The trend: An expected slowdown in discretionary spending isn’t stopping several consumer-facing companies from moving forward with US IPO plans.

• Jersey Mike’s Subs has confidentially filed for an IPO with the SEC, targeting a valuation of at least $12 billion and proceeds of more than $1 billion, per Bloomberg.
• Wellness shot and cold-pressed juice maker Suja Life filed for an IPO last week.
• Roark Capital has selected banks for a potential IPO of Inspire Brands—the parent of Dunkin’, Arby’s, and Jimmy John’s—as has Mavis Tire Express Services Corp.—parent to brands such as Midas and Tuffy, per Bloomberg reports.

Earlier this year, Bob’s Discount Furniture and organic children’s snack brand Once Upon a Farm went public.

Why is this happening? The IPO market for consumer-facing brands has been largely frozen since 2021, when the category raised $17.4 billion, per Bloomberg. But these recent deals suggest private equity and venture-backed firms are starting to test investor appetite again, even as the macro backdrop remains challenging.

Implications for retailers and brands: A weak discretionary backdrop is raising the bar for companies looking to go public, putting more emphasis on clear positioning and resilient demand. But brands that know exactly who they are and who they serve are better equipped to push through macro headwinds and keep growing.

That helps explain why value-focused Bob’s Discount Furniture—which encourages shoppers to compare on price, quality, and features—was able to go public in a tough environment for home-related retailers, and why wellness-oriented Suja Life is moving ahead as well. In both cases, a clear value proposition and defined customer base help offset broader demand softness.

More broadly, the pickup in IPO activity shows investors are starting to selectively re-engage. Companies without a clear edge on value, differentiation, or growth may still struggle to attract capital, even as the window begins to reopen.

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