EG Group (estimated market cap: £10 billion)
A blockbuster IPO is on the cards for British retailer EG Group, which is valued at around £10 billion. Many investors are keeping a close eye on the upcoming listing after EG Group acquired supermarket chain Asda, which had IPO plans of its own. However, many are wary of the group since its sales slumped due to lower fuel demand in 2020.
Despite EG Group’s revenue dropping from £22.4 billion in 2019 to £20.7 billion in 2020, it had an EBITDA increase of 48%.
Wise (estimated market cap: £4.4 billion to £5.1 billion)1
Wise, formerly known as TransferWise, was founded in 2011. It has since become one of the most valuable fintech start-ups in Europe. The company announced its name change in February 2020, as it hit the decade mark in business. Having started out offering money transfer services, its growing product range was the driving force behind the decision to change its name.
This fintech company transfers over $6 billion (around £4.4 billion) per month to over 10 million international customers. Wise was valued at $5 billion (around £3.6 billion) in 2020. Now, ahead of its expected Q2 2021 IPO, the company could be valued between £4.4 billion and £5.1 billion.1 Wise has appointed Goldman Sachs and Morgan Stanley to coordinate the listing.
Darktrace (estimated market cap: £3 billion)
Cyber security company Darktrace plans to list on the London Stock Exchange (LSE) in May 2021, targeting a valuation of £3 billion. The business supplies software to corporates that helps to detect cyber threats on their networks – and it has been particularly successful during the Covid-19 lockdown period, as millions of people switched to remote working. The higher demand for the product has certainly increased the appetite for Darktrace stock.
The company launched in 2013, has 44 offices worldwide and employs more than 1200 people.
Oxford Nanopore Technologies (estimated market cap: £2.3 billion)
Oxford Nanopore Technologies is a spin-off of the University of Oxford that was founded in 2005. It develops products that are used to analyse DNA, RNA, proteins and small molecules. These products can be applied in scientific research, crop science and more. The company’s also produces products that track Covid-19 variants.
By 2014, the company had raised over £250 million in investment funds. Ahead of its IPO, Oxford Nanopore Technologies is valued at £2.3 billion, and it is set to list on the LSE.
Jaguar Land Rover (estimated market cap: £2 billion)
Jaguar Land Rover (JLR) is part of India’s Tata Motors and has long been rumoured to be considering an IPO. Optimism surrounding JLR’s listing has dwindled as a result of delays to Brexit, declining diesel sales, a drop in Chinese demand and – more recently – the coronavirus crisis.
In 2019, Tata Motors shares experienced their biggest fall in 26 years on the Bombay Stock Exchange after announcing a £3.1 billion write-down of its investment in JLR. However, stock process surged in October 2020 after JLR returned a profit of £65 million, compared with a loss of £413 million in the previous quarter.
BrewDog (estimated market cap: £1.5 billion)
BrewDog, a famous craft beer brewer, announced in 2018 that it is considering an IPO, but it was awaiting the right market conditions. An IPO would represent the next stage for the group, which has come from a tiny operation in Scotland, and has now exhausted the crowdfunding route that proved so vital in its early years.
BrewDog is said to be planning a listing on the LSE. The business is valued at about £1.5 billion and has raised roughly £73 million over six fundraising rounds, with the last round ending in April 2020.
Monzo (estimated market cap: £1.2 billion)
Monzo is an online bank with over 4.8 million customers, of which 100 000 are on paid account tiers. The company is one of the leading UK innovators that are offering a non-traditional option to banking.
Monzo secured £60 million in December 2020, which put its total funds raised for the year at £125 million with a company valuation of £1.2 billion. This value decreased from Monzo’s £2 billion market cap in 2019. Detailed information regarding the company’s IPO is yet to be released.
Starling (estimated market cap: £1.1 billion)
Starling is one of the UK’s leading digital-only banks. It was founded in 2014 by Anne Boden, a former banking executive. Boden, who is also the CEO of Starling, is planning to list the company on the LSE. In a 2021 fundraising round, Starling raised £272 million, which is said to have placed its valuation at £1.1 billion.
The company is not only planning to expand its products and services, but it is also looking to broaden its offerings into Europe.
McLaren Group (estimated market cap: £560 million)
McLaren Group, the British Formula One firm and sports car maker, has been linked to an IPO since 2011. The environment for carmakers was very volatile in recent years, with Brexit impacting supply chains and the trade war raising the cost of doing business.
However, there are reports that the company plans to go public through a reverse takeover this year. There has already been a round of funding from a group led by MSP Sports Capital, which is said to have obtained a significant minority stake in December 2020.
PensionBee (estimated market cap: £350 million)
PensionBee is an award-winning online pension provider that has recorded over 400,000 registered customers since its inception in 2014.
In November 2020, the company announced that it was planning on listing on the LSE’s High Growth Segment by 2022. However, following a spike in business amid the Covid-19 pandemic, PensionBee is set to accelerate its IPO plans. The company reported a 37% growth in new active clients between March and July 2020. With its recent confirmation statement filing with the LSE, the IPO is expected in Q2 of 2021.
Stripe (estimated market cap: $95 billion)
Established by the Collison brothers in 2010, Stripe is a fintech company that develops economic infrastructure to facilitate digital payments and other financial business management processes. Stripe enables millions of companies to start, run and scale their businesses in over 120 countries.
Similar to other digital innovators who have seen a boost in business since the pandemic hit, Stripe has been thriving. In 2020, its average year-on-year sales growth jumped from 15% to 45% in just three months (Q2), before dropping to 37% (Q3) with the easing of some lockdown restrictions. In addition to garnering more customers through the spike in e-commerce activity, the accelerated performance of Stripe customers such as Zoom, Instacart and Slack has also contributed significantly to Stripe’s success.
The company reached a valuation of $36 billion in April 2020. In March 2021, Stripe announced that its market cap had increased to $95 billion after a $600 million fundraising round.
TikTok Global (estimated market cap: $50 billion)
A TikTok IPO in 2021 is an exciting prospect for many, as the mega-successful app received a $50 billion valuation in July 2020. The Trump administration raised national security concerns about the app, which resulted in a risk of it being banned in the US. Subsequently, the parent company of TikTok, ByteDance, announced that US multinationals Oracle and Walmart would acquire a minority stake in a new company – called TikTok Global – that would control TikTok’s US operations.
ByteDance went on to state that TikTok Global will also launch a listing plan to further enhance its corporate governance structure and transparency. However, with the Biden administration now at the helm of the US political machine, it’s unclear whether the deal with Oracle and Walmart will proceed, or whether there will be an IPO at all.
TikTok is already bigger than social competitor Snap Inc, even though it launched years after. So, if the TikTok Global IPO goes ahead without a hitch, investor interest is likely to be very strong.
Robinhood (estimated market cap: $40 billion)
Robinhood has been open about its plans to launch an IPO. The company originally started as a stock trading app but it has since expanded into other services.
Any IPO will be part of a wider plan to become a full-service finance company over the next couple of years. Robinhood confirmed in March 2021 that it has filed its paperwork with the US SEC for its Nasdaq IPO, after securing $2.4 billion in its latest round of fundraising. This is said to put the company’s valuation at $40 billion, which is well over triple its September 2020 valuation of $11.7 billion.
Instacart (estimated market cap: $39 billion)
Instacart is a grocery delivery service, founded in 2012, that is said to be preparing for a listing with a valuation of $39 million. The company announced this figure in March, after raising $265 million in venture capital funds – meaning that its valuation has more than doubled from its 2020 market cap of $17.7 billion.
One of its biggest partners, Whole Foods, was acquired by Amazon a few years ago, which made some people wary of the business’s future. However, Instacart has grown to service 15,000 stores across 400 locations in the US and Canada. The company recently announced that it is considering international expansion.
Endeavor (estimated market cap: $10 billion)
Endeavor Group Holdings, a holding company for several talent and media agencies, is making a comeback after its 2019 IPO plans did not take off.
With an estimated valuation of $10 billion, the company is set to list on the New York Stock Exchange later on this year. Other plans for the listing include 21,3 million shares that will be offered at $23 to $24 per share and restricted shares that will be reserved for management. Endeavor’s second attempt at an IPO comes with Elon Musk, owner of SpaceX and CEO of Tesla, as a board member.
WeWork (estimated market cap: $9 billion)
After WeWork’s plans to go public via an IPO collapsed in 2019, the company is giving it another go.
WeWork is planning on listing on the Nasdaq through a special purpose acquisition company (SPAC) merger with BowX Acquisition Corporation. A SPAC is a company with no commercial operations that has been specifically set up to facilitate the transition for private firm to go public through a merger – this method of listing has been gaining popularity as an alternative to a traditional IPO.
WeWork is looking to list in Q3 of 2021 through its merger agreement. The company’s SPAC deal with BowX values it at $9 billion.
Cazoo (estimated market cap: $7 billion)
Cazoo is an online car retailer that enables customers to complete used car purchases digitally. Customers can then choose to collect their cars or have them delivered in the UK by Cazoo.
Cazoo is set to list on the New York Stock Exchange via a SPAC, AJAX I Acquisition Corporation. AJAX I is led by Dan Och, a billionaire investor who is said to be planning on joining Cazoo’s board. The SPAC deal is expected to raise around $1.6 billion and values Cazoo at $7 billion.
Nextdoor (estimated market cap: $5 billion)
Nextdoor is a social network platform that enables neighbours and organisations to connect about the things that matter to their communities. This company offers its services in over 250 000 neighbourhoods across 11 countries and has, naturally, experienced accelerated growth as a result of Covid-19 restrictions and safety measures.
The IPO announcement came in October 2020, but the exact date of the listing is unknown. During its last funding round in September 2019, Nextdoor was valued at $2.2 billion, but this figure is expected to double when the IPO happens.
ByteDance (estimated market cap: $250 billion)
Chinese start-up ByteDance became a household name after launching its famous TikTok app in 2017. The public is eagerly awaiting an IPO, which is said to be valued at around $250 billion. ByteDance started posting a profit in June 2019 and reportedly reached its revenue goal of $20 billion for that year. It relies heavily on advertising for income, but is always looking to develop new products that could fortify its revenue stream.
While there have been mentions of Hong Kong, Shanghai and New York as possible listing venues, recent reports state that BryteDance is planning a Hong Kong listing. Instead of listing the whole group, ByteDance might opt to only list Douyin, the Chinese version of TikTok, another one of its business or some of them.
Ant Group (estimated market cap: $200 billion)
Ant Group is a Chinese online payment company founded by Jack Ma, founder of Alibaba. Originally, it was called Alipay and serviced Alibaba – but it was rebranded in 2014 to become a separate entity, namely Ant Group.
Ant Group’s IPO was expected to take place on 5 November 2020. However, two days before it listed, the Shanghai Stock Exchange announced that the IPO would be suspended due to regulatory issues. After this announcement, Ant Group suspended the Hong Kong listing itself. The share price for its Hong Kong listing had been set at HK$80, while its Shanghai listed stock was set to start trading at 68.8 yuan.
Ant Group is said to be valued at over $200 billion according to its 2020 financials. The company reported a revenue of $10.5 billion and a net profit of $3 billion in the first six months of 2020.
Universal Music Group (estimated market cap: $36.4 billion)
Universal Music Group (UMG) is the world’s largest music label. Some of the company’s artists are The Rolling Stones, Taylor Swift, Alicia Keys, Lady Gaga, Coldplay and Post Malone. UMG is planning a listing on the Euronext NV stock exchange in Amsterdam.
After a consortium led by Tencent Holdings completed a 20% acquisition of UMG, the global music company’s valuation was estimated to be around $36.4 billion.
Lamborghini (estimated market cap: $12 billion)
Lamborghini has done well despite Covid-19 disruptions, and is rumoured to be planning an IPO in the near future. The carmaker is owned by the Volkswagen Group, which is said to also be preparing its other Italian divisions such as Ducati and ItalDesign for possible IPOs.
Lamborghini’s target valuation is rumoured to be $12 billion, but finer details of the listing remain unknown.
Oatly (estimated market cap: $10 billion)
Founded in 1992, Oatly is a Swedish food brand that produces milk alternatives and a range of other organic products, manufactured with individuals’ well-being and environmental sustainability top-of-mind. The rise in oat milk popularity has caused a significant growth in sales in the plant-based milk category. As a result, the Oatly brand is currently available in over 20 countries.
Oatly filed for a US IPO in February 2021, a move that would put Oatly on the growing list of publicly traded vegan stocks.
Rimac Automobili (estimated market cap: unknown)
Rimac Automobili is a car and component manufacturer that specialises in hypercars. The company uses and builds cutting-edge technology to ensure a high-performance and advanced finished product.
Mate Rimac, who founded the company in 2009, has said that although the company started with hypercars, it is now also working with more mainstream vehicles.
While the details regarding Rimac Automobili going public are unknown, the company has revealed plans for its new headquarters in Croatia – a development that is estimated to cost around $240 million.
DoorDash (market cap: $72 billion)
DoorDash, a food delivery business, made its stock market debut in December 2020, floating at $182 a share. By the end of the first day of trading, shares were up to $189.51, an 86% spike from its initial $102 initial public offering price. The company raised $3.4 billion in its IPO, with an initial valuation of $72 billion.
DoorDash saw increased demand during the pandemic, as restaurants were forced to close and consumers were less inclined to eat out – opting instead for home-delivery food services.
Airbnb (market cap: $47 billion)
Airbnb is an online booking space for accommodation, primarily based on the principle of home sharing. In 2019, it confirmed that it was ready to go ahead with a 2020 IPO, but then the travel industry took a major knock due to the global coronavirus shutdown. However, the company listed on 10 December 2020 with a valuation of $47 billion.
Shares floated at $68 and increased by a massive 113% overnight, almost doubling the market cap to $86.5 billion. The business’s outlook will depend largely on the short term – ie how the global economy recovers from the Covid-19 crisis, as restrictions on domestic and international travel ease.
Roblox (market cap: $45.3 billion)
Roblox is a video game and user-generated content platform with widespread popularity across the United States, and other countries such as Brazil, Russia and Turkey.
But it’s not all fun and games – with well over 150 million active users per month, Roblox definitely means business. Initially, investors anticipated the blockbuster IPO when the company filed its prospectus in November 2020. However, Roblox decided to opt for a direct listing on the New York Stock Exchange instead. This listing happened on 10 March 2021, reaching a valuation of $45.3 billion.
UiPath (market cap: $29 billion)
UiPath listed on the New York Stock Exchange on 21 April 2021. The IPO raised $1.3 billion, after almost 24 million shares were sold at $56 each. As of 21 April 2021, the company is valued at $29 billion, considering outstanding shares that are listed in its prospectus.
Founded as ‘DeskOver’, in 2005 UiPath has grown into an industry leader, developing business process automation technology for over 6300 customers worldwide. Its robotic process automation (RPA) software computerises workflows to eliminate time-consuming, repetitive and tedious tasks.
Vantage Towers (market cap: $14.5 billion)
Vodafone’s Vantage Towers, an industry leader in Europe, listed on the Frankfurt Stock Exchange in March 2021, with shares priced at €24 each. This became the largest stock market debut in Germany since 2018. Vodafone said that proceeds of the IPO would go to settling some of its debt.
With over 82 000 macro sites across 10 countries, the company stated that it seeks to ‘accelerate a sustainably connected Europe’.
Bumble (market cap: $7.7 billion)
Bumble is a dating app that listed on the Nasdaq on 10 February 2021, raising $2.15 million in the process. The company was valued at $7.7 billion at the end of its first trading day, after selling 50 million shares at an opening price of $43 each.
The company’s outlook is positive, considering its recent performance. By the end of the third quarter of 2020, it had more than 42 million active users, and revenues had increased by 14% compared to the previous year.
Deliveroo (estimated market cap: £7.6 billion)
Deliveroo is a food delivery business headquartered in the UK, with operations across the world. It listed on the LSE as Deliveroo Holdings on 31 March 2021, with a valuation of £7.6 billion. Previously, Deliveroo hinted at a 2020 IPO following the collapse of short-lived talks about a merger with Uber.
The price per share was set at £3.90 for the IPO – it now fluctuates as buyers and sellers enter and exit the market. Many reports state that Deliveroo’s focus is on growing the business and reaching new customers. Covid-19 may have potentially given it that boost as more people enjoyed stay-at-home meals.
Dr. Martens (market cap: £3.7 billion)
Dr. Martens listed on 29 January 2021. Ever since, its shares have been available on the LSE under the ticker DOCS. Shares floated at £3.70, hitting a high of nearly £4.55 before closing at £4.50.
The Dr. Martens IPO was a hotly anticipated listing. That’s because the company is an iconic global brand, a fact that’s reflected in annual sales figures of around 11 million pairs of footwear in more than 60 countries. The company posted revenues of £672 million in the year ended 31 March 2020.
Moonpig (market cap: £1.4 billion)
Moonpig an internet-based company that sends greeting cards, flowers and other personalised gifts in three countries – the UK, Australia and the US. The company went public on 2 February 2021 on the back of a tremendous increase in business and profits during the worldwide lockdown period. Its annual profits climbed by around 137%, reaching the £33 million mark.
Shares floated at £3.50 and increased by over 25% to £4.40 in less than an hour after trading began.
Trustpilot (market cap: £1.1 billion)
The reviews website Trustpilot raised £473 million in its March LSE listing, valuing the company at around £1.1 billion. By the end of 2020, the company had hosted 120 million reviews on its website. Most of Trustpilot’s revenue comes from clients subscribing to its online services.
Trustpilot is a leader in the online review space, and takes a proactive approach to combatting fake reviews on its platform. With a higher demand for its online services amid the Covid-19 lockdowns, the company’s 2020 revenue of $101.9 million is 25% more than its revenue for the previous year.
How to get exposure to IPO stocks
Our exclusive grey markets enable you to speculate on a company’s market cap before it lists on a stock exchange.2 You’ll ‘buy’ (go long) if you think the company’s market cap will be higher than the grey market price at the end of the first trading day, or ‘sell’ (go short) if you think it will be lower.
To start trading grey markets, open an IG trading account.
Primary market: buying at the IPO price
If a company has filed for an IPO and you want to invest in the stock, you can subscribe to the IPO ahead of the offering with us through PrimaryBid.3 By subscribing to the IPO, you’ll receive a stock allocation on the primary market, at the same time and for the same price as institutional investors. This means you can take your position without having to wait for the secondary market to open.
You can access the primary market by creating a share dealing account with us – which you can use to log in to PrimaryBid. Note that this is only available for UK IPOs.
Create a share dealing account to get started
Secondary market: buying the stock after the IPO – investing or trading
Once the stock has listed, the secondary market will open, which is where individual investors exchange the stock between themselves.
- It usually takes a few hours for stocks to be available after a US IPO, as is the case with all brokers
- For UK IPOs, stocks should be available to trade from 8am on the day of the listing
- All other IPOs we offer should be available right away from the time the exchange opens on the day of listing
There are two ways for you to take a position on the secondary market following an initial public offering. You can:
- Invest in the company’s shares by share dealing
- Trade on the company’s share price with spread bets or CFDs
Trading vs investing in IPO shares
When trading a company’s shares with us, you can speculate on the underlying market price with spread bets and CFDs. You won’t take ownership of the shares, so you can speculate on both rising and falling prices, and get certain tax benefits.4
You’ll only need a small deposit – known as margin – to get full market exposure. Trading on leverage can magnify your profits, but it can also magnify your losses, making it important to have a suitable risk management strategy in place.
When investing in shares with us, you’ll use a share dealing account to buy and sell the underlying stock. Because you’ll own the shares, you can only make money if the share price goes up – but you would also be entitled to any dividend payments that are made, and you will have shareholder rights. To open a share dealing position, you’ll need to put down the full value of your investment. When investing, you’ll never lose more than this initial outlay.
Get the latest IPO news
Last updated: 20 April 2021
With us, you can trade upcoming IPOs before the listing – if a grey market is available. A grey market enables you to speculate on the company’s share price before the IPO.
If we offer a grey market, the price will be based on our prediction of the company’s market cap at the end of its first trading day. You’d ‘buy’ if you think the market cap will be higher than the grey market price at the end of the first trading day, or ‘sell’ if you think it will be lower.
You can buy and sell IPO shares as soon as the company lists on the stock market. You can either speculate on share price movements by spread betting and CFD trading, or you can buy shares outright by share dealing.
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- IPO trading
- Upcoming IPOs
- What are IPOs and how do they work?
- How to trade IPOs
- Darktrace IPO
- Made.com IPO
- Brewdog IPO
- ByteDance IPO
- Starlink IPO
- Wise IPO
- Oatly IPO
- EG Group IPO
- Cazoo listing
- Deliveroo IPO
- WeWork IPO
- Robinhood IPO
- Ant Group IPO
- Lamborghini IPO
- McLaren listing
- PensionBee IPO
- Vodafone Vantage Towers IPO
- JLR IPO
- Trustpilot IPO
- JDE Peet’s IPO
- O2 IPO
- Asda IPO
- Stripe IPO
- Instacart IPO
- Monzo IPO
- Universal Music IPO
- Rimac IPO
- Oxford Nanopore IPO
- Endeavor IPO
1 At a USD/GBP exchange rate of 1/0.73 (taken on 14 April 2021).
2 We do not offer grey markets on all IPOs.
3 Not all subscriptions will be available with PrimaryBid. Sign up for PrimaryBid and enable push notifications in their app to be alerted to new offerings.
4 Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.