The 3 successful listings of ARM, Klaviyo and Instacart bode well for the ASX IPO market

Nick Sundich Nick Sundich, September 21, 2023

After a rough couple of years, the listings of ARM, Klaviyo and Instacart, their individual successes and the fact there have been 3 in a week bodes well for the IPO market (both on Wall Street and the ASX).


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ARM kicked things off

We told you about ARM (NASDAQ: ARM) last week.  It was a massive IPO, the biggest so far in 2023. We argued it could be considered a bellwether for the IPO market during the rest of the year and into 2024 as well as one for chip stocks generally.

Granted, it has declined from its stellar debut as investors pondered the Federal Reserve’s meeting this week and how interest rates could impact the company, but it is still a major success in what has been a very difficult IPO market in 2023 so far.


Klaviyo and Instacart have done well

Next to list was Instacart (NASDAQ: CART), a grocery delivery business.

And Klaviyo (NYSE: KVYO) rounded out the trio, surging 32% in its trading debut overnight. This company is like Whispir (ASX:WSP) – but with a far better UX experience and with Shopify as an investor (a match made in heaven because most of its clients are users of Shopify).

These IPOs were well backed by institutional investors and retail investors as they hit the bourse.


The ASX IPO market could reinvigorate

The IPO market has been in a bear market for nearly two years now. Before that, it was a good 18-month bull market while it lasted, but rising interest rates and inflation exposed many of these companies as duds.

Since early 2022 it has been mostly resources stocks listing, with mixed results. The handful of consumer stocks have failed to generate much excitement.

In our view, it may take just one or two tech stocks to soar on debut to reinvigorate the market and this trio of listings could inspire companies to list!


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