at streamlining database management, facilitating AI applications, and enhancing data visualization. Essentially, the firm offers cloud-based analytics services powered by artificial intelligence.

As of its latest financing round in October 2022, Databricks held a valuation of approximately $33 billion, down from $38 billion in August 2021. This decline mirrors a broader trend in the tech sector, where companies have faced reduced valuations in the context of economic uncertainty.

While the company has delayed its IPO, it’s gearing up to become a formidable presence in the realms of AI, data analytics, and cloud computing.

Databricks is not only working on its own AI technologies to rival platforms like ChatGPT but has also recently acquired Okera, a platform specializing in data governance through AI. Additionally, the company is expanding its venture initiatives by investing in Immuta, a firm focused on data security solutions.

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8: Reddit IPO

Valuation: $5.5 billion

Amid a challenging landscape for tech IPOs, Reddit is biding its time, likely awaiting more favorable market conditions to go public. The platform garnered a $10 billion valuation last August after securing over $400 million in investment from backers like Fidelity.

However, the Fidelity Blue Chip Growth Fund (FBGRX) recently adjusted the valuation of its Reddit holdings downward by 7.36%, suggesting an updated overall market value of approximately $5.5 billion for the social media site.

Controversy has arisen among the platform’s non-employee moderators, particularly in high-traffic areas such as the gaming and music forums. Protests commenced on June 12 in response to Reddit’s decision to impose charges on some developers for extensive data usage.

The move resulted in temporary user lockouts, with Reddit stating it can no longer underwrite businesses that heavily consume its data.

Nevertheless, a public offering is still on Reddit’s agenda for later this year, as reported by Reuters in February. The platform aims to leverage its vast, engaged user base, covering an infinite range of topics, as the driving force behind the enthusiasm for its potential IPO.

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9: Impossible Foods IPO

Valuation: $7 billion

Increasingly ubiquitous in U.S. grocery stores and major restaurant chains, Impossible Foods’ plant-based offerings have made their way into popular eateries. For example, Burger King serves the Impossible Whopper, while White Castle features the Impossible Slider on its menu.

With its plant-based meat alternatives, Impossible Foods aims to win over consumers and diminish traditional meat production, all in an effort to combat climate change. Yet, for those eagerly anticipating the company’s public offering, the wait continues.

Peter McGuinness, the company’s CEO, indicated in early 2023 that going public is on the horizon, although likely not within the current year. He noted that the firm is sufficiently funded and cited the less-than-optimal broader economic conditions as a reason to delay an IPO.

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10: IPO

Valuation: $7.7 billion

As the technology sector grapples with rising borrowing expenses and investor wariness, is also experiencing challenges amid a cooling housing market.

There are indications that the digital mortgage firm is reconsidering its planned $8 billion merger with a Special Purpose Acquisition Company (SPAC), especially following its latest series of workforce reductions.

Established in 2014 under the name Better Mortgage, the online home loan provider later expanded its services to include real estate transactions, title services, and homeowner insurance options.

By the year 2020, the company’s market valuation had reached $4 billion.

A capital infusion in April 2021 elevated the firm’s valuation to $6 billion. However, legal disputes and an ongoing Securities and Exchange Commission (SEC) investigation concerning accusations of investor deception have impeded at least one effort to go public through a SPAC merger.

As a result, the deadline for finalizing the SPAC deal has been pushed to September 30.

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How Recent IPOs Have Performed

After the initial buzz fades away, newly public companies face the tough tasks of driving profits and innovating with new products or services. Here’s a brief overview of the performance of some recently talked-about public offerings.

Genelux IPO

  • Ticker: GNLX
  • IPO Date: Jan. 26, 2023
  • Return Since IPO: 382%

Shares of Genelux (GNLX), a clinical-stage biopharma company focused on developing and bringing to market cutting-edge cancer therapies, have skyrocketed by 382% as of July 18. This is measured from their initial public offering price of $6, which was set on January 26 of the current year.

Prestige Wealth IPO

Since its recent initial public offering at $5 per share, Prestige Wealth (PWN), a financial firm specializing in wealth and asset management, has seen its stock price surge to around $18, marking a 266% increase. The company reached its highest intraday trading value of $30.92 on July 10. With a history spanning almost 165 years, Prestige focuses on clients who have $1 million or more in investable assets.

  • Ticker: PWM
  • IPO Date: July 7, 2023
  • Return Since IPO: 266%

Atlas Lithium IPO

Based in the U.S., Atlas Lithium (ATLX) specializes in mineral discovery and extraction, and has significant operations in Brazil. The company is one of the major explorers of lithium and related battery minerals in the country. Brazil is notable for its deposits of hard-rock lithium, which is typically less expensive to mine compared to extracting lithium chemicals from brine.

  • Ticker: ATLX
  • IPO Date: Jan. 10, 2023
  • Return Since IPO: 239%

Structure Therapeutics IPO

Previously operating under the name ShoutTi, Structure Therapeutics develops medications through the application of sophisticated computational methods and structure-oriented technologies. The company focuses on oral treatments for enduring metabolic and respiratory conditions. With operational bases in both the U.S. and China, the firm could face risks due to deteriorating trade ties between the two countries.

  • Ticker: GPCR
  • IPO Date: Feb. 3, 2023
  • Return Since IPO: 120%

Mobileye Global IPO

Originating from Israel, Mobileye Global (MBLY) launched its initial public offering at $21 a share. The company specializes in crafting technologies for self-driving vehicles as well as sophisticated driver-assistance systems, encompassing elements like cameras, microchips, and proprietary software.

  • Ticker: MBLY
  • IPO Date: Oct. 26, 2022
  • Return Since IPO: 111%

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