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US IPO Week Ahead: VC-backed tech IPOs stage a comeback with Instacart and Klaviyo

September 15, 2023
Week Ahead

Updated Monday, 9/18.

Five deals are currently on the calendar for the week ahead, led by the IPO market’s first US tech unicorns in nearly two years.

After raising the range on Friday, grocery delivery platform Instacart (CART) plans to raise $638 million at a $9.6 billion market cap. In June 2023, the company connected 7.7 million customers with 600,000 independent shoppers, and its retail partners include 1,400 banners representing over 80,000 stores. While it faces rising competition from DoorDash and others, Silicon Valley-based Instacart was able to grow revenue by 31% in the 1H23, while achieving profitability.

Boston-based Klaviyo (KVYO) plans to raise $538 million at an $8.6 billion market cap, after raising the range Monday morning. The SaaS company provides a customer engagement platform that allows businesses to turn first-party data into actionable insights in real time. It also allows for management of marketing messaging across multiple channels, though the company currently depends on third parties for delivery of messages. Fast-growing with positive cash flow, Klaviyo serves over 130,000 customers, primarily in the retail vertical.

The week’s remaining deals are small. Israeli 3D printing company XJet (XJET) plans to raise $6 million at a $77 million market cap. Small and highly unprofitable, XJet offers 3D printing technologies based on its patented Nano-Particles Jetting process. Tentatively scheduled for the week ahead, holdover Gamer Pakistan (GPAK) may raise $8 million at a $115 million market cap, and Chinese tech firm Global Mofy Metaverse (GMM) may raise $6 million at a $130 million market cap.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
Instacart (CART)
San Francisco, CA
$28 - $30
JP Morgan
Operates a grocery delivery platform.
Klaviyo (KVYO)
Boston, MA
$27 - $29
Morgan Stanley
Provides a software platform that automates digital marketing campaigns.
Rehovot, Israel
Aegis Cap.
Makes and sells 3D printers for metal and ceramic end-use parts.
Gamer Pakistan (GPAK)
Henderson, NV
$4 - $5
WestPark Capital
Pre-revenue organizer of esports events in Pakistan.
Global Mofy Metaverse (GMM)
Beijing, China
$4.50 - $5.50
Prime Num. Cap.
Chinese provider of virtual content and digital marketing services.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/14/2023, the Renaissance IPO Index was up 33.5% year-to-date, while the S&P 500 was up 18.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 15.4% year-to-date, while the ACWX was up 9.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.