The IPOX® Update 1/11/2025

U.S.

Google-backed Maze Therapeutics Files as First U.S. Biotech IPO of 2025

Maze Therapeutics, a U.S.-based precision medicine company with investments from Google Ventures and Third Rock Ventures, has filed for an IPO. This marks the first biotech IPO in the U.S. for 2025. The company is developing medicines for kidney and heart diseases, including obesity, using its "Compass platform" to identify genetic targets. Their drug candidates include MZE829 for AKD, a type of kidney disease, and MZE782 for chronic kidney disease and PKU. Maze Therapeutics plans to list on the Nasdaq under the ticker "MAZE." The IPO's financial details are not yet disclosed; however, the company previously raised $75 million in Series D funding. (Source) (S-1 Filing)

Metsera Files as Second U.S. Biotech IPO of 2025, Aiming to Challenge Novo Nordisk and Eli Lilly

Metsera, a U.S. biotechnology firm, has filed for an IPO, the second U.S. biotech IPO of 2025, following Maze Therapeutics. Launched within the last year, the company has raised over $500 million from venture capital firms including ARCH Venture Partners, Population Health Partners, F-Prime Capital, and GV (Google Ventures). Metsera's lead candidate is an injectable GLP-1 agonist, positioning it to compete with Novo Nordisk and Eli Lilly in the obesity treatment market. (Source)

Smithfield's Turnaround and Low Valuation Attract IPO Investors

The IPO of Smithfield, a U.S. pork producer, is attracting investor attention due to the company's return to profitability and a targeted low valuation. The IPO could raise over $1 billion. WH Group, the Chinese owner of Smithfield, is offering 20% of the company in the IPO. Smithfield's profitability has been achieved through operational streamlining. This IPO marks Smithfield's return to the public market after being taken private. (Source)

Investment Bankers Anticipate IPO Revival in 2025 with Strong Pipeline

Investment bankers expect an increase in IPO activity in 2025, supported by a substantial pipeline of companies. Venture Global, Medline, and Sailpoint are anticipated to be among the leading IPOs in the first half of 2025. This expectation is linked to increased economic confidence potentially boosting capital markets. Private equity firms are reportedly pursuing IPOs following a slower period. Large IPOs are expected to be prevalent due to liquidity considerations. Technology IPOs are also anticipated, despite potentially smaller deal sizes. Global equity issuance increased in 2024, signaling a possible rebound in IPOs. (Source)

Centerview Partners Explores Options Including Potential IPO

Centerview Partners, a U.S.-based boutique bank with offices in the UK, is exploring strategic options, including a potential IPO or a stake sale. The firm has received interest from large investors. A transaction could allow partners to sell their shares. Centerview advises on mergers, acquisitions, and financial restructurings. Since 2006, the company has advised on over $4 trillion in transactions. (Source)

Opinion: 7-Eleven US IPO May Attract More Suitors

A Reuters Breakingviews analysis suggests that the planned IPO of 7-Eleven's US business could attract additional acquisition offers. The IPO is planned to raise over 1 trillion yen (USD 6.3 billion). This follows a proposed 9 trillion yen (USD 57 billion) buyout of Seven & i holdings. The analysis notes the IPO might trade at a discount compared to the buyout offer. 7-Eleven's US business accounts for a majority of Seven & i's global convenience store revenue. The IPO could increase public scrutiny of 7-Eleven. (Source)

Europe

German Drug Firm Stada Prepares for Multi-Billion Euro IPO in Early Q2 2025

Stada, a German drug firm, is preparing for an IPO on the Frankfurt exchange planned for the start of Q2 2025. The IPO could value Stada around 10 billion euros (USD 10.37 billion). Andreas Fibig, a Novo Nordisk board member, will be the independent chairman. Bain Capital and Cinven, Stada's owners, are expected to sell minority stakes. In H1 2024, Stada's EBITDA rose 11% to 463.5 million euros. Bain and Cinven acquired Stada in 2017 for 5.3 billion euros. (Source)

HBX Group (Hotelbeds) Plans Near $1.04 Billion IPO in Madrid

HBX Group, a Spanish travel technology company also known as Hotelbeds, is planning an IPO for approximately 1 billion euros (USD 1.04 billion). The IPO on the Madrid exchange is being considered, with the offering expected in the coming weeks. Shareholders include Cinven, EQT, and CPP Investments. The company may file its intention to float soon. (Source)

Shein Aims for London IPO by Mid-Year

Online fast-fashion retailer Shein is aiming for a London IPO by mid-year, potentially around April 20. UK officials' visit to China may assist with regulatory approvals. Shein previously attempted a U.S. IPO. The UK's FCA and China's CSRC need to approve the listing. Shein moved its headquarters to Singapore in 2022. (Source)

Shawbrook Group Plans London IPO Valued at Over £2 Billion

Shawbrook Group, a UK mid-sized lender, is planning a London IPO potentially valued at over £2 billion. Goldman Sachs is expected to oversee the IPO, targeted for the first half of this year, dependent on market conditions. Shawbrook provides loans for home improvements, weddings, and business purposes. The company has 550,000 customers and approximately 1,600 employees. Its loan book grew by 18% to over £15 billion in the past year. (Source)

Asia-Pacific

Japan's NTT Plans $1 Billion Data Center REIT IPO in Singapore

Nippon Telegraph & Telephone Corp (NTT), a Japanese telecom company, plans a $1 billion data center REIT IPO in Singapore. Bank of America and UBS have been appointed for the listing, likely in the second half of 2025. This could be Singapore's largest IPO since 2021. Investor demand for data centers in Asia is increasing. NTT operates a significant data center division. (Source)

Opinion: Hong Kong Becomes Key IPO Destination for Chinese Firms

Mainland-listed Chinese firms are increasingly considering IPOs in Hong Kong. Beijing supports Hong Kong as an international financial center. Fundraising options in mainland China are becoming more limited. Over 20 companies have filed for Hong Kong H-shares. Battery maker CATL plans a Hong Kong listing, potentially raising $5 billion. Secondary listings of Chinese firms constituted 51% of Hong Kong's 2024 IPOs. Increased scrutiny on US and UK listings also contributes to this trend. (Source)

Chinese IT Company Unisplendour Plans $1 Billion Hong Kong IPO

Chinese IT company Unisplendour plans a Hong Kong listing aiming to raise about $1 billion. Unisplendour provides cloud computing and IT infrastructure services. The company is currently listed in Shenzhen with a market value of 70.8 billion yuan. Banks have been invited to pitch for the Hong Kong listing. The offering's size and timing are subject to change. In the first nine months of 2024, revenue was approximately 59 billion yuan, and net income was 1.6 billion yuan. (Source)

Honor Prepares for IPO After Shareholding Reform

Honor, formerly a Huawei brand, is preparing for an IPO following shareholding reform. The company is now named Honor Device Co. Ltd. In Q3 2024, Honor was China's third best-selling smartphone brand. The company's registered capital is 32.2 billion yuan (USD 4.41 billion). Honor's CEO has stated the company will list in China. A leaked pre-IPO plan suggested a valuation of 200 billion yuan (USD 27.28 billion). Honor is developing a smart device ecosystem. (Source)

CATL's Hong Kong IPO Faces Headwinds from Pentagon Blacklist

CATL, a Chinese EV battery maker, plans a Hong Kong secondary listing, potentially raising $7.7 billion. Morgan Stanley, Goldman Sachs, BofA, and JPMorgan have shown interest in underwriting. The Pentagon has blacklisted CATL, which raises reputational risks for involved banks. The blacklist does not legally restrict banks but may lead to preemptive cuts of exposure. US-China tensions create uncertainty for banks involved in Chinese deals. Tencent, also blacklisted, is a major client for many US institutions. (Source)

LG CNS Launches IPO to Raise Up to $817 Million

LG CNS, a South Korean IT services provider, has launched an IPO to raise up to $817 million. The IPO offers 19.37 million shares within a price range of 53,700 to 61,900 Korean won. LG CNS's valuation is expected to be between $3.5 billion and $4.1 billion. Bookbuilding for the IPO commenced on Monday. (Source)

South Korean Online Lender K Bank Cancels IPO

K Bank, a South Korean online lender, has canceled its IPO, its third attempt since 2022. The IPO was planned for the Kospi, with a future attempt expected by July 2026. K Bank facilitates cryptocurrency transactions, which account for 20% of deposits. The company was preparing to file an IPO prospectus this month. BC Card is the largest shareholder, with a 33.72% stake as of September 2024. The valuation was lowered to less than 4-5.3 trillion won from an earlier estimate. NH Investment & Securities Co. and KB Securities Co. are the IPO's joint bookrunners. (Source)

MENA

Saudi Tabreed Plans Potential Riyadh IPO

Saudi Tabreed, a cooling firm, is planning a potential IPO in Riyadh. Citigroup and SNB Capital are working on the IPO. The IPO of the PIF-backed firm could occur this year. The Public Investment Fund (PIF) holds a 30% stake in Saudi Tabreed, valued at $250 million. National Central Cooling Co. (Tabreed) owns 21.8% of its Saudi affiliate. Saudi Tabreed provides centralized cooling systems. The PIF is involved in driving economic diversification through IPOs. (Source)

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