The IPOX® Update 11/9/2024

U.S.

CoreWeave plans 2025 IPO with support from Morgan Stanley, Goldman Sachs, and JPMorgan

CoreWeave, a U.S.-based AI cloud computing provider, plans to go public in 2025. Founded in 2017 as a cryptocurrency mining company, CoreWeave has since pivoted to AI cloud services, securing a valuation of $23 billion. Major investors include Cisco and NVIDIA. CoreWeave has enlisted Morgan Stanley, Goldman Sachs, and JPMorgan as underwriters. The company has also obtained $650 million in credit financing to expand its data center footprint, aiming to deploy 28 global locations by the end of 2024. This IPO aligns with a favorable U.S. market environment for tech listings. (Source)

Canadian generic pharmaceutical company Apotex plans to file for an IPO in 2025

Apotex, a Canadian generic pharmaceutical company, is preparing for an IPO in 2025. Owned by private equity firm SK Capital Partners since 2023, Apotex has engaged RBC Capital Markets, Jefferies Financial Group, and TD Securities to support the listing. The IPO is intended to bolster Apotex’s market presence and expand its pharmaceutical capabilities. The company’s preparations include financial restructuring to appeal to prospective investors. (Source)

Europe

Croatian grocery retailer Studenac plans dual IPO listings in Warsaw and Zagreb stock exchanges

Studenac, a Croatian grocery retailer, plans to go public with dual listings in Warsaw and Zagreb. The IPO will feature new shares and shares sold by existing shareholders, including majority owner Polish Enterprise Fund VIII. Studenac aims to raise $86 million to fund growth initiatives, including acquisitions and store expansion. Proceeds will also be used to reduce the company’s net debt to EBITDA ratio. The final IPO terms are pending approval from Luxembourg regulators. In 2024, Studenac reported $597.8 million in revenue. (Source)

Spanish desalination and energy firm Cox Group targets IPO roadshow in early November 2024

Cox Group, a Spanish firm specializing in desalination and energy projects, has scheduled an IPO roadshow for early November 2024. The company has received commitments totaling $65.56 million from investors, including €30 million from AMEA Power and €20 million from Corporación Cunext. Attijariwafa Bank has committed up to €5 million. Cox Group is aiming to leverage the funds for continued development and support for its desalination initiatives, with plans to expand its water production capacity. (Source)

Asia-Pacific

Bain Capital-backed Japanese chipmaker Kioxia files for IPO, targeting December listing

Kioxia, a Japanese chipmaker backed by Bain Capital, has filed for an IPO with plans for a December listing. The Tokyo-based company, a major supplier of NAND flash memory, provides products to clients like Apple and Dell. This IPO marks Japan’s first company to use new IPO rules allowing consultation with investors pre-approval. Listing approval is expected by late November, with Morgan Stanley, Nomura, and BofA Securities coordinating the offering. The listing window spans December through June, coinciding with the end of Bain’s consulting contract with Kioxia. (Source)

Australian payments provider Cuscal files for $224 million IPO, Australia's largest this year

Cuscal, an Australian payments provider, has filed for an IPO aiming to raise A$337 million ($224 million), making it Australia’s largest IPO in 2024. The offering will consist of 134.7 million shares priced at A$2.50 each, valuing Cuscal at A$479 million. The company is selling A$40 million in new shares, with the remaining A$297 million coming from existing shareholders. Scheduled for November 25, Cuscal’s IPO reflects a recovery in Australia’s listing activity after a slow 2023. The Sydney-based company plays a significant role in Australia’s financial technology sector by providing essential payment services. (Source)

Chinese autonomous driving tech firm CiDi plans $200 million Hong Kong IPO next year

CiDi, a Chinese autonomous driving technology firm, has filed for a Hong Kong IPO aiming to raise $200 million. Founded in 2017, CiDi specializes in autonomous technology for commercial mining and logistics trucks. By September 2024, the company had delivered 123 autonomous mining trucks and received orders for 320 more. Major shareholders include Hongshan Capital (10.6%), Xingding Capital (9.7%), Legend Holdings (3.5%), and Baidu (2.4%). The IPO, sponsored by CICC, China Securities International, and Ping An Capital, aims to tap into China’s growing market for autonomous commercial vehicles. (Source)

FineToday targets Tokyo IPO by year-end with backing from CVC Capital Partners

FineToday, a media company based in Japan, is planning to go public by the end of 2023. The company, backed by CVC Capital Partners, focuses on innovative content solutions and digital engagement strategies. FineToday is currently in the process of selecting banks to support its IPO. The company’s entry into the public market aligns with a broader trend of tech-driven firms seeking capital through IPOs in Asia. Investors will be assessing the company’s market position as it moves closer to its offering date. (Source)

South Korean lubricant firm SK Enmove seeks IPO banks for planned KRX listing

SK Enmove, a South Korean lubricant and thermal management systems supplier, is preparing for an IPO on the Korea Exchange (KRX). The company, founded in 1968 and specializing in lubricants for electric vehicles, had previously attempted a KRX IPO in 2018, aiming for $1.1 billion in proceeds. Recently, SK Innovation increased its ownership in SK Enmove from 60% to 70%. The upcoming IPO is expected to support the company's growth strategy in the electric vehicle market. (Source)

GoerTek, a Chinese electronics manufacturer known for making AirPods, plans to raise $300 million

GoerTek, a Chinese electronics manufacturer recognized for producing Apple’s AirPods, has selected banks to manage its upcoming Hong Kong IPO. The company, which is already listed in Shenzhen, plans to raise at least $300 million, though the exact IPO date remains undisclosed. GoerTek’s Shenzhen-listed shares, which have risen 8% year-to-date, saw a 2.8% drop following the IPO announcement. (Source)

Viva Republica, the South Korean operator of the Toss financial app, considers a U.S. IPO

Viva Republica, the South Korean company behind the Toss financial app, is considering an IPO in the United States. The decision reflects a shift from an initial plan to list on the KOSPI, as the company seeks a higher valuation of between $7.2 billion and $14.4 billion. With a current over-the-counter valuation above $6 billion, Viva Republica’s move highlights a trend of South Korean firms opting for U.S. listings. The shift also underscores challenges faced by the Korean government in attracting companies to domestic exchanges. (Source)

MENA

Lulu Retail Holdings Plc increases IPO offering size to 30% due to high demand

Lulu Retail Holdings Plc, a leading pan-GCC full-line retailer based in the UAE, has increased the size of its IPO offering to 30% in response to high demand. This move raises the total offering to 3.09 billion ordinary shares, up from the original 2.58 billion, while keeping the price range at AED 1.94 to AED 2.04 per share. The IPO is projected to raise between AED 6.01 billion ($1.64 billion) and AED 6.32 billion ($1.72 billion). The shares are set to trade on the Abu Dhabi Securities Exchange on November 14, 2024. Masarrah Investment Company joins as a cornerstone investor, committing AED 250 million ($68 million). (Source)

OQ Base Industries (OQBI), Oman's sole integrated methanol, ammonia, and LPG producer, eyes IPO

OQ Base Industries (OQBI), Oman’s only integrated producer of methanol, ammonia, and LPG, is preparing for an IPO targeting proceeds of $500 million. The listing, anticipated on the Muscat Stock Exchange in December 2024, is subject to regulatory approval. OQBI, a subsidiary of OQ Group, operates three plants with a combined production capacity of 1.8 million metric tons per year. In 2023, the company generated $510 million in revenue with an adjusted EBITDA margin of 43.1%. The IPO is expected to attract strong local demand, following OQ Group’s recent IPO successes. (Source)

UAE firm United International Holding Company (UIHC) sets IPO share price to raise $265 million on Tadawul

United International Holding Company (UIHC), based in the UAE, has set the price for its IPO to raise up to $265 million on Saudi Arabia's Tadawul exchange. The institutional book-building period ran from October 28 to November 4, 2024, with final share prices to be determined afterward. Proceeds from the IPO will benefit United Electronics Company, the primary selling shareholder. Major investors like Zamil Group and Tawuniya have committed to subscribing for shares, highlighting the strong demand for the listing. (Source)

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