15 Upcoming IPOs: Top Companies Going Public in 2023

While 2022 was a notoriously slow year for IPOs, there are over 200 pre-IPO companies in 2023, hoping for a launch at the start of the new year.

FirmRoom is an essential, secure host to the IPO process for many companies, allowing for more efficient investor communications and secure due diligence, and today, we have a closer look at the largest pre-IPO companies for 2023.

15 Pre-IPO Companies Going Public in 2023 List

Below are listed some of the recent IPOs of 2023 to watch out for as they enter the market. 

1. Stripe
2. Arm
3. Fanatics
4. Databricks
5. Vinfast
6. Epic Games
7. Instacart
8. Chime
9. Discord
10. Reddit
11. Versa Networks
12. TripActions
13. Service Titan
14. ezCater
15. Intercom

1. Stripe 

Expected IPO date: 2023 

Expected Value: $74 billion 

Sector: Financial Services 

Stripe, well-known among a wide variety of employees, provides a simple and efficient solution for online payments. Utilizing a few lines of code, Stripe enters a lucrative industry with a highly desired outcome; eliminating challenges with payment solutions for startups.

They set intentions to IPO in 2021 but were met with issues from their partners at Amazon, Apple, and Facebook.  Despite layoffs in 2022, Stripe is one of the most highly valued private technology companies in the world, and due to VC funding, must IPO sooner rather than later, regardless of market conditions. 

2. Arm

Expected IPO date: Q1 2023 

Expected Value: $60 billion 

Sector: Semiconductor Shipping

Arm is one of the world’s largest semiconductor companies, ships more than 230 billion chips around the globe and provides technology that impacts around 70% of the world’s population. They have demonstrated growth across all market segments, namely automotive, internet-of-things solutions, and the metaverse.

Arm reported $656 million in revenues in Q4 2022 and shipped 7.5 billion chips. After a failed acquisition deal in 2020, Arm has been looking at a public offering, and is a highly anticipated company going public in 2023. 

3. Fanatics 

Expected IPO Date: Q1 2023 

Expected Value: $40 billion 

Sector: ESports and Sports Gambling 

Fanatics is a self-entitled digital sports platform that focuses on official sports merchandise, e-sports, and sports gambling. Investors in the company include the NFL, MLB, NBA, NHL, MLS, and players' unions, with an investment totalling over $5 billion.

While sports betting sites are competitive in the U.S. (and are not allowed for use in all states), the money from an IPO would serve as funding for becoming established in the sports betting market and offsetting the development and promotional expenses. 

4.Databricks

Expected IPO date: 2023 

Expected Value: $30 billion 

Sector: Enterprise Data Management 

Databricks first started as Apache Spark, an open-source system for data management utilizing AI and machine learning. Due to demand, the creators launched the system as a way to commercialize the software for enterprises. The primary purpose of the software is to provide a way to manage data regardless of where it is stored to gain useful insights and real-time analytics, ultimately aiding in decision-making.

Customers currently using this software include Shell, Regeneron, CVS, and Comcast. Databricks also partners with Microsoft, Amazon, Capgemini, and Booz Allen Hamilton. Databricks has more than doubled its subscription-based revenue from $400 million in 2021 to over $1 billion in 2022. 

5.Vinfast

Expected IPO Date: Q1 2023 

Expected Value: $30 billion 

Sector: Electric Vehicles 

Vinfast is Vietnam’s primary electric-vehicle producer, hoping to expand in the U.S. market by becoming the first company from Vietnam to be publicly traded in the U.S. A hallmark feature of Vinfast is its battery leasing program, which reduces the purchase price of vehicles and stands out as the first of its kind to do so.

While they have filed for IPO and are set to go public in early 2023, they have indicated that they will not be able to produce until 2024. Additionally, a market becoming saturated with electric-vehicle makers may create an atmosphere too competitive for initial success, raising the list price to a point out of reach. 

6. Epic Games

Expected IPO Date: Q2 2023 

Expected Value: $30 billion 

Sector: Video Gaming

Epic Games is a video game creator, most known for Fortnite, which has become a leading interactive entertainment company and provider of 3D engine technology. Other games created by Epic Games include Gears of War, ZZT, and the 7th Legion. Backers of the company include Kleiner Perkins, Lightspeed Venture Partners, Smash Ventures, Disney Accelerator, and Sony. 

Epic Games has a 30-year history of developing successful video games and raising over $4.4 billion, inspiring belief in a high-performing IPO. One concern discussed is the small percentage of active users compared to the overall number of users on the gaming systems at any time.

7. Instacart 

Expected IPO Date: Q1 2023 

Expected Value: $24 billion 

Sector: Delivery Services 

Instacart offers grocery delivery straight to your door on either a scheduled or as-needed basis. Users can designate which products they would like down to a brand level and communicate with their delivery person as needed if they want to make a change or if the product that they requested is out of stock.

Use of this service went up sharply during the early stages of the pandemic and down sharply after that. Management has since cut down on expenses in the hopes of going public, but other concerns include the limited areas of use, as Instacart is offered more in large cities than in small cities and suburbs. However, their focus on becoming a new IPO of 2023 lends investors to believe that it will be a valuable company in the upcoming years. 

8. Chime

Expected IPO Date: Q1 2023 

Expected Value: $24 billion 

Sector: Fintech 

Chime offers an app that allows users to open fee-free checking and savings accounts with direct deposit and a debit card. A large source of their revenue comes from transaction fees charged to merchants when users pay for purchases with their debit cards. Users load money into their Chime Checking Accounts with no monthly fees, no minimum balance requirements, and no cap on interest.

Chime’s IPO was filed for March of 2022, but due to the drop in fintech stocks across the market, the IPO was delayed until early 2023. While the market has not become much more favorable, due to pressure to list earlier than its competitors, Chime’s IPO appears imminent. 

9. Discord 

Expected IPO Date: Q1 2023 

Expected Value: $15 billion 

Sector: Social Networking 

Discord is a social media messaging platform centered around, but not limited to, video gaming. The online gaming world has been on a steady upward trajectory with no end in sight.  Microsoft had attempted to acquire Discord as an addition to the Xbox gaming division, but as that failed, Microsoft created Communities as a means of competition for Discord’s upcoming IPO in 2023.

Discord has 140 million active monthly users and has the potential to bring in a lot of subscription revenue without relying on advertising revenues, which is of value in the eyes of investors.  

10. Reddit 

Expected IPO Date: Q2/Q3 2023 

Expected Value: $15 billion 

Sector: Social Networks

Reddit is a social media platform that unites multiple forms of social media to create a unique space for answering questions, sharing opinions, shopping, finding memes, reading scary stories, and more. Earlier in 2022, Reddit had bystander involvement in the stock market, when users followed the advice of a specific thread administrator to manipulate the market.

While Reddit is one of the most popular social media platforms looking to IPO in 2023, social media stocks have been under pressure with a plethora of competition and a high dependency on digital advertising. However, Reddit is still highly anticipated and widely beloved, adding to its market valuation. 

11. Versa Networks 

Expected IPO Date: 2023 

Expected Value: $14 billion 

Sector: Cybersecurity 

Versa Networks is a leader in the SASE (secure-access-service-edge) market, which has grown quickly in the last decade as cybersecurity is one of the main focuses of companies across all industries. SASE provides a comprehensive approach to cybersecurity.

Versa has taken this to the next level with AI and machine learning, helping with process automation and eliminating some of the qualifications necessary for hire of security experts. Their latest round of funding, led by BlackRock and Silicon Valley Bank, totaled $120 million and marked an important phase for going public in 2023. 

12. TripActions 

Expected IPO Date: Q2 2023 

Expected Value: $12 billion 

Sector: Travel and Expense Management 

TripActions, founded in 2015, provides travel and expense management for businesses using machine learning and AI to lower costs and improve user experience. One standout innovation includes the global rapid reimbursements program, allowing employees to get reimbursed within 24 - 48 hours.

They have also been rapidly acquiring companies in the travel management and high-end travel event industries, including Resia, Comtravo, and Reed & Mackay. In October of 2022, TripActions had $304 million in funding, doubling its valuation from 2020. 

13. ServiceTitan 

Expected IPO Date: 2023 

Expected Value: $7.5 billion 

Sector: Contracting 

ServiceTitan acts as an operating system for contractors of all types; dispatching, marketing, scheduling, payroll, contracts, ads, timesheets, job costs, and more. ServiceTitan aims to simplify the behind-the-scenes work of contractors and make the work more accessible in an industry that is generally hesitant to adopt new technologies.

Investors including Tiger Global Management and Sequoia Capital Global Equities assisted in the company’s fundraising of $500 million in 2022, and Secfi predicts that the company will be going public in 2023. 

14. ezCater

Expected IPO Date: 2023 

Expected Value: $1.6 billion 

Sector: Hospitality 

ezCater was founded as a way to provide reliable catering for meetings of medical sales representatives. ezCater expanded to a platform with a network of restaurants, offering a one-stop solution for payments, ordering, budgeting, and reporting.

ezCater has a network of 103,000 restaurants and is utilized by 93% of Fortune 500 companies. They showed adaptability during the pandemic when they shifted to providing catering services in hospitals and e-commerce warehouses. With investors such as SoftBank Vision Fund 2, they hope to become one of the new IPOs of 2023. 

15. Intercom 

Expected IPO Date: 2023 

Expected Value: $1.2 billion 

Sector: Communications 

Intercom provides technology to improve customer engagement for sales, marketing, and support. Intercom currently has more than 25,000 customers, delivering over 500 million messages per month. They provide personalized communications and deliver a strong ROI, saving companies money and increasing customer engagement by upwards of 25%.

Intercom has not raised much venture capital funding but has been successful none the less, showing that they are efficient with their funds and can stand on its own two feet in the market. This growth and the promise that they will deliver makes them a highly anticipated upcoming IPO of 2023. 

Summary 

All of these companies set to IPO in 2023 are expected to be highly valued and have been anticipated by investors and the public alike.

The IPO process is a maze of documents and filings which requires good virtual data room. Talk to us if you’re considering an IPO in the near future and ensure that your firm achieves as high a valuation upon listing as possible.