The IPOX® Update 6/20/2025

U.S.

Vale Base Metals Aims to Be IPO-Ready by 2027 for Potential Landmark Listing

Shaun Usmar, CEO of Vale SA’s base metals unit, has reaffirmed the goal of preparing the business for a potential IPO by 2027. A listing based on its $25 billion valuation could be a landmark event. According to IPOX® Founder and CEO Josef Schuster, it would "definitely rank amongst the top 10 mining IPOs" and would be the most valuable mining stock to go public since Glencore's 2011 debut. The Toronto-based division was separated from its parent to help finance a $30 billion expansion plan for its nickel and copper mines in Canada, Brazil, and Indonesia. (Source 1) (Source 2)

Slide Insurance Valued at Over $2.6 Billion in Successful Nasdaq Debut

Insurtech firm Slide Insurance saw its valuation reach $2.62 billion after its shares surged nearly 24% in their Nasdaq debut. The company's $408 million offering was the largest insurance IPO of the year. IPOX® Vice President Kat Liu commented on the appeal of such listings, noting, "Predictable cash flows and underwriting profitability make insurers an attractive listing candidate." Analyzing Slide's focus on high-risk coastal areas in Florida, she added, "Slide has carved out a profitable niche in a dense, high-demand region with low underwriting capacity." (Source)

Jennifer Garner's Baby Food Company 'Once Upon a Farm' Confidentially Files for IPO

Once Upon a Farm, the organic baby food company co-founded by actress Jennifer Garner, has confidentially filed for an IPO in New York. The listing could value the Berkeley, California-based company at approximately $1 billion. Founded in 2015 with a mission to provide more nutritious baby-food options, the company is working with Goldman Sachs and JPMorgan as lead underwriters. The IPO could happen as soon as this year, depending on market conditions. (Source)

Mexico's Fibra Next Revives Stalled IPO, Targeting $422 Million

Fibra Next, a real estate investment trust created with industrial assets from Fibra Uno, is reviving its IPO in Mexico, aiming to raise 8 billion pesos ($422 million). The company plans to issue 80 million Real Estate Trust Certificates (CBFIs) at 100 pesos each, with an overallotment option that could increase the total to 110.4 million certificates. The IPO, scheduled for later this year, was previously delayed in late 2023 due to issues with tax authorities that have since been resolved. (Source)

VivoPower to Spin-Off Caret Digital in US$308 Million Direct NASDAQ IPO

VivoPower International is fast-tracking a plan to spin off its subsidiary, Caret Digital, through a direct IPO on NASDAQ with a target market capitalization of US$308 million. Caret Digital focuses on digital asset mining, particularly DOGE, which it converts into XRP or BTC. The company is in negotiations with strategic investors in the Middle East and Asia for a pre-IPO investment of up to US$50 million. Existing VivoPower shareholders are set to receive five Caret Digital shares for each VVPR share they hold. (Source)

Australian Meat Producer Kilcoy Global Foods Files for U.S. IPO Amid Supply Chain Scrutiny

Australian meat producer Kilcoy Global Foods has filed for a U.S. IPO on the Nasdaq, disclosing a 74% increase in annual profit. The listing is seen as a key test of investor appetite for companies with complex global supply chains. IPOX® Research Associate Dr. Lukas Muehlbauer stated, "The reception to Kilcoy's U.S. listing will be a key test of the market's appetite to support companies that are exposed to the complexities of global supply chains." He also noted the risk highlighted by China's past ban on Australian beef. (Source)

Crystal Palace FC Backer Eagle Football Holdings Confidentially Files for US IPO

Eagle Football Holdings Ltd., an active investor in global football clubs, has confidentially filed for a U.S. IPO. The company, run by businessman John Textor, owns significant stakes in teams including England's Crystal Palace, France's Olympique Lyonnais, and Brazil's Botafogo. The filing comes as the company navigates UEFA rules that restrict clubs with common shareholders from competing in the same European competitions. Textor is reportedly considering selling Eagle's stake in Crystal Palace to resolve the issue. (Source)

U.S. IPO Market Experiences Volatility with Fewer Listings in 2025

Global IPO volumes have fallen in 2025, with U.S. listings raising approximately $12.3 billion as of mid-June, a 12% decrease from the previous year. The slowdown is attributed to market volatility, geopolitical uncertainty, and higher interest rates. Despite the challenging environment, some U.S. IPOs like Chime Financial have seen significant first-day gains, or "pops," driven by momentum-chasing investors focusing on a smaller pool of new listings. However, the overall number of IPOs on U.S. exchanges has declined, with 32 year-to-date compared to 46 in the first half of last year. (Source 1) (Source 2)

Europe

Danish Firm Schouw & Co. Taps Banks for $2 Billion IPO of Fish Feed Unit BioMar

Danish industrial holding company Schouw & Co. has selected DNB Carnegie AB, Morgan Stanley, Danske Bank AS, and Nordea Bank Abp to lead a potential Copenhagen IPO of its fish feed business, BioMar Group. The IPO could value BioMar at approximately $2 billion. Schouw announced last year that it was considering a separate listing for the unit, in which it would remain a majority shareholder. BioMar, founded in 1962, operates in over 90 countries and reported strong earnings growth in its latest annual report. (Source)

Blackstone-Backed Casino Operator Cirsa Plans €460 Million IPO in Spain

Cirsa Enterprises, a casino operator owned by Blackstone Inc., has announced its intention to launch an IPO in Spain. The company aims to raise approximately €400 million ($460 million) through the sale of new shares, with an additional €60 million of existing shares being sold by its holding company. Cirsa plans to use the proceeds to fuel its growth strategy, reduce debt, and fund acquisitions. The company, which operates 451 casinos across eight countries, primarily in Europe and Latin America, generated EBITDA of €699 million last year. (Source)

German Online Auto Parts Retailer Autodoc Sets Price Range for up to €464 Million IPO

German online auto parts retailer Autodoc has set a price range of €58.00 to €61.00 per share for its upcoming IPO on the Frankfurt Stock Exchange. The total deal size could reach up to €464 million if the overallotment option is exercised, potentially valuing the company at as much as €2.4 billion. The bookbuilding period is open from June 17-24, with trading scheduled to commence on June 25. (Source)

Sweden's Hacksaw Gaming Prices IPO to Raise Around $406 Million

Swedish online casino games company Hacksaw Gaming has priced its IPO at 77 Swedish crowns per share, becoming one of the few European companies to list this year. The offering is expected to raise around 3.85 billion Swedish crowns ($406 million) and give the company a valuation of about 22 billion crowns. The company will list on the Stockholm bourses later this month, navigating a market that has seen an IPO drought over the past two years. (Source)

Asia-Pacific

Indonesian Billionaire's Chandra Daya Investasi Valued at $1.4 Billion in IPO

Chandra Daya Investasi, an infrastructure company backed by Indonesian billionaire Prajogo Pangestu, is preparing for an IPO that values the company at $1.4 billion. The company, which operates a power plant and logistics services, plans to sell a 10% stake to raise up to $144 million. The funds will be used to expand its logistics and port operations. The book building process will complete on June 24, with a planned listing on the Indonesia Stock Exchange on July 8. (Source)

Insurer FWD Group Plans to Launch $500 Million Hong Kong IPO

Insurer FWD Group, controlled by Hong Kong billionaire Richard Li, is planning to launch its Hong Kong IPO to raise about $500 million as early as next week. The company has received approval from the Hong Kong Stock Exchange to proceed with the listing. This marks FWD's third attempt to go public after a planned $2-$3 billion New York IPO in 2021 was shelved due to regulatory delays, followed by a paused Hong Kong IPO in 2022 amid market volatility. FWD operates in ten markets across Asia. (Source)

Alibaba-Backed AI Startup MiniMax Considers Hong Kong IPO

MiniMax, a prominent Chinese AI startup backed by Alibaba and Tencent, is considering an IPO in Hong Kong, which could take place as soon as this year. The company, currently valued at about $3 billion, is a leader among China's "AI Dragons" and has hired financial advisers for the potential listing. A successful IPO would mark a significant milestone for China's AI sector, allowing public investors to buy into the fast-growing industry as local firms race to compete with U.S. counterparts like OpenAI. (Source)

Geely-Backed Caocao Launches HK$1.85 Billion (US$236M) Hong Kong IPO

Caocao, a ride-hailing platform backed by Chinese automotive giant Geely, has launched a Hong Kong IPO to raise HK$1.85 billion (US$235.7 million). The company is offering 44.18 million shares at HK$41.94 each. The offering has attracted six cornerstone investors, including Mercedes-Benz and Mirae Asset Securities, who have committed to HK$951.6 million. CaoCao operated a fleet of approximately 34,000 vehicles in 31 Chinese cities as of the end of 2024. The shares are expected to begin trading on June 25. (Source)

MENA

Saudi Airline Flynas Has Volatile Debut on Tadawul Amid Market Headwinds

Saudi Arabian budget airline Flynas experienced a turbulent trading debut on the Tadawul exchange, closing at SR77.30, below its IPO price of SR80. In his commentary, IPOX® Research Associate Dr. Lukas Muehlbauer suggested that the airline's strong domestic focus on leisure and religious pilgrimage travel offers stability. He also noted its base in Saudi Arabia, the world's largest oil producer, may insulate it from the fuel price volatility that challenges other carriers, despite the weak aftermarket performance amid broader market declines. (Source 1) (Source 2)

Retail Demand Cools for Specialized Medical Company's $501 Million Saudi IPO

The retail portion of Specialized Medical Company's SR1.88 billion (US$501 million) IPO in Saudi Arabia was only 1.45 times subscribed, indicating a cooling of retail investor demand. This contrasts sharply with the institutional tranche, which saw demand of US$32.4 billion, and with the much higher retail subscription rates for other recent Saudi IPOs. The trend of weak aftermarket performance for new listings on the Tadawul exchange, with only one recent IPO delivering positive returns, is seen as a contributing factor to the subdued retail interest. (Source)

Egypt Reviews Development Plans for 7 Historic Hotels Under Government IPO Program

The Egyptian government is reviewing development plans for seven historic state-owned hotels as part of its national IPO program. The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group, will manage and upgrade the properties, which include iconic hotels like the Sofitel Legend Old Cataract Aswan and Marriott Mena House Cairo. In late 2023, ICON acquired a 39% stake in Legacy Hotels, a joint venture between The Sovereign Fund of Egypt and the Egyptian General Company for Tourism and Hotels, which owns the portfolio. The renovations aim to modernize the hotels while preserving their cultural heritage and enhancing Egypt's tourism appeal. (Source)

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