Car-sharing service Turo, social media platform Reddit, and grocery delivery service Instacart have all submitted IPO filings, but none have gone public yet. Despite a strong rebound in tech stocks and a pipeline of companies waiting to go public, the IPO market has been relatively quiet. The lack of notable venture-backed tech IPOs since December 2021 is attributed to companies holding onto their old valuations and struggling to adjust to a changing market and economic uncertainty. The Nasdaq has seen a 30% increase in the first half of 2023, but only 10 companies have raised $100 million or more in initial share sales, compared to 517 in the same period of 2021. While some optimism has been seen in the public markets, with successful offerings like Mediterranean restaurant chain Cava and Israeli beauty and tech company Oddity, the overall outlook for tech IPOs is subdued. The uncertainty in the market, high valuations from previous years, and the availability of fixed income alternatives are all factors contributing to the cautious approach towards tech IPOs.
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