Food IPOs 2024: A Look at the Companies that Have Gone Public This Year

Food IPOs 2024: A Look at the Companies that Have Gone Public This Year

Logos courtesy of BBB Foods Inc., Ibotta, Inc. and Super Hi International Holding Ltd.

Food initial public offerings (IPOs) in 2024 have been surprisingly sparse. The financial market’s volatility and shifting consumer spending habits have contributed to this trend. Investors remain cautious and companies are wary of uncertain economic conditions. Despite these challenges, three notable companies have debuted on the stock market.

Let’s examine the food companies that completed IPOs in 2024 and learn how they have performed since going public. 

1. BBB Foods Inc. 

BBB Foods Inc. is a prominent player in the food industry. Founded in 2004 and headquartered in Mexico City, Mexico, the company operates a chain of grocery retail stores across Mexico through its subsidiaries. BBB Foods offers a variety of products, including household cleaning supplies, personal hygiene items, cosmetics, beauty products, pharmaceuticals and general merchandise. 

Its food and beverage offerings range from jellies and desserts to coffee, tea, chocolates, breads, dry and frozen foods, snacks and sweets. The company provides a mix of branded, private label and spot products, catering primarily to low-to-middle income households through online channels. 

BBB Foods went public on February 9, 2024, with an initial stock price of $17.50 per share. Since then, the company has experienced moderate growth, with stocks fluctuating but generally trending upward. Last year, the company earned just over $44 billion in revenue and its stock price is currently sitting at around $24 per share.

Related: Food IPOs in 2023: Cava Group, BranchOut Food and Others

2. Ibotta, Inc.

Ibotta, Inc., based in Denver, Colorado, has revolutionized the shopping experience. Founded in 2012 by Bryan Leach, Ibotta started as a mobile app offering cash back on everyday purchases. Over time, it expanded its platform to include a wide variety of grocery items, making it a favorite among savvy shoppers.

Ibotta’s business model is unique in the food industry. The app provides users with rebates on products they buy frequently. This approach has garnered a massive user base and strong partnerships with major retailers. The company’s revenue streams come from both user engagement and retailer commissions.

Ibotta went public on April 18, 2024, with an initial stock price of $88 per share. Its IPO was highly anticipated due to the company’s innovative approach to consumer savings and robust user growth. Since then, Ibotta’s stock has dropped to around $75 per share, and the company brought in $320 million in revenue in 2023. 

3. Super Hi International Holding Ltd.

Super Hi International Holding Ltd., known for its chain of hot pot restaurants, is a key player in the Asian dining segment. The company opened its first restaurant in Singapore in 2012 and currently operates over 100 restaurants in 11 countries. Its vision was to bring authentic, high-quality hot pot dining experiences to a broader audience.

Super Hi offers a range of hot pot broths and fresh ingredients, providing a communal dining experience that has become extremely popular. Its restaurants emphasize quality, cleanliness and exceptional customer service. This focus has allowed it to expand rapidly across Asia and into international markets.

The company went public on May 17, 2024, with an initial stock price of $19.56 per share. Super Hi’s IPO was met with enthusiasm, reflecting strong investor interest in the growing popularity of Asian cuisine worldwide. In 2023, the company earned approximately $686.36 million in revenue, and its stock price currently sits at $18.80 per share. 

Food IPOs in 2023

Last year, there were a total of 154 IPOs on the US stock market, four of which were food companies:

  • Chanson International Holding, a Chinese food and beverage manufacturer, went public on March 30, 2023, at a stock price of $4 per share.
  • Cava Group, Inc., which owns and operates a chain of restaurants under the CAVA brand in the US, went public on June 15, 2023, at a stock price of $22 per share.
  • BranchOut Food Inc., an American developer and distributor of plant-based snacks and powders, went public on June 16, 2023, at a stock price of $6 per share. 
  • GEN Restaurant Group, Inc., which operates restaurants across the US, went public on June 28, 2023, at a stock price of $12 per share.

The Landscape of Food IPOs 2024

The landscape of food IPOs in 2024 has been shaped by cautious optimism. While only three companies have ventured into the public market so far, each represents a unique segment of the food industry. BBB Foods operates within the grocery space. Ibotta leverages technology to enhance consumer shopping experiences. And Super Hi brings Asian dining to a global stage.

The limited number of food IPOs in 2024 highlights broader economic uncertainties and market hesitance. However, these companies’ successful entries into the stock market suggest that investors still see significant potential in innovative and niche food businesses. As consumer preferences continue to evolve, more food companies may consider going public, driven by the need for capital to fuel growth and meet increasing demand.

Each of these companies has navigated the complexities of going public, offering insights into the current state of the food industry. Their journeys reflect broader trends, such as the rise of health-focused eating, the integration of technology in shopping and the global appeal of diverse culinary experiences. As we move through the year, the performance of these food IPOs will be a key indicator of investor sentiment and market conditions in the food sector.