The IPOX® Update 5/2/2025

U.S.

HistoSonics Explores $2.5B+ Sale Over IPO Amid Market Volatility

Medical device company HistoSonics, backed by Johnson & Johnson, is reportedly exploring a sale at a potential valuation exceeding $2.5 billion, prioritizing this option over a previously considered IPO due to market volatility. The company, which developed sonic beam therapy for liver tumors, is being advised by Citigroup, with Medtronic, GE HealthCare, and J&J cited as potential evaluators. Final bids are expected soon. (Source)

Europe

Shein Weighs U.S. Restructuring as Tariff Risks Cloud London IPO Plans

Fast-fashion giant Shein is reportedly considering restructuring its U.S. operations in response to potential U.S. tariffs on Chinese imports, which pose a threat to its planned London IPO. With the U.S. generating about a third of its revenue and a key tax exemption set to end, options like shifting production for the U.S. market out of China are being explored. This development adds complexity to the London listing, despite Shein having secured preliminary approval from the UK's Financial Conduct Authority (FCA). (Source)

Asia-Pacific

CATL Set to Launch $5 Billion+ Hong Kong Listing Week of May 12

Chinese battery giant Contemporary Amperex Technology Co. Limited (CATL) plans to launch its Hong Kong listing, potentially raising at least US$5 billion, during the week of May 12, according to sources. Bookbuilding is expected to commence then, market conditions permitting. This offering is poised to be Hong Kong's largest share sale since 2021, despite facing some US political pressure. Proceeds will partly fund a major battery plant in Hungary. (Source)

Vietnam's Masan Consumer Delays $1B IPO, Now Targets Q4 Listing

Vietnamese conglomerate Masan Group's consumer arm, Masan Consumer, has reportedly delayed its planned US$1 billion IPO on the Ho Chi Minh Stock Exchange. The company is now aiming for a listing in the fourth quarter of 2025, contingent on capital market conditions potentially impacted by the ongoing trade war. Plans for an international listing of its Crown X unit have apparently been dropped, while the company intends to lift its foreign ownership limit. (Source)

Xiaomi-Backed Roborock Considers $500M Hong Kong Listing

Robot vacuum maker Beijing Roborock Technology, backed by Xiaomi and already listed in Shanghai, is reportedly considering a second listing in Hong Kong this year. The potential share sale could raise as much as US$500 million. Sources indicate considerations are preliminary, and banks have not yet been mandated. The move comes as Hong Kong anticipates more secondary listings from mainland Chinese companies seeking alternative funding venues. (Source)

Malaysia's Eco-Shop Marketing Launches IPO up to $241 Million

Malaysian budget retail chain Eco-Shop Marketing has launched its IPO on the Malaysian stock exchange, aiming to raise up to $241 million (1.04 billion ringgit). The offering includes new and existing shares, with cornerstone investors like AHAM Asset Management and Eastspring Investments secured. Proceeds from the new shares (priced at 1.21 ringgit each) will fund store expansion, distribution center development, and debt repayment. Listing is scheduled for May 23rd. (Source)

Midea Group Proposes Hong Kong IPO for Annto Supply Chain Unit

Chinese appliance giant Midea Group announced a proposal to spin off its logistics unit, Annto Supply Chain Technology, via an IPO on the Main Board of the Hong Kong Stock Exchange. The proposed share issuance would not exceed 20% of Annto's enlarged share capital. Midea intends to remain the controlling shareholder post-spin-off, which aims to streamline management and broaden Annto's funding avenues. This follows earlier plans to list Annto on the Shenzhen exchange. (Source)

Major Korean IPOs Pulled Amid Market Uncertainty (DN Solutions, Lotte Global Logistics)

The South Korean IPO market faced setbacks as two significant listings were withdrawn. DN Solutions scrapped its IPO, potentially the largest in over three years, citing investors' unwillingness to meet its valuation amid challenging market conditions and muted international interest. Similarly, Lotte Global Logistics pulled its planned US$143 million IPO due to financial market uncertainty. These withdrawals highlight the impact of market volatility and tariff concerns on investor sentiment in the region. (Source 1) (Source 2)

MENA

Travis Kalanick's CloudKitchens Explores IPO of Middle East Unit

Ghost kitchen startup CloudKitchens, run by former Uber CEO Travis Kalanick and backed by Saudi Arabia's PIF, is reportedly exploring an IPO for its Middle East operations. The company has hired Goldman Sachs and is considering a listing in the UAE or Saudi Arabia, potentially a dual listing. CloudKitchens operates facilities under the KitchenPark brand in the UAE, Saudi Arabia, and Kuwait. No final decisions on timing or size have been made. (Source)

PIF-Backed iMENA Group Plans Saudi IPO After $135M Funding Round

Middle East technology firm iMENA Group is planning an IPO on the Saudi stock exchange following a $135 million pre-IPO capital raise. Sanabil Investments, owned by Saudi Arabia's Public Investment Fund (PIF), participated in the funding round. The capital will be used to increase stakes in digital marketplaces like OpenSooq and SellAnyCar. iMENA has restructured into a Saudi Closed Joint Stock Company named iMENA Holding ahead of the planned listing. (Source)

Etihad Airways Prepared for IPO; Timing Depends on Shareholder ADQ

Etihad Airways is ready for an IPO whenever its shareholder, Abu Dhabi sovereign wealth fund ADQ, decides to proceed, according to CEO Antonoaldo Neves. Despite record profits and potential to raise up to $1 billion, the airline stated it doesn't urgently need cash, implying no immediate rush. Commenting on the potential listing, IPOX® Research Analyst Lukas Muehlbauer noted positive factors like the airline's turnaround story and favorable sentiment towards emerging market airline IPOs. An IPO would make Etihad the first major publicly-traded Gulf hub carrier. (Source)

Emirates IPO Hinges on Government Mandate; Airline Holds Strong Reserves

An IPO for Dubai-based airline Emirates will depend on a mandate from its government owner, according to Chairman Sheikh Ahmed bin Saeed Al Maktoum. He stated the airline is "very satisfied" with its current cash reserves, which will be detailed in upcoming financial results following another record year. While acknowledging minor cargo disruptions from US tariffs, the airline expects a strong 2025, indicating no financial pressure for an imminent listing. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.