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IPOs that could happen soon, cannot happen soon enough

Alex Wilhelm

Earlier today we took a look at two companies that have filed to go public, nCino and GoHealth. The pair join Lemonade in a march toward the public markets.

But those three firms are hardly alone. We know that DoorDash filed privately earlier this year (it also raised a pile of cash lately, so its IPO may not be in a hurry), and Postmates filed privately last year.

Even more, there are a number of companies whose IPOs we anticipate in short order. So, what follows is our incredibly scientific survey of impending IPOs, starting with those closest to the gate. This list is focused on companies that were at one point venture-backed startups, even if they have become behemoths in the intervening years.

We'll start with companies that have filed and are moving toward debuts in the next few weeks:

  • nCino: This SaaS company is growing nicely, and has pretty good overall economics. We covered its financial history here. Its debut will be a win for North Carolina.
  • GoHealth: A Chicago success story that was swallowed by private equity last year, GoHealth is now an incredibly complicated company and offering that features lots of long-term indebtedness. But, its exit should provide reasonable returns to its current owner's backers, who held onto the firm for less than a year before trying to flip it.
  • Lemonade: Lemonade's IPO is an important moment for a number of modern insurance companies like Root, MetroMile, Kin and others. Not that they all sell the same type of insurance, mind, they don't. Lemonade does rental and home insurance, while Root and MetroMile are focused on autos, for example. But if Lemonade manages a strong offering, it could provide tailwind to its fellow neo-insurance providers all the same.
  • Agora: We're catching up on the Agora debut. The China-based company's IPO filing details a company that provides other companies and developers the ability to "embed real-time video and voice functionalities into their applications without the need to develop the technology or build the underlying infrastructure themselves" via APIs. This sounds a bit like what Daily.co is building, if you recall that round. Agora is a company that has good operating income and net income before "accretion on convertible redeemable preferred shares to redemption value." With that in hand, the company's earnings are sharply negative. Read that how you want. Agora wants to raise between $280 million and $315 million. (Update: Agora reached out to TechCrunch, noting that it also has an HQ in the United States. We called it China-based above given that the first listed address in its F-1 filing is in China, and that it filed an F-1 filing as opposed to an S-1. The company's other HQ is in Santa Clara, California.)

Unpacking the nCino and GoHealth IPO filings


And, next, companies that have filed privately but are still hanging back:

And here are companies that are making the sort of noise that one might make before finally going public:

All of the above is a jam, and I am stoked to dig through the S-1 trenches with you.