The IPOX® Update 2/7/2025

U.S.

Honeywell Plans to Spin Off Aerospace and Automation Businesses into Independent Public Companies

Honeywell International is set to streamline its portfolio by spinning off its automation and aerospace businesses into separate public companies by the second half of 2026. Honeywell Automation will concentrate on industrial technologies and software, while Honeywell Aerospace will focus on commercial and defense aviation. This strategic move, initiated under CEO Vimal Kapur, aims to sharpen Honeywell's business focus and enhance investor appeal. (Source)

Encino's Owner Considers Sale or IPO of Energy Producer, Valuation Could Reach $7 Billion

CPP Investments, owner of Encino Acquisition Partners, is evaluating a potential sale or IPO for the energy producer, with a valuation, including debt, of up to $7 billion. Encino, operating in Ohio's Utica shale basin, anticipates favorable market conditions under the Trump administration. Formed in 2017, Encino operates assets acquired from Chesapeake Energy and is considering these strategic options following positive market response to Infinity Natural Resources' IPO. (Source)

SailPoint IPO Aims for Up to $11.5 Billion Valuation in US Public Market Return

SailPoint and its parent company Thoma Bravo are targeting a valuation of up to $11.5 billion for SailPoint's US IPO, seeking to raise up to $1.05 billion. The cybersecurity firm plans to offer 47.5 million shares priced between $19 and $21 each and will list on Nasdaq under the ticker 'SAIL'. Cornerstone investors AllianceBernstein and Dragoneer Investment Group may purchase up to 20% of the offered shares, with proceeds aimed at debt repayment and corporate expenses. (Source)

Payroll Services Provider DailyPay Prepares for 2025 US IPO, Could Reach $3-4 Billion Valuation

DailyPay, a payroll services provider, is gearing up for a potential US IPO in the second half of 2025, with a valuation that could range between $3 billion and $4 billion. The company, in discussions with investment bankers, offers early wage access through a digital wallet and counts major corporations like Target and Kroger among its clients. DailyPay's IPO plans are subject to market conditions and follow the hiring of former Uber CFO Nelson Chai as executive chair. (Source)

Unilever Weighs US Listing for Ice Cream Unit, Potentially Seeking Higher Valuation

Unilever is considering the U.S. as a potential listing venue for its ice cream unit as part of strategic options for the business, including a possible IPO. A US listing is being evaluated for its potential to achieve a higher valuation and access a broader investor base. This move is part of Unilever's broader strategy to optimize its business portfolio, with final decisions on the IPO's timing and size still pending. (Source)

Winklevoss Twins' Crypto Exchange Gemini Explores Potential IPO Amid Crypto Sector Momentum

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is exploring an IPO as early as this year, engaging in discussions with potential advisors. This consideration follows increased IPO interest in the crypto sector, spurred by President Trump's supportive stance on the industry. Gemini's potential IPO aligns with competitor Bullish Global also considering a public listing, marking a growing trend in the crypto market. (Source)

Ategrity Specialty Insurance Reportedly Working with JPMorgan and Barclays for US IPO

Ategrity Specialty Insurance is reportedly collaborating with JPMorgan and Barclays to prepare for a potential US IPO. While details regarding the IPO size, valuation, and timeline remain undisclosed, the involvement of JPMorgan and Barclays as underwriters signals Ategrity's serious consideration of entering the public market. Ategrity Specialty Insurance is planning to list its shares in the U.S. market. (Source)

Aurion Biotechnologies Files for Nasdaq IPO to Advance Eye Treatment Vyznova

Aurion Biotechnologies, a biotech firm, has filed for a Nasdaq IPO, with JP Morgan and Bank of America leading the offering, expected to price as early as mid-February. The IPO aims to support the commercialization of Aurion's first approved product, Vyznova, an eye treatment approved in Japan, and to fund US clinical trials for an updated version. Aurion's Vyznova has received Breakthrough Therapy and Regenerative Medicine Advanced Therapy designations from the FDA. (Source)

Northpointe Bancshares Readies NYSE IPO to Fuel Growth and Repurchase Preferred Stock

Northpointe Bancshares, a financial institution, has filed for an IPO on the NYSE, intending to utilize the proceeds for growth initiatives and to potentially repurchase approximately $100 million of outstanding preferred stock. KBW is acting as the sole bookrunner for the IPO. Northpointe, with assets of $5.4 billion, offers nationwide mortgage services and digital retail banking. (Source)

HR Software Startup Deel Prepares for Potential IPO as Soon as 2026 After Revenue Growth

Deel, a fast-growing HR software startup, is making preparations for a potential IPO, targeting a public listing as early as 2026. While specific details about the IPO are still under wraps, Deel's move to explore the public markets follows significant revenue growth, indicating the company's ambition to capitalize on its market success and further expand its global operations in the HR technology sector. (Source)

Europe

Portugal Indicates Novo Banco IPO Likely for Up to 30% Stake, Valuing Bank at Around €5 Billion

Portugal has stated that the IPO of Novo Banco is expected to involve a stake of up to 30%, offered by majority owner Lone Star, which holds 75% of the bank. The IPO is anticipated to value Novo Banco, Portugal's fourth-largest bank created from the bailout of Banco Espirito Santo, at approximately 5 billion euros. Lone Star has owned its stake since 2017, and the Portuguese government clarifies they were not informed of a full 75% stake sale. (Source)

CurrentBody Owner Plans £350 Million London Stock Market Listing for Beauty Tech Expansion

The owner of CurrentBody, a beauty technology company, is reportedly planning a London Stock Exchange listing, targeting an IPO worth £350 million. This potential IPO, reported by Sky News, marks a significant step for CurrentBody's growth strategy, aiming to attract substantial investment to enhance its market presence in the beauty tech industry. However, no official IPO date has been announced yet. (Source)

Ferrari Group IPO Books Fully Covered, Amsterdam Listing on Track

Ferrari Group's IPO on the Amsterdam stock exchange has seen its books fully covered throughout the price range of €8 to €9 per share for the entire deal size. The IPO is an all-secondary offering of 22.8 million shares, expected to raise between €182.4 million and €205 million, representing a 25% free float. Trading debut is anticipated shortly after the book closure, marking Ferrari Group's entry into the public market. (Source)

Medical Tech Firm Brainlab Said to Select Banks for Upcoming German IPO

Brainlab, a medical technology company, is reportedly in the process of selecting banks for its planned IPO in Germany, according to Bloomberg News. While specific details regarding the IPO size, valuation, and timeline are currently undisclosed, Brainlab's move to appoint banks indicates progress towards a potential public listing in the German market. Brainlab focuses on innovative medical technology solutions in the healthcare sector. (Source)

Shared Scooter Startup Voi Exploring IPO After Achieving First Profitable Year

Voi, a shared electric scooter startup, is exploring the possibility of an IPO following its first profitable year, signaling financial maturity in the shared mobility market. While specific details regarding the IPO size, date, or listing exchange are yet to be disclosed, Voi's achievement of profitability enhances its appeal to potential investors as it considers entering the public markets, likely in Europe. (Source)

Asia-Pacific

MMC Port Hires Banks for Over $1.34 Billion Malaysian IPO, Potentially Largest in a Decade

MMC Port Holdings has engaged CIMB, Maybank, RHB, and UBS for a Malaysian IPO expected to raise over 6 billion ringgit ($1.34 billion), potentially valuing the company at more than 25 billion ringgit. This IPO, anticipated in the second half of 2025 or 2026, could become Malaysia's largest in over a decade. MMC Port, Malaysia's largest port operator, is wholly owned by MMC Corp and operates five ports along the Straits of Malacca. (Source)

SK Enmove Plans Q1 KRX IPO Targeting $4.1 Billion Market Capitalization

SK Enmove, a lubricant and thermal management systems provider for EVs, is planning to file for a KRX IPO in Q1 2025, targeting a market capitalization of approximately W6 trillion (US$4.1 billion). Mirae Asset Securities and Korea Investment & Securities are leading the IPO, with SK Innovation increasing its stake in SK Enmove to 70% in October 2024. This marks SK Enmove's second IPO attempt after withdrawing a previous plan in 2018 due to valuation concerns. (Source)

MENA

Derayah Financial Tadawul IPO Gains Cornerstone Investment from Olayan Saudi, IPO Covered

Derayah Financial's Tadawul IPO has secured Olayan Saudi Investment as a cornerstone investor, committing to subscribe for 4,687,500 shares. The IPO, offering 49.9 million shares at a price range of 27-30 riyals, aims to raise between SAR 1.35 billion and SAR 1.50 billion (~$400M). HSBC Saudi Arabia is managing the IPO, which was reportedly covered throughout the price range on its first day of bookbuilding, indicating strong investor interest. (Source)

Softcare Plans Hong Kong IPO Targeting Up to US$300 Million for Expansion in Emerging Markets

Softcare Limited, a Dubai-based hygiene products company, is planning a Hong Kong IPO aiming to raise between US$200 million and $300 million. Sponsors for the IPO include CICC, Citic Securities, and GF Securities (Hong Kong). Softcare, part of China’s Sunda Group, operates in emerging markets across Africa, Latin America, and Central Asia, reporting a profit of US$72.3m for the first nine months of 2024. (Source)

Umm Al Qura Launches Tadawul IPO to Fund Massive $26.7 Billion Mecca Development Project

Umm Al Qura for Development and Construction is proceeding with an all-primary IPO on the Saudi Exchange to fund its 100 billion riyal ($26.66 billion) MASAR Destination project in Mecca. The company plans to offer 130.8 million new shares, representing 9.09% of its increased capital, with bookbuilding starting February 16. The MASAR Destination project spans 1.2 million square meters and aims to enhance Mecca’s infrastructure in line with Saudi Arabia’s Vision 2030. (Source 1) (Source 2)

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