IPOs experienced quite the pop in 2021.

There were 2,388 deals last year—a 64% increase from 2020—raising more than $453 billion in assets, according to EY’s annual global IPO report. There were a whopping 416 listings in the U.S. alone.

And then things went south: Half of newly public companies began trading below their debut price tag. The Nasdaq is down 12.49% since the beginning of this year. Interest rates are ticking back up, and the Fed is making plans to lift its federal funds rate several times this year, which will ultimately make borrowing money more expensive for startups. The SEC has laid out some major concerns it has with SPACs, in particular.

All of these market signals could put a crimp on a company’s plans to go public.

“We're expecting a slowdown—certainly if interest rates continue to tick up,” says Greg Martin, founder of Rainmaker Securities, a private securities transactions brokerage. “These companies are so sensitive to interest rates, because they're being valued on five, six, seven years of cash flow.”

Of course, companies will still go public—and if you read this newsletter regularly, you know they’re already filing doing so. We may even see more direct listings this year, as more companies take issue with the pricing process and vie to let the markets decide for themselves. All that being said, companies that opt to list this year may need to prepare for a “valuation haircut,” as Martin calls it. He added that investors may put more of a premium on financial metrics as well.

I spoke with Martin and Glen Anderson, co-founder of Rainmaker Securities, about the IPOs they and investors are most anticipating that could happen this year. Here are five companies they say to watch:

Reddit: This is the elephant in the room, and one people have had an eye on for, well, years. The social media platform filed (confidentially) to go public in mid-December, and is expected to go public in the first quarter. It’s raised more than $1.3 billion in funding at a $10 billion valuation, and has been on a hiring spree, announcing just yesterday a handful of new senior leaders. “And, of course, they could be a meme stock on their own platform,” Martin says.

Stripe: Last March, the San Francisco-based payments processing platform became the second-highest valued company in the world. It’s now valued at a whopping $152 billion (Of course, valuations aren’t everything: It has raised $2.2 billion, which is only about double that of Reddit’s funding, and less than some of the lower-valued peers on this list). This is testament to how long a company can stay private without feeling the need to look to the public for funding. It’s done well through the pandemic, signing on a couple hundred thousand companies to use its services.

ByteDance: Speaking of most valuable companies: ByteDance, which owns TikTok and is valued somewhere in the range of $360 billion (It has raised around $14.5 billion, per PitchBook). ByteDance shelved plans to go public last year amid China’s regulatory crackdown on the tech sector, and its CEO announced his resignation last year. “Obviously BD’s IPO was very unsuccessful, and people saw what could happen if the Chinese government decides to put a crimp in your business,” Martin says. Will 2022 deliver a second attempt?

Klarna: All eyes are on the Stockholm-based buy now, pay later giant, which has raised $3.9 billion at a valuation of $45.6 billion. It’s been growing its business in the U.S., planning to launch a credit card there soon, and recently added a browser extension to several of its markets. The company's CEO said last year that market volatility might be an issue for an IPO, and the Consumer Financial Protection Bureau’s inquiry into the BNPL sector may be something to look out for.

Revolut: Based in London, the foreign exchange and banking company is one of Europe’s most well-funded startups, and it’s been scaling its business in the U.S., not without some challenges. It has raised nearly $1.9 billion and is valued at an estimated $33 billion.

Just for fun, here are a few more companies I am watching that are en route to the public markets:

StubHub: It might not be a great time for the events industry, but it hasn’t stopped StubHub Holdings, the parent company of StubHub, a San Francisco-based ticketing platform, from looking into its options. The company has already filed confidential paperwork with the SEC and it’s considering a direct listing, people familiar with the matter told Bloomberg. Viagogo completed its acquisition of StubHub at the end of last year, and the combined entity is valued at an estimated $4 billion, per Pitchbook.

Sotheby’s: Earlier January, the New York-based auction house reportedly selected investment bankers for an IPO that could happen this year, per Bloomberg. Sotheby’s reported a record year of sales in 2021, and has garnered a name for itself for its activity in the digital assets world. The company is valued at around $3.7 billion, per Pitchbook, and it’s owned by billionaire Patrick Drahi, who took the company private in 2019.

Oyo Hotels: Indian budget hotel booking company Oyo Hotels, and one of the highest-valued startups in the country at $9.6 billion (it’s raised around $3 billion), started out the IPO process to list on the Bombay Stock Exchange. The company has been adjusting its business model, now offering revenue-sharing arrangements with its hotel partners.

PAG: On the heels of private equity firm TPG’s public listing in the U.S., Hong Kong-based PAG is planning to go public in the region. The firm has around $45 billion in AUM, and it could raise around $2 billion in an IPO, per Bloomberg.

Turo: A car rental marketplace based in San Francisco, filed to go public earlier January (It has raised a total $496 million at an approximate $1.2 billion valuation). The company has experienced some major setbacks during the pandemic, particularly in Germany.

Whether companies opt to go public, or shelf plans for a while, there’s no shortage of funding in the private markets right now.

Go, Europe, go! We’ve never seen venture capital activity in Europe like we did in 2021. This region is exploding. What’s interesting is that more than $88.4 billion of funding involved non-traditional sources (think investment banks, hedge funds, pension funds, sovereign wealth funds, and corporate venture capital arms), according to Pitchbook. Watch this space.