Our weekly summary of news and developments across global IPO markets.
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Lumi Rental Co's debut on the Saudi stock market soared, raising $290 million. German defense supplier Renk, Swiss pharma giant Novartis' Sandoz unit, South Korean battery-materials producer Ecopro Materials, and Australian data center operator AirTrunk are all eyeing substantial IPOs. Meanwhile, Spinneys Dubai is planning a Q2 2024 listing, adding momentum to the Gulf's financial market.
Read editionAlibaba's logistics subsidiary Cainiao aims for a Hong Kong IPO, targeting a $1 billion raise; this positively impacted Alibaba's stock. Vietnam-based VNG postponed its U.S. IPO amid market volatility, following mixed IPO performances from other companies. The Middle East is set to see its first-ever SPAC deal, involving ADC Acquisition Corp and United Printing & Publishing. Meanwhile, Telekom Austria's tower spin-off, EuroTeleSites, started trading in Vienna with mixed results.
Read editionPrivate equity firm KKR plans to list Japan-based Kokusai Electric on the Tokyo Stock Exchange, aiming for a $3.7 billion valuation. China's Midea Group seeks to raise $1 billion through a Hong Kong IPO to fund R&D in automation and smart appliances. Telekom Austria intends to list its tower business EuroTeleSites on the Vienna Stock Exchange. Meanwhile, Chinese AI startup Beijing Fourth Paradigm is set for a Hong Kong IPO despite being added to the U.S. "Entity List."
Read editionMarketing firm Klaviyo raised $576 million in its NYSE IPO, valuing it at $9 billion. CVC Capital Partners, valued at $15 billion, plans a European IPO, likely in Amsterdam. Saudi drilling services provider Ades aims to raise $1.22 billion in its IPO on the Saudi Exchange, backed by Saudi Arabia's Public Investment Fund, valuing the company at approximately $4 billion. Hyundai Global Service, supported by KKR, targets a 2024 Seoul IPO, seeking a valuation between $3 billion to $4 billion.
Read editionU.S. grocery delivery firm, Instacart, debuts on NASDAQ, emphasizing its shift towards an advertising business model under CEO Fidji Simo. Carrier Global, an HVAC company, considers listing its fire unit, while Doosan Robotics celebrates South Korea's leading IPO for 2023, indicating the country's increasing focus on robotics. Meanwhile, Germany's Schott Pharma experiences high demand for its IPO, showcasing the growth potential in the medical glass sector.
Read editionU.S. grocery platform Instacart aims to raise $660 million with a focus on advertising and technology. Marketing firm Klaviyo Inc. has revised its IPO target to $557 million. Omani energy giant OQ SAOC seeks $771 million in the country's largest-ever IPO. German glassmaker Schott AG targets an IPO for its pharma subsidiary, while Spanish airline Volotea contemplates a Madrid stock market listing.
Read editionSan Diego's RayzeBio and Massachusetts' Neumora Therapeutics launch U.S. IPOs for cancer and brain disease treatments, respectively. Instacart ups its IPO price range, focusing on grocery tech. SoftBank's conservative pricing strategy sees Arm's IPO succeed, with tech giants investing. Japan's J-League financially backs football clubs pursuing IPOs. Barito Renewables plans a $228m IPO in Indonesia. Novartis gets approval for the spinoff of its generics unit, Sandoz, aiming for a market debut in October.
Read editionArm's monumental $4.87 billion IPO, backed by SoftBank, becomes the year's largest, overshadowing Rivian's 2021 listing. German sandal brand Birkenstock plans a NYSE debut, targeting an $8 billion valuation after a profitable history. ADES Holding gears up for a substantial $1.2 billion Saudi IPO, with major banks advising. CNGR Advanced Material ponders an IPO for its Indonesian assets, positioning itself in the EV battery supply chain. German cosmetics giant Douglas readies its IPO with a top-tier banking consortium.
Read editionSeveral companies are preparing for IPOs: SoftBank-owned Arm targets a $50-$54 billion valuation with significant backing from tech giants; Renault's EV arm, Ampere, seeks a €10 billion valuation; Novartis plans to list its generic drug unit, Sandoz, on the Swiss exchange after strong sales; Brazilian meatpacker JBS faces environmental concerns over its NYSE listing; ZF Friedrichshafen considers an IPO for its safety division; and Truth Social's public offering faces multiple challenges.
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