IPOs Staging a Comeback in 2024

After years of tepid performance, the U.S. market for initial public offerings (IPOs) appears to be perking up.

In the first half of this year, 86 companies went public using the IPO process, with about three-quarters of them backed by venture-capital and private-equity firms, according to an Ernst & Young report. That’s up from 54 in all of 2023 and just 38 in 2022. In 2021, there were 311 IPOs backed by venture-capital and private-equity firms—the most since 380 in 2000.

The NASDAQ IPO Pulse Indicator forecasts that activity should continue picking up this year. Here are some companies that investors hope will reach a boiling point and go public:

Stripe – Building economic infrastructure for the internet, businesses ranging from new startups to public companies use Stripe’s software to accept payments and manage their businesses online. The company reported in March that it had passed $1 trillion of total payment volume in 2023 and indicated that it was “robustly cash-flow positive” for the year, with expectations that 2024 will also be strongly positive.

StubHub – A marketplace for fans to buy and sell tickets for sports, concerts and other events. The company reportedly had posted $350 million in earnings before expenses for the 12-month period ending in March. The company recently announced that its IPO will happen in September.

SeatGeek – This StubHub competitor is widely believed to be ready for an IPO, though it has not made any announcements on timing. Reports in June indicated that the company was adding investment bankers for an IPO that could occur before the end of 2024.

HungryRoot – An online grocery platform that provides personalized services to deliver healthy groceries. The company finished 2023 with over $300 million in revenue with 40% growth year over year. The company was also profitable and focused on continued growth.