Strava Reportedly Files Confidential IPO Application

Deep News01-09

According to a report by The Information citing people familiar with the matter, the fitness tracking application Strava has confidentially filed for an initial public offering (IPO) in recent weeks. The report indicates that the San Francisco-based company could go public as early as this spring. The U.S. IPO market is anticipated to rebound in 2024, buoyed by the Federal Reserve's expected interest rate cuts which are boosting investor confidence and risk appetite, while a backlog of companies that delayed listings during a prolonged government shutdown are rushing to go public early in the year. Earlier this week, Brazilian digital bank PicPay resubmitted its application for a U.S. IPO, after the company had canceled its initial plans in 2021 due to weak market conditions. Reports from last year revealed that Strava was seeking to hire investment banks for its U.S. IPO. The company achieved a valuation of $2.2 billion in a funding round completed in May of last year. Founded in 2009, the fitness platform combines workout tracking with social networking, allowing users to monitor performance across various activities, set goals, share progress, and maintain motivation. Its popularity surged significantly during the COVID-19 pandemic. The report also stated that Strava's IPO would offer a potential exit opportunity for some long-term investors, including Sequoia Capital and TCV.

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