The IPOX® Update 5/30/2025

U.S.

Netskope Enlists Morgan Stanley for IPO Aiming for Over $500 Million at $5 Billion Valuation

Netskope, a Santa Clara-based cybersecurity company specializing in cloud-based protection, has reportedly engaged Morgan Stanley as the lead underwriter for its Initial Public Offering. The company aims to raise over $500 million, targeting a valuation of approximately $5 billion, with the IPO anticipated in the third quarter of 2025. Founded in 2012, Netskope's planned IPO is seen as a move to bolster brand perception, enhance visibility for growth initiatives, and fund product development and customer acquisition in the expanding cloud security market. The company, whose clients include Ross Stores and Yamaha, had a previous valuation of $7.5 billion in 2021 and is backed by investors like Morgan Stanley Tactical Value and Goldman Sachs Asset Management. (Source)

Omada Health Targets Up to $158 Million in Nasdaq IPO with $1.1 Billion Valuation

Omada Health (Ticker: OMDA US), a San Francisco-based virtual chronic care company, is planning to raise up to $158 million in its upcoming Nasdaq IPO, targeting a market capitalization of about $1.1 billion. The company intends to offer 7.9 million shares at an expected price range of $18 to $20 per share, with the IPO slated for the week of June 2nd, potentially on June 6, 2025. Omada Health, which provides programs for conditions like prediabetes, diabetes, and hypertension, saw its Q1 2025 revenue grow 57% to $55 million and its 2024 revenue increase 38% to $169.8 million, while narrowing net losses. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are leading the offering, with proceeds intended for general corporate purposes, including potential debt repayment. (Source 1) (Source 2)

Slide Insurance Holdings Files for Nasdaq IPO

Slide Insurance Holdings (Ticker: SLDE), a Florida-based homeowners insurance carrier, has filed for an Initial Public Offering on the Nasdaq Global Select Market. The S-1 filing did not specify the number of shares to be offered or the target amount to be raised. Launched in 2021, Slide operates as a technology-enabled coastal specialty insurer, with Florida accounting for 99.5% of its policies at the end of last year. The company has seen significant growth, with shareholders' equity increasing from $102 million in 2021 to $433 million in 2024, and in-force premiums reaching $1.33 billion by the end of 2024. Barclays Capital and Morgan Stanley are joint book-running managers for the IPO. (Source)

Europe

Automobile Association (AA) Owners Consider Sale or IPO at Potential £4.5 Billion Valuation

The owners of the Automobile Association (AA), Britain's largest breakdown recovery service, are reportedly considering a sale or an Initial Public Offering that could value the company at over £4.5 billion (approximately $5.7 billion). Private equity firms Towerbrook Capital Partners, Warburg Pincus, and Stonepeak are said to be lining up JP Morgan and Rothschild to advise on strategic options. While no transaction is imminent and could be more than 12 months away, potentially after 2026, this move reflects renewed confidence in AA's performance. Stonepeak invested £450 million in July 2024 at an enterprise valuation of around £4 billion. (Source)

Cobalt Holdings Aims for $230 Million London IPO to Stockpile Cobalt

Cobalt Holdings, a metals investment company, is planning to raise $230 million through an Initial Public Offering on the London Stock Exchange. The company intends to use approximately $200 million of the proceeds to purchase 6,000 metric tons of physical cobalt from Glencore, betting that the current oversupplied market is near a price low. Glencore will act as a cornerstone investor, committing $24.3 million for a 10% stake, while Anchorage Capital Group is investing $23 million for a 9.5% stake and providing debt financing. The IPO aims to create a Western strategic stockpile of cobalt, challenging China's dominance in the supply chain. Citigroup and Canaccord Genuity are joint bookrunners. (Source 1) (Source 2)

Asia-Pacific

Shein Reportedly Pivots to Hong Kong for IPO Amid Regulatory Hurdles Elsewhere

Shein, the global fast-fashion giant, is reportedly considering a shift in its IPO plans from London to Hong Kong, aiming for a listing as early as this year. This move comes after its proposed London IPO faced delays in obtaining approval from Chinese regulators, including the China Securities Regulatory Commission (CSRC). Shein had previously explored a U.S. listing in November 2023 before turning its attention to London. The company, founded in China but now headquartered in Singapore, has faced political scrutiny in the U.S. and UK regarding its labor practices and supply chain. The potential change also occurs as the UK IPO market struggles, while Hong Kong's equity capital markets have seen a rise in deal values. (Source)

Sony to Spin Off Financial Arm via Direct Listing in Japan on September 29, New Entity Plans ¥100 Billion Buyback

Sony Group Corp. plans to spin off its financial services arm, Sony Financial Group, through a direct listing in Japan scheduled for September 29. Sony will distribute over 80% of its shares in Sony Financial Group to existing Sony shareholders as dividends in kind, retaining a stake of just under 20%. This marks the first partial spin-off by a company in Japan with a direct listing in over two decades. The move is intended to provide Sony Financial Group, which includes banking and insurance, with its own fundraising capabilities while continuing to use the Sony brand. The spun-off entity also plans a share repurchase program totaling approximately 100 billion yen (around $637 million USD) through March 2027. (Source 1) (Source 2)

'Baby Shark' Creator Pinkfong Co. Files for IPO in South Korea, Potentially Valued at $507 Million

Pinkfong Co., the South Korean company behind the global hit "Baby Shark," has submitted an application for an Initial Public Offering on the Kosdaq index. While Pinkfong has not commented on the deal size, reports suggest a potential valuation of around 700 billion won (approximately $507 million USD). The company, which saw "Baby Shark Dance" become YouTube's most-watched video with nearly 16 billion views, reported a net profit of 5 billion won in 2024, a significant turnaround from a loss in the previous year. Mirae Asset Securities and Samsung Securities are arranging the deal. Co-founder Kim Min-seok is the largest shareholder, followed by Samsung Publishing. (Source 1) (Source 2)

La Trobe Financial to Launch A$300 Million IPO of Private Credit Fund on ASX

La Trobe Financial is set to launch an Initial Public Offering for its private credit fund on the Australian Securities Exchange (ASX), aiming to raise up to A$300 million (approximately $199 million USD). The fund will invest in Australian real estate and U.S. mid-market corporates, with a subscription price of A$2.00 per unit. It targets monthly distributions benchmarked at the Reserve Bank of Australia's cash rate plus 3.25% per annum. The offer is expected to open on June 3 for priority and broker firm offer investors, closing on June 13, with Commonwealth Securities acting as the lead arranger. (Source)

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