Tech unicorns are back out on the IPO dance floor. Instacart (CART proposed), the online grocery delivery pioneer, and Klaviyo (KVYO proposed), a marketing and data automation software company, are leading this week’s IPO Calendar of 10 deals – nine IPOs and one tiny NASDAQ uplisting. Bankers expect to raise about $1.2 billion, if all 10 deals get done during the week of Sept. 18, 2023.
This week’s robust IPO Calendar comes hot on the heels of chip CPU designer Arm Holdings plc’s (ARM) successful $4.9 billion IPO last week.
Instacart (CART proposed) will get the IPO conga line started. The San Francisco-based online grocery delivery pioneer plans to price its IPO on Monday night, Sept. 18, to trade Tuesday, Sept. 19, on the NASDAQ.
“It’s a name brand – and that sells,” a veteran IPO trader says.
The tech unicorn increased its IPO price range early Friday today (Sept. 15) to $28.00 to $30.00 – up from $26.00 to $28.00 – and kept the number of shares at 22.0 million. Instacart (parent Maplebear Inc.) expects to raise $638 million, if the IPO is priced at the $29.00 mid-point of its new price range. (A tech unicorn is a privately held company with a valuation or market cap of at least $1 billion.)
Goldman Sachs and J.P. Morgan are leading the joint book-runners’ team, which includes BofA Securities, Barclays, Citigroup, Baird, JMP Securities, LionTree, Oppenheimer & Co., Piper Sandler, SoFi and Stifel.
Cornerstone investors, including principal stockholder Sequoia Capital, are in for up to $400 million or nearly 63 percent of the IPO, the prospectus says.
Instacart is profitable. The company reported net income of $596 million on revenue of $2.9 billion for the 12 months that ended June 30, 2023, according to the prospectus.
The party swings over to the New York Stock Exchange for Klaviyo, Inc. (KVYO proposed). The Shopify-backed marketing and data automation software company plans to price its IPO on Tuesday night, Sept. 19, to trade Wednesday, Sept. 20, on the NYSE.
Klaviyo’s IPO consists of 19.2 million shares at $25.00 to $27.00 to raise $499.2 million.
Goldman Sachs and Morgan Stanley are leading the joint book-runners’ team, which includes Citigroup, Barclays, Mizuho, William Blair, Piper Sandler and Truist Securities.
Cornerstone investors – namely certain BlackRock, Inc. funds and managed accounts and entities affiliated with AllianceBernstein L.P. – have indicated an interest in buying an aggregate of up to $100 million or nearly 20 percent of the stock in the IPO, the prospectus says.
Klaviyo reported a net loss of $9.5 million on revenue of $585.1 million for the 12 months that ended June 30, 2023, according to the prospectus.
Small Deals on the IPO Playlist
The rest of this week’s IPO lineup consists of eight micro-cap deals – one tiny NASDAQ uplisting, Agape ATP Corp. (ATPC proposed), a Malaysian skincare products and dietary supplements distributor, and seven small IPOs. Agape ATP Corp.’s tiny public offering is on the pricing radar for Monday night.
Gamer Pakistan (GPAK proposed), a Nevada start-up focused on college esports in Pakistan, and Global Mofy Metaverse (GMM proposed), the Cayman Islands parent of a Chinese tech company serving digital content and digital marketing providers, are expected to price Wednesday night, Sept. 20, to trade Thursday, Sept. 21, on the NASDAQ. Please see the IPO Calendar for the rest of this week’s deals; some pricing dates are tentative and subject to change, pending regulatory approval.
Birkenstock Steps Out
Iconic sandal maker Birkenstock (BIRK proposed) took the first step toward going public last week. The company filed its F-1 with the SEC on Tuesday, Sept. 12, without disclosing terms for its IPO. Birkenstock, known for the craftsmanship of its slide sandals made in Germany, made headlines with its IPO filing during New York Fashion Week.
The IPO Pipeline includes San Francisco-based car-sharing platform Turo Inc. (TURO proposed) and Vietnam’s No. 1 mobile games publisher VNG Ltd. (VNG proposed).
IPO investors are keenly watching for updated filings from these companies with terms of their IPOs.
Stay tuned.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’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: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com 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 IPOScoop.com. 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.