The 3Q IPO market is currently slated to end on a quiet note, with no IPOs currently scheduled to list in the week ahead. Small issuers may join the calendar late.
The pause follows a notable week for IPOs, as VC-backed tech names Instacart (CART) and Klaviyo (KVYO) raised a combined $1.2 billion. The pair were met with fairly lukewarm receptions, and trading was mixed in the aftermarket, as Instacart traded flat and Klaviyo traded up +11%.
The debuts may encourage more issuers to test the waters, and we’re watching for more filings as the final stretch of 2023 comes into view. While the pipeline has been quiet recently, we could see sandal brand Birkenstock (BIRK) join the calendar, as it will be eligible to launch its estimated $750 million IPO in the week ahead.
Five lock-up periods will be expiring in the week ahead. For access to lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/21/2023, the Renaissance IPO Index was up 24.3% year-to-date, while the S&P 500 was up 14.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Airbnb (ABNB). The Renaissance International IPO Index was down 18.2% year-to-date, while the ACWX was up 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
