The IPO Buzz: 3 Big IPOs to Start the Summer of 2023

The summer of 2023 is getting off to a good start with three big IPOs. These three deals – the centerpiece of the IPO Calendar for the week of June 26, 2023 – aim to raise a total of $925.5 million, if each is priced at the mid-point of its range. There seems to be something for everyone here. These deals represent a broad range of sectors. And they’re receiving a positive response from IPO investors.

All three IPOs are set for pricing Wednesday night, June 28, to trade Thursday on the New York Stock Exchange.

“It’s quality. They’re profitable,” a seasoned IPO investor says, describing the appeal of these three big deals. “You can’t bring crap in today’s market.”

Let’s take a look:

*Savers Value Village (SVV proposed) is offering 18.75 million shares at $15.00 to $17.00 to raise $300.0 million. J.P. Morgan, Goldman Sachs, Jefferies and UBS Investment Bank are the joint book-runners.

Savers Value Village, based in Bellevue, Washington, operates the largest for-profit thrift store chain in the U.S. and Canada, based on the number of stores. Savers Value Village runs 317 thrift stores under various brands in the U.S., Canada and Australia. The company buys secondhand clothes, shoes, accessories, bedding, towels and housewares – mostly from nonprofit thrift stores, where the goods have been donated. The average item sold at a Savers Value Village thrift store sells for under $5.00.

The U.S. secondhand market is projected to grow to more than $82 billion by 2026 from an estimated $36 billion in 2021, the prospectus says.

Savers Value Village earned net income of $62.59 million on revenue of $1.46 billion for the 12 months that ended April 1, 2023.

*Kodiak Gas Services (KGS proposed) is offering 16 million shares at $19.00 to $22.00 to raise $328.0 million. Goldman Sachs, J.P. Morgan, Barclays, BofA Securities, Raymond James, RBC Capital Markets, Stifel, Truist Securities and TPH & Co. are the joint book-runners.

Kodiak Gas Services provides large horsepower compression units to natural gas and oil E&P companies in the Permian Basin, the largest gas and oil producing basin in the United States. The energy services company is based in Montgomery, Texas, about 50 miles northwest of Houston. Kodiak Gas Services says its four largest customers are members of the S&P 500.

For the 12 months that ended March 31, 2023, Kodiak Gas Services earned net income of $65.98 million on revenue of $729.68 million.

*Fidelis Insurance Holdings (FIHL proposed) is offering 17.0 million shares at $16.00 to $19.00 to raise $297.5 million. J.P. Morgan, Barclays, Jefferies, Keefe, Bruyette & Woods (a Stifel company), BMO Capital Markets, Citibank and Credit Suisse are the joint book-runners.

Worth noting: Of the 17 million shares in the IPO, the company is offering only 5.71 million shares. Selling stockholders are offering the remaining 11.29 million shares.

Fidelis Insurance Holdings, based in Hamilton, Bermuda, is a leading global provider of bespoke and specialty insurance as well as property reinsurance products. Its bespoke insurance business focuses on highly tailored and specialized products, including policies covering credit risk, political risk, political violence and terrorism and limited cyber reinsurance. Its specialty insurance includes aviation, energy, space, marine, contingency and property D&F (natural catastrophe exposure). Fidelis says its reinsurance business focuses primarily on property catastrophe reinsurance.

For the year that ended Dec. 31, 2022, Fidelis Insurance Holdings earned net income of $62.3 million on revenue of $1.52 billion.

More Small Deals in Late June

Friday marks the last trading day of June. It’s also the last trading day of the second quarter. Ditto for the first half of 2023. That benchmark date gives bankers an incentive to push to get deals done.

The rest of this week’s IPO Calendar consists of small deals. They range from GEN Restaurant Group (GENK proposed), the California parent of the GEN Korean BBQ restaurant chain, to Chi Ko Holdings (CKHL proposed), the Cayman Islands parent of a Hong Kong construction contractor, and Intensity Therapeutics (INTS proposed), a cancer biotech whose IPO has been in the works awhile.

Alliance Entertainment Holding (AENT proposed) is planning a public offering in connection with its NASDAQ uplisting this week.

Two or three more micro-cap deals and a direct listing may also work their way onto this week’s IPO Calendar.

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.