Next Big Thing: 3 Potential IPOs With More Promise Than Reddit


  • Here are three potential IPOs to watch in 2024 that are better than Reddit.
  • Panera Brands: It was previously public for a quarter of a century. 
  • Skims: The Kardashian Midas touch can’t lose. 
  • Fanatics: If you like sports, you’ll be following it closely. 
Potential IPOs to Watch - Next Big Thing: 3 Potential IPOs With More Promise Than Reddit

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Most investors know by now that Reddit plans to go public in March. That puts it at the top of potential IPOs to watch in the coming weeks. But that’s not among the best potential IPOs to watch.

I’m of two minds regarding the social media platform going public. On the one hand, I hate to give legitimacy to a forum that sometimes seems dedicated to providing toxic people with the bandwidth to express their opinions. On the other hand, investing lends itself to discussions about the pros and cons of individual investments. 

It always has, and it always will. Only sports bring out more passionate discussions and disagreements. 

It will be interesting to see whether Reddit users put their money where their mouths are and buy IPO shares. However, in the end, the merits of an IPO come down to quality finances, a good business model, and potential growth. 

On Feb. 5, Bloomberg reported that Reddit revenues increased by 20% in 2023 to more than $800 million. Unfortunately, it lost money, generating an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $69 million. 

Big IPOs haven’t done great in recent weeks. Amer Sports (NYSE:AS) is up 15% from its $13 IPO price, while Birkenstock (NYSE:BIRK) issued shares at $46 in October and has been flat since.

Who are the potential IPOs that would likely come out of the gate fast? Here are my three ideas.  

Panera Brands

Several people are seated at a street cafe in Omodos, Cyprus.
Source: kirill_makarov /

The Financial Times reported on Nov. 30 that Panera Brands filed its confidential IPO paperwork. The St Louis-based company operates over 2,000 bakery-cafes in the U.S. and Canada, with over $5 billion in systemwide sales. 

Panera was co-founded 35 years ago by Ron Shaich, who merged his cookie store with a bakery to create Au Bon Pain. It went public in 1991. In 1993, his company acquired the Saint Louis Bread Company, a 19-unit chain. The 19 stores were renamed Panera Bread a couple of years later. In 1998, Au Bon Pain was sold, and Panera became the sole growth engine. 

It remained a public company until 2017, when it was acquired by JAB Holding, a private investment firm, for $7.5 billion. In addition to Panera Bread, Panera Brands includes Caribou Coffee and Einstein Bros. Bagels. Panera Brands generated $4.8 billion in sales in 2022, with a good chunk of it from digital sales. This makes it one of those potential IPOs to watch.

Panera Brands is one of many brands owned by JAB Holding Company, a German investment partnership that manages more than $50 billion in assets for its investors. 

If it were going publicly, I’d recommend its stock as well. 


Busiiness Concept IPO Stack of wooden blocks with letters, Initial Public Offering IPO concept
Source: AnotherPerfectDay /

I only know about Skims because of the Kardashian reality TV series. Kim Kardashian and Jens Grede co-founded the shapewear line in 2019. Jens is the CEO, while his wife, Emma, is the chief product officer. She’s responsible for creating the clothes they sell.  

In October 2023, Skims became the official underwear partner of the NBA, WNBA, and USA Basketball. 

“I am incredibly proud of SKIMS partnership with the NBA, as it is a reflection of SKIMS growing influence on culture,” said Kim Kardashian, Co-Founder & Creative Director, SKIMS. “Together, SKIMS and the NBA will connect people of all backgrounds through fashion, sport, and talent, and I look forward to seeing the partnership thrive.”

The estimated valuation of Skims is $4 billion. 

As a result of Kardashian’s success with Skims, the entrepreneur launched SKKY Partners in October 2022 with Jay Sammons, a veteran of the private equity world. He spent 16 years at Carlyle Group (NASDAQ:CG). 

Together, they hope to raise $1 billion for its first fund. In November, SKKY announced its first investment. It is buying a minority stake in TRUFF—a luxury condiments brand. The deal closes by the end of March. 

The Kardashians don’t leave much to chance when it comes to business. Skims will do well in the markets when and if it goes public. 


upcoming IPOs
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I have followed Fanatics founder Michael Rubin’s entrepreneurial career since he founded G.S.I. Commerce in 1998. The company helped companies manage online purchases, payments, fulfillment, and returns. He sold G.S.I. in 2011 to eBay (NASDAQ:EBAY) for $2.4 billion.    

Rubin netted $180 million from the sale. He used the cash to buy some of G.S.I.’s non-core businesses. One of them was Fanatics, which specialized in sports e-commerce. Rubin’s marketing strategy includes big parties. 

“Splashy events are part of the strategy. Fanatics is known for two Super Bowl parties (one, a lunch on Friday of Super Bowl weekend for 100 people; the other a Saturday night bash for 1,000, with performers including Cardi B and Post Malone),” The New York Times reported in 2021. 

In December 2022, Fanatics raised $700 million, valuing the company at $31 billion. Projections put its 2023 revenue around $8 billion. I don’t think there’s any question that it will be bigger than the two high-profile names I’ve already mentioned when it goes public. 

Investors in Fanatics, besides Rubin, include many of the major sports leagues and several large investment firms such as BlackRock (NYSE:BLK) and Fidelity. 

I don’t think there’s any question this IPO will be substantially oversubscribed when the day comes. 

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.

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