Over 60 companies have gone public in the US so far this year. The US IPO market has been slow in the first quarter of 2023, following the fourth quarter of 2022 in which over 60% of IPOs were withdrawn.
Interest rate hikes and inflation may discourage investors from buying newly-issued stocks, according to PwC. Investors will be drawn to companies that have a clear path to profitability backed by solid stock fundamentals.
Though the IPO market has been somewhat sluggish, here are 3 upcoming IPOs to watch in September 2023. There may be delays as business owners try to weigh the market and judge the best time to approach investors.
| Name | Symbol | Expected IPO date | Expected price range |
|---|---|---|---|
| CAVA Group | CAVA | June 2023 | $17.00 – $19.00 |
| BranchOut Food | BOF | June 2023 | $7.00 |
| 60 Degrees Pharmaceuticals | SXTP | June 2023 | $4.30 – $6.30 |
CAVA Group is a Mediterranean fast-casual restaurant brand that operates 263 restaurants in 22 states plus Washington, D.C. Founded in 2006, the company is headquartered in Washington, D.C. Over the last 12 months, it made $608.2 million in revenue and -$41.1 million in net income. You can view its prospectus here.
BranchOut Food manufactures and markets plant-based dehydrated foods made from avocados, bananas and other foods. Founded in 2017, the company is headquartered in Oregon. Over the last 12 months, its 12-month revenue was $0.75 million, and its net income was -$4.64 million. You can view its prospectus here.
60 Degrees Pharmaceuticals develops treatments for diseases like malaria and viruses like COVID-19. The company was founded in 2013 and is headquartered in Washington, D.C. Over the last 12 months, it had $0.19 million in revenue and a net income of -$-7.87 million. You can view its prospectus here.
To buy IPO stocks, you’ll need an investment account. Note that not all brokerages provide access to IPO stocks. Some, like Interactive Brokers and Wealthsimple, only let you buy newly-listed stocks on on the secondary market. Others, like Questrade and Qtrade, provide access to IPO stocks as soon as these stocks become available, even before hitting the secondary market.
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