The first half of 2024 saw a limited number of tech IPOs. However, those that did take place, including Reddit, Astera Labs, and Rubrik, proved to be highly successful. These IPOs delivered positive returns for early investors and exhibited strong post-IPO performance.

Looking ahead, Morgan Stanley anticipates that 10 to 15 more tech companies will go public before the end of 2024. Here is a review of potential IPO candidates, including companies that have announced or filed for IPO:

Retail

Shein IPO: Shein plans to raise £1.26 billion through its initial public offering (IPO) on the London Stock Exchange, aiming for a valuation of around £50 billion ($64 billion). This valuation is lower than its last primary round valuation of $66 billion. With $32 billion in revenue in 2023, this Shein IPO will have a valuation-to-revenue ratio of 2x.

Fanatics IPO: Fanatics has been making significant moves towards an IPO, although the exact timing remains uncertain. Currently, the company has a $22.4 billion secondary market implied valuation, with a 2.8 valuation-to-revenue ratio.

SaaS

Canva IPO: Canva is aiming for an IPO in 2025. The company is valued at $26 billion on the secondary market, with a valuation-to-revenue ratio of 13.

ServiceTitan IPO: ServiceTitan is targeting an $18 billion valuation for its IPO, resulting in a 31 valuation-to-revenue ratio based on current figures. Currently, ServiceTitan is valued at $6.9 billion on the secondary market.

Navan IPO: Navan has not officially announced an IPO date yet. However, CEO Ariel Cohen mentioned that the company is "not far" from an IPO. The estimated IPO valuation may be close to $5 billion, while the current secondary market valuation is $4.8 billion.

Fintech

Klarna IPO: Klarna is targeting an IPO with a $20 billion valuation, which translates to a 9.5 valuation-to-revenue ratio. Currently, the company has a $12.2 billion valuation on the secondary market.

Brex IPO: Brex has discussed a future IPO. The company currently has a $3.5 billion valuation on the secondary market with a 7 valuation-to-revenue ratio, which is reasonable for a fintech company.

Cybersecurity

Snyk, Wiz, and Claroty have all announced IPO plans. Claroty has specified a target valuation of $3.5 billion, which would result in a high valuation-to-revenue ratio of 25 in the sector.

AI and Data

Cerebras IPO: Cerebras is aiming for a $4 billion valuation IPO with a 16 valuation-to-revenue ratio. Currently, Cerebras is valued even higher on the secondary market at $4.6 billion.

Neo4j IPO: Neo4j is targeting a $3 billion IPO valuation with a 6 valuation-to-revenue ratio. Currently, Neo4j is valued at $1.5 billion on the secondary market.

Mobility Tech

Turo IPO: Turo is expected to go public, currently valued at $3.1 billion on the secondary market with a decent 3.5 valuation-to-revenue ratio.