3 Interesting IPOs Worth Checking Out in 2024
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3 Interesting IPOs Worth Checking Out in 2024

Two promising tech stocks and a foreign EV scooter stock.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

After Reddit (NYSE: RDDT) became a public company in March, the event renewed interest in meme stocks. Within the first week of trading, the unprofitable social media company gained a nearly 50% valuation boost to a $10.5 billion market cap. 

As the reality of Reddit’s fundamentals set in, RDDT shares lost 34% value to a market cap of $6.9 billion. Yet, it showed a hunger for new publicly traded companies. The IPO balloons of 2020 and 2021 popped when the Federal Reserve entered the high-interest rate regime.

Consequently, company leaders shied away from Initial Public Offerings (IPOs) because they couldn’t receive preferable valuations.  Nonetheless, these stocks have garnered enough interest and positive sentiment to launch in 2024.

Rubrik, Inc. (NYSE: RBBK)

This cloud data management company cube will go public on April 25th at a $819,950,000 valuation across 23 million shares. Headquartered in Palo Alto, California, Rubrik’s cloud angle is both the prevention of cyber attacks and rapid recovery after they happen.

The company is already established, boasting over 5,500 organizations protected with Rubrik’s detection, analytics, containment, and recovery tools. Given the recurrent and high-profile cyber warfare headlines, the company has spent little resources proving its services’ needs.

Instead, Rubrik has to show its cloud platform is easy to use. Considering the established presence, it seems to have done a good job. Following a transition similar to Adobe’s, Rubrik initially offered a perpetual license, having shifted to a subscription-based Software as a Service (SaaS) business model. 

This made it more attractive to customers who must pay according to backed-up data. In turn, if their businesses grow, so does Rubrik’s revenue. Rubrik’s expected share price range is $28 – $31 per RBBK share.

Ola Electric

Ola Electric has yet to schedule its IPO launch, which is expected by the end of 2024. Focused on electric scooters, S1 Air, S1X Plus, and S1 Pro, the Indian company has garnered positive customer sentiment. In December 2023 alone, Ola reported over 30k scooters sold.

Purporting 68% revenue growth in Q4 ‘23 indicates that Ola’s transition from a ride-hailing platform has been successful. In terms of competition, Ola purportedly captured ~40% of the electric two-wheeler market in India.

Having sought help from Citigroup and Goldman Sachs to speed up the IPO process, Ola Electric would be India’s first EV maker to go public. In December, the company filed to raise $661.9 million as the baseline, under the backing of Japanese SoftBank Group and Singapore’s Temasek. As of last September, Ola Electric was valued at $5.4 billion, hoping for a $7 -8 billion range.

It remains to be seen if the company will list directly on the NYSE or through American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) for international trading.


Previously covered last October, Databricks is one of the most highly anticipated IPOs, valued at $43 billion. The company justified this valuation for the fiscal year ending January 31st by reporting $1.6 billion in revenue, representing 50% year-over-year growth. 

With over 5,000 global employees, Databricks’ core business model is based on subscription services for deploying and maintaining data analytics, cloud storage, security, and AI solutions. In particular, the company partnered strategically with Mistral AI to integrate its Data Intelligence Platform.

In other words, Databricks is an all-in-one platform for data tasks, ranging from visual modeling, governance, and recovery to generative AI. Its diversified platforms can also access Microsoft Azure, Amazon Web Services (AWS), and Google Cloud for a unified user experience.

Following the Big Tech tradition, Databricks has already absorbed several smaller startups: Rubicon, Okera, MosaicML, Einblick, and Arcion. Although Databricks IPO launch is undetermined, investors should keep an eye on early investment exposure to another Meta type tech giant in the making.

At its valuation of $43 billion, Databricks stock would fall into the $73 per share price range.

Are you exposed to foreign companies, or do you prefer US-based investing? Let us know in the comments below.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.