Invest in Startups | Equity Crowdfunding

Invest in Startups | Equity Crowdfunding


2023 IPO Outlook

2022 has seen a completely different IPO landscape than 2021, with 186[1] companies going public so far this year through traditional IPOs, direct listing, and completed SPAC mergers. In comparison, a historic 516[2] IPOs were completed in 2021. Could 2023 bring different numbers?

Year-to-date exit value only reached $85.4 billion in Q3[3], according to Pitchbook’s Venture Monitor data, a significant decrease from 2021’s $781.5 billion in exit value. In the face of inflation, increasing interest rates, and decreasing investment values, it makes sense that these factors may have contributed to companies either withdrawing their Form S-1 or delaying their IPO indefinitely.

But 2023 is right around the corner, which companies could have the possibility of a future IPO?

With 2022 coming to an end, it’s time to look forward to what IPOs 2023 might bring. Below are a handful of companies that have indicated they may pursue or have filed paperwork for a future IPO.

(MicroVentures’ portfolio companies are noted with an asterisk in the list below.)

Stripe*

Industry: Fintech
Last Round: $600M (March 2021)
Estimated 07/22 Valuation: $74B[4]

Stripe is a developer-oriented commerce company helping small and large companies accept web and mobile payments. One of the most highly anticipated IPOs from 2022, the company has not yet announced a target date. The Wall Street Journal reported in July 2022 that the company’s valuation decreased from $95 billion to $74 billion in the face of market corrections, which could impact the value of the IPO if it does occur.

TripActions

Industry: Expense management
Last Round: $300M (October 2022)[5]
Estimated 10/22 Valuation: $9.2B[6]

TripActions is a corporate travel and expenses company that helps companies manage bookings, corporate cards, and provides expense management software. The company reportedly filed for an IPO in September 2022 and is targeting a $12 billion valuation for an IPO during the second quarter of 2023. TripActions reported in a press release that its expense management platform had more than a 7.5x spend volume growth in Q2 FY23, with gross bookings for business travel up 5x year-over-year[7].

Discord

Industry: Social networking apps
Last Round: $500M (September 2021)
Estimated 09/21 Valuation: $15B

Discord is an online voice, video, and text communication platform designed for creating communities. It was speculated that the company could go public in the first half of 2022, but they have not announced an anticipated target date. However, the company’s projected revenue for 2022 was set to reach at least $200 million, an increase from 2021’s revenue of approximately $150 million.

ezCater

Industry: Two-sided catering marketplace
Last Round: $100M (December 2021)
Estimated 12/21 Valuation: $1.6B

ezCater is an online marketplace that connects businesses with restaurants and caterers. In March 2022 interview, CEO Stefania Mallett said that an IPO is on the agenda for 2023, dependent on improving market conditions. They hope to pursue a traditional IPO rather than a SPAC deal and ezCater does not feel the need to rush their public offering, considering the current conditions.

Turo*

Industry: Two-sided car rental marketplace
Last Round: $35.2M (April 2022)
Estimated 07/19 Valuation: $1B[8]

Turo is an online car sharing platform that allows car owners to rent out their vehicles for short-term rentals. Turo filed for an IPO in January 2022, but not much has been publicly voiced since then about their plans. The company updated its filing in May[9], September[10], and December 2022[11] showing continued interest in getting to a public offering. Based on the original IPO filing, the deal could raise up to $300 million.

Clarios

Industry: CleanTech
Last Round: $410M (August 2021)
Estimated 08/21 Valuation: $10B

Clarios is developing advanced battery technologies for “nearly every type of vehicle”. The company submitting the filing in May of 2021, but quickly postponed their plans. They reset their eyes on an IPO in June 2022 with an amendment to their Form S-1, and even more recently submitted an additional amendment in December 2022[12].

If you’re new to terms like “SPAC” and “IPO,” check out a few of our previous blog posts covering information about IPOs and the different ways to go public:

Visit our offering pages to review the offerings currently available. We offer crowdfunding opportunities as well as early and late-stage private offerings for accredited investors.

 

[1] MicroVenture Marketplace Inc. using data retrieved 12/22/22 from https://spactrack.io/despacs/ & https://www.iposcoop.com/current-year-pricings/.

[2] MicroVenture Marketplace Inc. using data retrieved 6/15/22 from https://site.warrington.ufl.edu/ritter/files/IPO-Statistics.pdf & https://spactrack.io/despacs/.

[3] https://nvcalegacyprod.wpengine.com/wp-content/uploads/2022/10/Q3_2022_PitchBook-NVCA_Venture_Monitor.pdf

[4] https://www.nytimes.com/2022/07/14/technology/stripe-payments-startup-valuation.html

[5] https://tripactions.com/press-release/tripactions-increases-valuation-series-g

[6] https://techcrunch.com/2022/10/12/oh-look-tripactions-raised-at-a-9-2b-valuation-after-reported-12b-ipo-filing/

[7] https://tripactions.com/press-release/tripactions-increases-valuation-series-g

[8] https://techcrunch.com/2019/07/17/peer-to-peer-car-sharing-marketplace-turo-raises-250m-at-over-1b-valuation-from-iac/

[9] https://www.sec.gov/Archives/edgar/data/1514587/000119312522156266/d145731ds1a.htm

[10] https://www.sec.gov/Archives/edgar/data/1514587/000119312522236530/d145731ds1a.htm

[11] https://www.sec.gov/Archives/edgar/data/1514587/000119312522304828/d145731ds1a.htm

[12] https://www.sec.gov/Archives/edgar/data/1857971/000119312522304899/d380532ds1a.htm

*****

The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.





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