This year was supposed to be a big one for initial public offerings. Several unicorns — defined as companies valued at more than $1B — were planning to list shares on major U.S. stock exchanges. Unfortunately, the novel coronavirus has forced many companies to cancel or delay their IPOs.

Victor Koch

However, there are still a few upcoming IPOs worthy of investor attention. So what’s going on? Market volatility continues to weigh on public debuts. Through July 31, there were 93 IPOs priced in the U.S. this year, down 7.9% from the same period of 2019.

👉 PART 1

👉 PART 2

👉 PART 3

👉 PART 5

Nearly 200 companies are expected to go public in 2020

👇 Here are the ones to watch

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Airbnb IPO (Forecast Q4 2020)

Funding traction, total raised ~$5.4B + secure deals

  • Series A — 2010 at val. $78M, $0.42 pps
  • Series B — 2011 at val. $1.3B, $6.62 pps
  • Series C — 2012 at val. $2.8B, $11.79 pps
  • Series D — 2014 at val. $10B, $40.71 pps
  • Series E — 2015 at val. $26B, $93.09 pps
  • Series F — 2016 at val. $31B, $105 pps
  • Series F-1–2016 at val. $31B, $105 pps
  • PE round — 2020 at val. $18B

Airbnb plans to confidentially file for IPO in August (source)

Affirm IPO (Forecast Q4 2020)

Funding traction, total raised ~$763M + secure deals

  • Series A — 2012 at val. $11M, $0.35 pps
  • Series B — 2013 at val. $81M, $1.31 pps
  • Series C — 2015 at val. $400M, $5.28 pps
  • Series D — 2016 at val. $720M, $6.17 pps
  • Series E — 2017 at val. $1.6B, $11.34 pps
  • Series F — 2019 at val. $2.9B, $13.18 pps

The Affirm, a well-known fintech unicorn, could approach the public markets at a valuation of $5 to $10 billion (source)

Reddit IPO (Forecast Q2-Q3 2021)

  • Founded Date — 2005 (HQ, SF, CA)
  • Founders —Alexis Ohanian, Steve Huffman

Funding traction, total raised ~$552M + secure deals

  • Series A — 2011 at val. $73 (post-money), $2.67 pps
  • Series A1–2013 at val. $280M, $5.93 pps
  • Series B — 2014 at val. $600M, $6.26 pps
  • Series C — 2017 at val. $1.8B, $15.77 pps
  • Series D — 2019 at val. $3B, $21.69 pps

In 2017 Reddit said that the company is reportedly considering an IPO (source)

In 2019 Reddit raised $150 million to $300 million to keep the front page of the internet running and IPO preparation (source)

Front IPO (Forecast Q4 2021)

Front IPO

Funding traction, total raised ~$138M

  • Series A — 2016 at val. $49M, $0.63 pps
  • Series B — 2018 at val. $230M, $2.13 pps
  • Series C — 2020 at val. $920M, $7.68 pps

The startup Front hired its first CFO Jenny Decker from Atlassian (source)

Sweetgreen IPO (Forecast Q4 2021)

Funding traction, total raised ~$514M + secure deals

  • Series A — 2009 at val. $18M, $0.85 pps
  • Series B — 2012 at val. $37M, $1.43 pps
  • Series C — 2013 at val. $60M, $2.01 pps
  • Series D — 2013 at val. $100M, $2.69 pps
  • Series E — 2014 at val. $170M, $4.07 pps
  • Series F — 2015 at val. $350M, $7.67 pps
  • Series G — 2016 at val. $480M, $9 pps
  • Series H — 2018 at val. $1.1B, $13.04 pps
  • Series I — 2019 at val. $1.6B, $17.10

To be continued…

👉 PART 1 👉 PART 2 👉 PART 3

👉 PART 5 👉 PART 6 👉PART 7

👉 PART 8

About the Author

Mr. Koch — a serial entrepreneur and late-stage investor specializing in secondary shares.

Previously: Twilio, Xiaomi, iQiyi, Tilray, Livongo, Bandwidth.

Currently: Robinhood, Grab, Toss, Coursera, Epic Games, Chime, and other companies.

Contact — here, If you are a startup building in this space — email or DM me to be included in this article.

The content was collected from various open sources, approved by companies, and does not provide any one-stop recommendation for the purchase of shares. All data was used for only informational purposes and does not contain insider information that may be malicious or refuted by the company and SEC.

This communication does not represent an offer or solicitation to buy or sell securities. Such an offer must be made via definitive legal documentation by the buyer or seller of securities, please check the SEC rules before buying shares from any stock-suppliers.

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Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund

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Victor Koch

Serial entrepreneur, accredited investor, and hedge fund manager. Ex-General Partner of Koch Fund