IPO Pipeline Friday PM Update: Instacart, Klaviyo among three new filings

The IPO pipeline received a major boost on Friday after the market closed as three new companies filed officially with the SEC to go public. Among the three were two heavyweights — Instacart and Klaviyo Inc.

Instacart, a company that is powering the future of grocery through technology, launched with Goldman Sachs and J.P. Morgan as the two lead left bookrunners. The company’s GTV, representing the online sales they power for all of their retail partners, grew at a CAGR of 80% between 2018 and 2022, compared to 50% for the overall online grocery market and 1% for offline grocery. In 2022, they generated approximately $29 billion of GTV, which makes Instacart the leading grocery technology company in North America.

Among the Co-Manager(s) on the prospectus…they include Baird, JMP Securities, LionTree, Oppenheimer, Piper Sandler, SoFi, Stifel, Blaylock Van LLC, Drexel Hamilton, Loop Capital Markets, R. Seelaus & Co., Ramirez & Co., Stern, Tigress Financial Partners

Link to Instacart’s Prospectus: Filed: 8-25-23

Klaviyo Inc provides businesses of all sizes with powerful technology that captures, stores, analyzes, and predictively uses their own data to drive measurable, high-value outcomes. As of June 30, 2023, their platform had efficiently scaled to over 130,000 customers, and in 2022 they delivered over $37 billion of aggregate KAV to our customers.

The underwriters on the Klaviyo IPO were listed as Goldman Sachs, Morgan Stanley, Citigroup, Barclays, Mizuho, William Blair Piper Sandler and Truist Securities.

Link to Prospectus: Filed: 8-25-23

Global brain disease biotech, Neumora Therapeutics, Inc.., rounded out the filings on Friday. J.P. Morgan, BofA Securities, Stifel, Guggenheim, RBC Capital and William Blair were listed as the bookrunners on the transaction.

Link to Prospectus: Filed: 8-25-23

All three companies are anticipated to set terms after the Labor Day holiday which could spark a heavy influx of IPO activity for the final third of the year.