Here's a Look at 11 Upcoming IPOs in 2017

Sure, you've all heard of Uber and Lyft and Airbnb, and, sure, we expect them to go public at some point.

But timing is unclear for some of these well-known tech unicorns, and with the companies still carrying insane valuations in the private sector, it could be a while before they make it to market.

That said, there are a ton of companies that actually will go public this year, and you need to know about them.

Companies to begin trading last week include Yext (YEXT - Get Report) , Cadence Bancorp  (CADE - Get Report) , Netshoes (NETS) , Azul (AZUL - Get Report) , Okta (OKTA - Get Report) and Warrior Met Coal (HCC - Get Report) , adding to the list of about 22 new listings (about $10.9 billion in funds raised) in the first quarter, according to a recent study from Ipreo, a research firm focused on private companies.

"The IPO market continued to plod along [in] Q1," Ipreo said in a March 31 report, noting a decline from 25 IPOs in the fourth quarter. Still, "Q1's figures mark a substantial increase over the comparable period last year, which saw just six issuers make public debuts for $582.0M."

The new issuers raised $10.9 billion in the first quarter.

Many, including enterprise software company Mulesoft (MULE) , which debuted on March 17, Bain Capital-backed Canada Goose  (GOOS - Get Report) (March 16) and information technology solutions provider Presidio (PSDO - Get Report) (March 10), have been raving successes.

Ipreo doesn't see the market slowing down anytime soon, and as long as equities continue to trade around all-time highs, there is a good probability the IPO pipeline will continue to be robust.

With that said, TheStreet, and its sister publication The Deal, have compiled a list of some of the most anticipated IPOs of 2017, including everything from hot music startups to coal miners to airlines.

The list includes companies that have officially filed paperwork to start a U.S. listing as well as others that have not officially filed with the Securities and Exchange Commission but deserve some attention.

Here are the highlights: 


Data management platform provider Cloudera filed for an IPO on March 31 with the intention of listing on the New York Stock Exchange under the symbol CLDR, according to its S-1 filing.

CB Insights estimated the Palo Alto, Calif., company has a $4.1 billion valuation, and it has raised money from investors including Intel  (INTC - Get Report) , T. Rowe Price (TROW - Get Report) and a handful of venture firms. Intel owns about 22% of the shares.

Cloudera was founded in 2008 by alumni from Oracle (ORCL - Get Report) , Yahoo! (YHOO) , Facebook (FB - Get Report) and Alphabet (GOOGL - Get Report)   and had revenue of $200 million for the year ended Jan. 31. In fiscal 2016 it posted $119 million in revenue.

For fiscal 2017 the company posted a net loss of $185 million, down from a net loss of $202 million a year earlier.

Morgan Stanley, JPMorgan and Allen & Co. are lead underwriters.


Online automall Carvana will look to buck the retail trend and list successfully in the U.S. this year.

The self-described "Amazon (AMZN - Get Report) of cars," filed paperwork to go public on March 31, revealing that it had a net loss of $93.1 million in 2016 on $365.1 million in revenue. It had just $130.4 million in sales in 2015.

The Phoenix startup did not provide a price range or list how many shares it plans to offer. Carvana will trade under the ticker symbol CVNA on the New York Stock Exchange.

Founded in 2012, Carvana raised $300 million in funding in three rounds from unnamed investors, according to Crunchbase.

Wells Fargo, Bank of America Merrill Lynch, Citigroup and Deutsche Bank are lead underwriters.

Altice USA (Cablevision)
Altice USA (Cablevision)

Patrick Drahi's cable conglomerate Altice fired the starting gun on a planned initial public offering of its U.S. operations on Tuesday, filing preliminary documents with the SEC.

A listing for Altice USA would arm the business with stock that could be used for further acquisitions, enabling the group to continue to pursue M&A deals in the U.S.'s fast-consolidating cable sector. Altice USA's ability to use debt to fund future deals is limited by its existing loans, which totaled $20.5 billion at the end of 2016, leaving it with a net leverage of just over 6 times adjusted earnings before interest, taxes, depreciation and amortization, above its target 5 times to 5.5 times.

Altice's Amsterdam-listed shares climbed 1.37% to €21.46 ($22.77) on Tuesday, taking their gains since Friday to over 5%, when rumors of an imminent filing first started to circulate.

Altice USA joins WideOpenWest, the nation's sixth-largest cable company, on the runway to an IPO. The Englewood, Colo., company plans to list under WOW. It listed a $100 million placeholder in its S-1, filed March 23.

JPMorgan, Morgan Stanley, Citigroup  and Goldman Sachs are joint bookrunners for the proposed offering.


Cable operator WideOpenWest was the sixth-largest cable operator in the U.S. ranked by number of customers as of Dec. 31, and it plans to list shares this year.

WideOpenWest of Denver provides internet, cable and phone service in Illinois, Michigan, Indiana, Ohio, Kansas, Maryland and parts of the Southeast. It plans to list under the ticker WOW though it has not chosen an exchange.

In August the company expanded its operations in the Southeast with the purchase of NuLink from Halyard Capital for undisclosed terms. In 2012 it also added to its operations with the acquisition of Knology for $1.2 billion in 2012.

Crestview Partners recently invested $160 million in the company, and Avista Capital contributed an additional $5 million in equity to fund capital spending programs. Avista and Crestview reportedly hold respective stakes of 60% and 35%. 

The company recently announced a $20 million investment in Tampa and other Florida markets where it competes with Verizon (VZ - Get Report) , Charter (CHTR - Get Report) and Charter's Bright House Networks. Charter and Bright House merged last May.

The company generated $1.2 billion in sales in 2016, according to its S-1 filing. Avista bought the company from Abry Partners and Oak Hill Capital Partners for $800 million in 2006. It has about $2.7 billion in debt.

"We have delivered growth in our financial results since our inception," the company said in its S-1, though it mentioned the business carries significant risk including cord-cutting, pressures from larger competitors and increased programming costs, among other things.

UBS and Credit Suisse are underwriting the offering.

Vine Energy
Vine Energy

Plano, Texas, natural gas producer Vine Resources on Monday filed initial IPO paperwork with the SEC with a $500 million placeholder, and it may be a sign of things to come in east Texas.

The Blackstone Group (BX - Get Report) portfolio company, which is focused on the Haynesville Shale, a natural gas play in eastern Texas and northwestern Louisiana, recorded a net loss of $161 million on $103 million in revenue in 2016, according to its S-1 filing.

The company intends to list on the NYSE with the ticker symbol VRI. Credit Suisse Group and Morgan Stanley are the lead underwriters.

Covey Park Energy/Indigo Minerals
Covey Park Energy/Indigo Minerals

A long-expected IPO of Denham Capital's Covey Park Energy has yet to surface, though some industry sources recently suggested the company is doing well on its own and doesn't need to rush to raise funds. One of these people said the company may have recently received takeover interest, citing BP (BP - Get Report) as a potential buyer, though this person is uncertain whether Covey Park intends to sell. BP did not respond to request for comment, while Covey Park declined to comment.

Another IPO that sources anticipated arriving in the coming months is Indigo Minerals, which received $300 million in new backing from Trilantic Capital Management in April 2016 along with another $75 million in commitments from existing investors Martin Cos., Yorktown Partners and Ridgemont Equity Partners.

Houston-based Indigo Minerals also has been named by sources as the buyer in Chesapeake Energy's (CHK - Get Report) $450 million Haynesville asset sale announced this past December. Covey Park then went on to acquire Chesapeake's remaining noncore Haynesville properties later that month for $465 million. Indigo did not return a request for comment from The Deal.

Rumblings also have surfaced that privately held Aethon Energy Management could be a potential IPO candidate with a Haynesville focus, though sources are not aware of any imminent plans.

Tapstone Energy
Tapstone Energy

Tapstone Energy on Thursday filed paperwork with the Securities and Exchange Commission for an initial public offering after the Oklahoma City company failed to garner takeover interest for its Northwest Stack assets last summer.

Tapstone Energy Inc., a holding company formed to own 100% of Tapstone Energy, listed a $100 million placeholder value for the IPO. The GSO Capital Partners-backed company looks to list on the New York Stock Exchange under the ticker symbol TE.

The Deal reported in December that Tapstone's 185,000 net acres on the northwest fringes of Oklahoma's Sooner Trend Anadarko Basin Canadian and Kingfisher counties, or Stack, oil and natural gas play did not attract significant interest in a soft process run by Jefferies in June.

Tapstone first filed confidential paperwork for the offering on Dec. 22, SEC filings show.

Bank of America Merrill Lynch and Citigroup are lead bookrunning managers on the offering, according to Tapstone's filing.

Frontier Airlines
Frontier Airlines

Denver low-cost carrier Frontier Airlines looks to list its shares under ticker symbol FRNT, according to an initial prospectus.

Investment firm Indigo Partners would sell an unspecified amount of shares in the offering, whose terms have yet to be determined. It holds a 99.3% stake in Frontier after paying $145 million for the airline in December 2013. Republic Airways had acquired Frontier out of Chapter 11 in October 2009 for $108.8 million. Republic later filed its own Chapter 11 petition in February 2016 following a pilot shortage.

If a Frontier IPO does take flight, it would join other low-cost airlines that went public while Indigo Partners was an investor, including Spirit (SAVE - Get Report) , Tigerair, Volaris and Wizz Air.

Frontier posted net income of $200 million on $1.71 billion in operating revenue in 2016, up from $146 million in net income on $1.6 billion in revenue a year earlier, according to its S-1 filing with the Securities and Exchange Commission.

Citigroup, Deutsche Bank, Evercore and JPMorgan lead a team of 11 underwriters on the offering.

Emerald Expositions (Formerly Nielsen Expositions)
Emerald Expositions (Formerly Nielsen Expositions)
ICFF Miami | High-End Luxury Furniture Fair

Skip the conference, hit the happy hour. If that's your motto, this might not be your investment.

Business-to-business trade show operator Emerald Expositions Events filed for an initial public offering on March 31.

The company is one of the few on this list that is actually profitable, generating $22 million in earnings on $323.7 million in revenue in 2016. 

Emerald operates more than 50 trade shows and other events.

Private equity firm Onex Partners bought Nielsen Expositions, which was renamed Emerald Expositions, in June 2013 for $950 million.

Since then, Emerald expanded its portfolio, scooping up George Little Management for $335 million in December 2013. George Little included Surf Expo and the National Stationery Show, as well as other shows.

The company, whose stock is expected to trade on the New York Stock Exchange under ticker symbol EEX, said in its S-1 that proceeds of the offering could be used for further acquisitions.

Bank of America Merrill Lynch, Barclays and Goldman Sachs are lead underwriters.


Rather than selling shares in the world's largest music service in a traditional initial public offering, Spotify may sell stock in the company through a process known as a direct listing, according to a source close to matter. But there is risk in that strategy.

Rather than hiring bankers to serve as underwriters for a typical initial public offering, a direct listing would allow the London company's original investors as well as founders such as CEO Daniel Ek and some stockholding employees to directly sell their stakes to the public.

A direct listing would cede the discovery of that opening price to market forces rather than allowing bankers and institutional investors to set an opening price. The story that Spotify is considering a direct listing was first reported by Mergermarket; Spotify declined to comment on the story.


Airbnb is one of those "when" scenarios not an "if" as to when it will go public, and unlike some of its fellow unicorn brethren, the company had managed to stay out of the doghouse with investors.

Though the peer-to-peer home-sharing platform on March 12 closed a $1 billion round of funding that valued the company at $31 billion, it seems the most likely of the U.S.-based unicorns to hit the markets.

The San Francisco company also turned profitable in the second half of 2016, securing enough funds and further delaying plans to launch an IPO, according to a filing with the Securities and Exchange Commission.

With 3 million bookable homes across 191 countries, the eight-year-old Silicon Valley startup is stepping up its effort to expand beyond its core business of short-term home rental. The company has made several strides towards that goal in 2017, acquiring companies including high-end home-rental provider Luxury Retreats for around $200 million and social payments startup Tilt. To transform itself into a full-service travel company, Airbnb notably added a Trips service that allows users to book tours and activities designed and led by local cultural experts.

The company is backed by bigwig venture firms including Andreessen Horowitz and Sequoia Capital, among others. The two firms have invested in some major tech successes, including Facebook (FB - Get Report) , Nvidia (NVDA - Get Report)  and Twitter (TWTR - Get Report) , among others.

China Investment, the country's sovereign wealth fund, is buying a stake in Airbnb, according to a Sky News report on March 10.

It is unclear when the company will go public, but if it does, it will certainly be a closely watched event.

Editors' pick: Originally published April 14.


*This list does not include the litany of biotech companies that have filed for IPOs, nor is it intended to be a comprehensive list of potential offerings in 2017.