These Major IPOs Are Still Slated to Debut in 2019

2019 is well on its way to being the year of the high-profile IPO.  Still, the year that gave investors the likes of Uber, Slack and Beyond Meat is just getting started, according to Wall Street insiders.

“This has been the year when cloud-based companies and on-demand services came of age,” Santosh Rao, head of research at Manhattan Venture Partners, told Fortune.

Investors have been bullish on a whole host of companies making their public debut this year—in a variety of fields. Matthew Kennedy, senior IPO market strategist at Renaissance Capital, a provider of institutional research and IPO ETFs, says 2019 is the year of “high-valued tech companies.”

Here are eight not-to-be-missed IPOs expected to debut this year…

Kennedy says the 2nd quarter saw 20 tech companies raise almost $15 billion—and that, in the last five years, “only one other quarter has had $10 billion or more [raised] in the tech sector,” he said.

Still, while it’s clear investors are hungry for IPOs, Rao says the market has some criteria. “[IPOs this year] need to show two things. One, their top-line is growing, and second, there is definitely a path to profitability,” he says.

Here are eight not-to-be-missed IPOs expected to debut this year…

1. The We Company (TBD)

The We Company (formerly known as WeWork) may be making its long-awaited debut sometime this year after confidentially filing to go public late last year.

The workspace rental company is arguably one of the most heavily-anticipated companies to debut this year. The company, which is supposedly valued at $47 billion, hasn’t announced a concrete IPO date yet. But some on Wall Street seem to think they may need to strike while the iron is hot.

But WeWork’s losses last year surmounted even Uber’s: it lost $1.9 billion on $1.8 billion revenue. “I would be worried about WeWork if they don’t have a clear path to profitability,” Kennedy says. “I think they could run into some of the same issues that investors had with Lyft and Uber.”

The company is now seeking to raise up to $4 billion in debt before its IPO, the Wall Street Journal reported. The debt offering may be an attempt for the unprofitable company to bolster investor confidence before its public debut.

2. iHeartMedia (July)

From the sound of it, iHeartMedia is gunning for the rarer direct listing.

The radio company filed a listing with Nasdaq under the ticker “IHRT,” due to debut on July 18. The most recent company to list directly was Slack Technologies.

Still, the move to publicly list seems to suggest some faith in the supposedly dying radio industry. In fact, iHeartMedia estimates they have over 270 million listeners per month, as of last year—more than Spotify’s estimated 222 million. And on a cash basis, iHeartMedia was positive at the end of 2018 with about $448 million on hand.

But whether or not Wall Street will dial in to the radio giant’s stock is yet to be seen.

3. Airbnb (TBD)

The home-rental app has long been in the spotlight for an IPO. But now that the company says it’s regularly profitable on an EBITDA level, Airbnb seems set for its long-awaited debut. The company claimed they made “substantially more” than $1 billion in revenue in the 3rd quarter of 2018.

Several experts suggest that the company’s cash and current profitability make it a prime candidate for the now in-vogue direct listing.

In a similar vein as Uber, Rao thinks “Airbnb is going to be the next big event.” Although the company hasn’t set an IPO date yet, some reports suggest it may be pushed into 2020…

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