8 Notable Companies That Had Their IPO in 2023
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Here’s an archived list of companies that had their IPO in 2023. This list includes only the most notable IPOs of the year, not the complete list of IPOs.
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Table of Contents
1. Cava IPO (June 15th)
The Cava IPO date was Thursday, June 15th, 2023. The IPO was priced at $22 per share and opened trading at $42 per share. Nearly a double!
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Cava’s S-1 filing was released to the public on May 19th, 2023, after filing confidentially for an IPO with the SEC on February 6th, 2023.
Cava is a Mediterranean restaurant chain that launched its first restaurant in Bethesda, MD, in 2011. Founded by three first-generation Greek friends, Cava has grown to more than 133 restaurants in the U.S.
Cava Group, the Washington D.C.-based parent company, also owns Zoe’s Kitchen, which has more than 250 locations in the United States.
The company built its menu, customer experience, and brand inspired by Chipotle, using fresh ingredients, fair and sustainable sourcing, and a commitment to its workers and customers.
It sells branded dips, spreads, and dressings at select Whole Foods Market, Safeway, MOM’s Organic Market, Balducci’s, and local independent markets.
Follow the link below to read the S-1 filing and get a complete history of activity leading up to the IPO.
Read more about the Cava IPO.
2. Atmus Filtration Technologies IPO (May 26th)
The Atmus Filtration Technologies IPO date was Friday, May 26th, 2023. The IPO was priced at $19.50 per share.
Atmus Filtration Technologies was a subsidiary of Cummings (CMI), a public industrial company. Cummings announced its intent to spin off the business unit in November 2022, disclosing the new name Atmus, derived from the word atmosphere.
On February 21st, 2023, Cummings announced the release of the S-1 filing to the public.
The Atmus Filtration stock symbol is “ATMU”.
Atmus Filtration Technologies was founded by Cummins in 1958 but rebranded when it announced the spinoff. The company’s FleetGuard products will be a signature brand.
The company is a global leader in filtration products for commercial, agricultural, construction, mining, and power generation vehicles and equipment.
Atmus Filtration has hired Goldman Sachs and J.P. Morgan to underwrite the IPO.
The future public company launched its roadshow on May 16th, 2023, with an initial IPO price range of $18-$21.
3. Kenvue IPO (May 4th)
The Kenvue IPO date was Thursday, May 4th, 2023. The Kenvue IPO price was $22 per share.
Kenvue became a public company when Johnson & Johnson (JNJ) spun off its consumer health division, including famous brands such as Tylenol, Aveeno, and Neutrogena. The new company was worth about $41 billion at the IPO price.
Unlike many spinoffs, Johnson & Johnson shareholders received no Kenvue shares. However, JNJ retained more than 90% of the company.
JNJ announced the spinoff in November 2021, and it took 18 months to complete the deal. Some analysts suggested the spinoff was designed to divert attention and liability from pending litigation regarding asbestos in baby powder and JNJ’s role in the opioid epidemic.
The Kenvue IPO enabled the company to raise new capital (almost $4 billion), reward long-term shareholders, and retain some ownership of many iconic brands.
4. VinFast SPAC Merger (August 15th)
The VinFast IPO date (SPAC Merger) completed on Tuesday, August 15th, 2023. The SPAC price was $10.45 when the deal was announced. VFS opened for trading at $22 per share.
VinFast is an electric vehicle (EV) company that’s part of the Vietnamese conglomerate Vingroup.
Vingroup was founded by Vietnamese billionaire Phạm Nhật Vượng. Vượng started an instant noodle company called Technocom Corporation while residing in Kharkiv, Ukraine, in the early 1990s.
In 2000, he began developing real estate back in Vietnam. He sold the Mivina dry foods brand to Nestle in 2010 and used the proceeds to expand his business empire in his birth country.
Vượng and Vingroup launched VinFast and its first manufacturing facility in Hai Phong, Vietnam, in 2017. VinFast quickly became a top vehicle seller in Vietnam and set its sights on the international stage. The company is now based in Singapore.
VinFast first announced its confidential IPO filing with the U.S. SEC on April 8th, 2022. The VinFast IPO filing was released publicly on December 6th, 2022.
However, on May 12th, 2023, VinFast announced it would complete a SPAC merger with Black Spade Acquisition Co (BSAQ). The deal completed on August 15th, 2023.
The U.S. VinFast stock symbol converted to “VFS” when the SPAC merger completed
Read more about the VinFast SPAC Merger.
5. ARM IPO (September 14th)
The ARM IPO date was Thursday, September 14th, 2023. The ARM IPO price was $51 per share.
The company filed for an IPO in the U.S. on August 21st, 2023. The chip designer IPO valuation was about $60 billion, making it one of the largest IPOs of 2023.
Several large public companies invested at the IPO, including Microsoft and Nvidia
SoFi Invest and the ubiquitous online broker Robinhood both offered shares to customers.
The listing took place on the Nasdaq. The ARM stock symbol is “ARM”.
6. Instacart IPO (September 19th)
The Instacart IPO date was Tuesday, September 19th, 2023. The Instacart IPO price was $30 per share and opened trading at $42 per share.
A publicly available S-1 filing was released on August 25th, 2023 and amended September 11th.
- Number of Shares: 22 million
- Price: $30
- Raised: $660 million
- Valuation: $10.2 billion fully diluted
- Exchange: Nasdaq
- Instacart Stock Symbol: CART
Instacart hired Goldman Sachs to underwrite the Instacart IPO. SoFi Invest offered IPO shares to customers. Robinhood also offered IPO shares to customers.
The IPO came after the company cut its internal valuation down to $12 billion after peaking at $39 billion in 2021.
Instacart is a grocery pickup and delivery service headquartered in San Francisco.
The company partners with more than 85% of U.S. grocery stores and “big box” chains to hand-pick store items and deliver them to customers.
Customers shop online using the Instacart Marketplace via desktop or handheld devices.
Then Instacart hires personal shoppers who enter the stores, select and pack items, and deliver them to the customers. Customers pay a delivery fee ($3.99) plus a 5% service fee. Tipping is also encouraged.
Read more about the Instacart IPO.
7. Klaviyo IPO (September 20th)
The Klaviyo IPO date was Wednesday, September 20th, 2023. The Klaviyo IPO price was $30 per share and opened trading at $36.75 per share.
Klaviyo is a marketing automation company offering products to engage customers via email and SMS.
The Boston-based company partners with multiple e-commerce giants such as Shopify, WooCommerce, and Stripe.
Klaviyo filed confidentially for an IPO in May 2023 and released the S-1 to the public in August 2023. Goldman Sachs and Morgan Stanley shared primary underwriting duties.
The SEC S-1 filing indicated the company has more than 130,000 customers, $585 million in revenue for the fiscal 2022 year, and 56% revenue growth.
The Klaviyo stock symbol is KVYO.
8. Birkenstock IPO (October 11th, 2023)
The Birkenstock IPO date was Wednesday, October 11th, 2023. The Birkenstock IPO price was $46 per share and opened trading at $41 per share at 1:36 pm ET.
Private equity firm L Catterton launched an IPO for the iconic footwear brand Birkenstock.
Birkenstock is a more than 200-year-old German brand with varying popularity over the past 4o years.
Birkenstocks sandals made an appearance in the popular summer 2023 blockbuster Barbie. The private equity firm is looking to capitalize on the recent surge in popularity.
L Catterton hired Goldman Sachs and JP Morgan to underwrite the Birkenstock IPO.
The Birkenstock F-1 filing was released to the public via the SEC’s website on September 12th. Terms were set October 2nd, setting the stage for an October 11th IPO.
The offering was 32,258,064 shares at $46 per share. The stock fell immediately upon the first trade, indicating the underwriters poorly judged demand for shares.
The Birkenstock stock symbol is “BIRK” and trades on the NYSE.
Conclusion – Companies That Had Their IPO in 2023
Now that 2023 is over, I’ve completed this list. Follow my upcoming IPOs page to see the next IPOs in the pipeline.
Read more: Companies that had their IPOs in 2021