US IPO Market is Back. More Companies Are Going Public After Cava's Winning Debut
After 18 months of deathly silence, the US initial public offering market appears to be gradually reviving.
Shares of $CAVA Group(CAVA.US$ nearly doubled in its trading debut on June 15 after the fast-casual restaurant chain's breakthrough IPO was priced well above the initial range set by underwriters. While the stock price has slipped a bit from its early surge, it still remains up about 90%.
There has been an absolute dearth of IPOs going back to the beginning of last year, compared to the boom of IPOs during the pandemic era.
Now, a trio of companies are preparing to follow Cava's lead and tap the public markets in the week of June 26. $Savers Value Village(SVV.US$ said it aims to raise up to nearly $320 million for an IPO that would value the U.S. thrift store operator at about $2.7 billion, followed by energy contractor $Kodiak Gas Services(KGS.US$ and reinsurer $Fidelis Insurance(FIHL.US$.
Roughly $1.5 billion is anticipated to be generated in IPOs on US exchanges overall in June, making it the first straight month with more than $1 billion sold since last October, according to data compiled by Bloomberg.
The marker is still nowhere close to 2021 IPO levels, nor is that likely, but the window is open wide enough for everyone to feel a decent breeze.
Source: Bloomberg
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