The IPOX® Update 11/22/2024

North America

Medline Industries Plans $5 Billion U.S. IPO in 2025

Medline Industries, a global leader in medical and surgical supplies, is preparing for a U.S. IPO in 2025, aiming to raise over $5 billion. The company, headquartered in Illinois, could be valued at approximately $50 billion. Medline produces surgical equipment, gloves, and lab devices, serving over 100 countries worldwide. Founded in 1966, it was taken private in a $34 billion leveraged buyout in 2021 by Blackstone, Carlyle, and Hellman & Friedman. Generating $23 billion in annual revenue and employing 43,000 people globally, the company is preparing for one of the marquee IPOs of 2025. Proceeds will likely be used to fund corporate growth and pay down debt. This IPO adds to a growing pipeline of large U.S. offerings, including CoreWeave and SailPoint. (Source)

Pony AI to Launch $260M U.S. IPO, Uber Acquires Stake

Pony AI, a U.S.-China autonomous vehicle technology firm, is planning to raise $260 million through a U.S. IPO. The offering, which includes 20 million American Depository Shares, has been upsized from an earlier plan to sell 15 million shares. Founded in 2016, Pony AI operates autonomous vehicle fleets in the U.S. and China and has logged nearly 40 million autonomous kilometers globally. The company delayed IPO pricing to address regulatory concerns but plans to proceed soon. Uber is acquiring a $10 million stake in Pony AI through the IPO and is exploring a potential partnership to deploy self-driving technology globally. Uber’s interest aligns with its strategy of collaborating with autonomous vehicle firms such as Waymo and Wayve. This offering signals strong market interest in autonomous driving technologies amid regulatory advancements. (Source)

ServiceTitan Reveals Nasdaq IPO Filing with "TTAN" Ticker

ServiceTitan, a California-based provider of software for HVAC, plumbing, and electrical service providers, has filed for a Nasdaq IPO under the ticker "TTAN." The company was valued at $9.5 billion during a 2021 funding round led by Thoma Bravo. In Q2 2024, ServiceTitan reported revenue of $193 million, a 23.7% year-over-year increase, while narrowing its losses to $36 million from $52 million in 2023. IPO proceeds will be used for corporate expansion, preferred share redemptions, and operational purposes. Backed by ICONIQ Growth and other venture capital firms, ServiceTitan aims to leverage growing demand for its SaaS products to serve trades professionals. Goldman Sachs and Morgan Stanley are leading the IPO underwriting. (Source)

Password Management Firm 1Password Exploring 2025 IPO

1Password, a Toronto-based password management and cybersecurity firm, is in preliminary talks with banks for a potential IPO in 2025. The company, last valued at $6.8 billion after a 2022 funding round, specializes in helping users securely store passwords and manage digital credentials. Founded in 2005, 1Password has raised $950 million from prominent backers, including Accel, Iconiq, and Tiger Global, as well as celebrity investors like Justin Timberlake and Scarlett Johansson. Leadership changes this year include the appointment of David Faugno as co-CEO alongside Jeff Shiner. 1Password competes with other cybersecurity firms like LastPass and Dashlane in a growing market for consumer and enterprise password solutions. (Source)

Groupe Dynamite Marks Largest Canadian IPO Since 2022

Groupe Dynamite, a Canadian fashion retailer, recently raised $300 million through its IPO on the Toronto Stock Exchange. The listing represents Canada’s largest IPO since early 2022 and is considered a milestone for the country’s equity capital markets. Groupe Dynamite’s successful debut underscores renewed investor confidence in Canadian equities following a prolonged period of low IPO activity. The deal is expected to encourage further listings as investment bankers begin preparing a stronger pipeline for 2025. (Source)

Europe

Intea Fastigheter Confirms Stockholm IPO to Raise $185 Million

Intea Fastigheter, a Swedish real estate firm specializing in properties leased to public sector tenants, plans to raise at least $185 million through an IPO on the Stockholm Stock Exchange. The company’s property portfolio is valued at SEK 22.6 billion, with an additional SEK 3.7 billion in its investment pipeline. Proceeds from the IPO will be used to support long-term growth and strengthen the company’s balance sheet. Institutional backers include Svenska Handelsbanken and Volvo Pension Fund, which have expressed confidence in Intea’s strategy. (Source)

Croatian Retailer Studenac Targets $84.5M Dual IPO in Zagreb and Warsaw

Studenac, a Croatian grocery retailer, has launched an €80 million ($84.5 million) IPO, with shares to be listed on the Zagreb and Warsaw stock exchanges. The offering includes up to 24.07 million new shares and 31.10 million existing shares, representing 35% of the company’s equity post-IPO. Share prices are set between €3.14 and €3.32 for institutional investors and up to €3.32 for retail investors. Proceeds will fund expansion, acquisitions, and debt reduction. (Source)

Shein Targets $63.5 Billion Valuation in London IPO for Q1 2025

Shein, a Singapore-based fast-fashion e-commerce giant, plans to list on the London Stock Exchange in Q1 2025. The IPO, targeting a valuation of $63.5 billion, comes as the company shifts away from a U.S. IPO due to regulatory concerns. Shein reported over £1.5 billion in sales last year, with profits nearly doubling. It has enlisted Goldman Sachs, JP Morgan, and Morgan Stanley as financial advisors. (Source)

SIX Exchange Group Sees Robust IPO Pipeline for Switzerland and Spain in 2025

SIX Exchange Group forecasts an active IPO pipeline in 2025, driven by foreign firms’ growing interest in Swiss and Spanish markets. The group highlighted Galderma’s March 2024 IPO, valued at CHF 14.5 billion (~$15.9 billion), as a turning point for Swiss equity markets. The exchange also plans to enhance its SME-focused trading model to attract smaller businesses. (Source)

Asia-Pacific

Japanese Chipmaker Kioxia Sets December 18 IPO on Tokyo Exchange

Kioxia, a leading Japanese semiconductor maker, has announced plans to list on the Tokyo Stock Exchange Prime Market on December 18, 2024. The IPO is expected to yield a market capitalization of approximately $4.8 billion (750 billion yen), with an indicative share price of 1,390 yen. The final pricing will be determined on December 9. Kioxia plans to raise $645 million in total, with $176 million (27.7 billion yen) going directly to the company, while key shareholders Bain Capital and Toshiba Corp. will divest some of their holdings. Proceeds will fund research and production of AI chips to capitalize on rising demand in this sector. Kioxia previously postponed its IPO in 2020 due to market instability but has moved forward despite halving its initial valuation target, reflecting confidence in AI-driven growth opportunities. (Source)

Mokingran Jewellery Group to Raise $81 Million in Hong Kong IPO

Mokingran Jewellery Group, a prominent Chinese gold jewelry manufacturer and retailer, plans to raise $81 million through an IPO on the Hong Kong Stock Exchange on November 29, 2024. The company will issue 43.9 million shares, representing 16.1% of its enlarged share capital, with pricing set between HK$12.00 and HK$14.40. To accommodate excess demand, a 15% greenshoe option is included. Five cornerstone investors have already committed RMB 197 million (US$27 million) to the offering. Despite a 51% year-on-year profit decline in H1 2024, amounting to RMB 52 million (US$7.2 million), Mokingran aims to leverage IPO proceeds to fuel growth and strengthen its financial position. (Source)

Mao Geping Cosmetics Aims to Raise $200-300 Million in Hong Kong IPO

Mao Geping Cosmetics, a Chinese beauty brand known for blending traditional aesthetics with modern formulations, plans to raise between $200 million and $300 million through an IPO on the Hong Kong Stock Exchange. The company reported a 47% year-on-year profit growth to $71 million (RMB 513 million) in the first half of 2024. China International Capital Corporation (CICC) is the appointed sponsor for the IPO. After withdrawing its A-share listing application earlier this year, Mao Geping has shifted its focus to Hong Kong, aiming to strengthen its market position and attract international investors. Pre-marketing for the IPO began on November 19, 2024. (Source)

Australia

HMC Capital's DigiCo REIT Launches $1.8 Billion IPO in Australia

HMC Capital, an Australian alternative asset management firm, is set to raise $1.8 billion through the IPO of its DigiCo REIT on December 12, 2024. DigiCo REIT, which focuses on data centers, will offer 399.1 million securities priced at A$5.00 each. HMC Capital itself will acquire 100 million shares, representing an 18.2% stake in the REIT, which is expected to generate a 4% annualized distribution yield for the fiscal year ending June 2025. The IPO marks Australia’s largest for 2024, with significant demand from both institutional and retail investors, prompting an A$100 million increase in the offering size. Post-IPO, DigiCo REIT will oversee 13 data center properties valued at A$4.3 billion. HMC’s total assets under management will increase by 73% to A$17.5 billion after the listing. (Source)

MENA

Talabat, Owned by Delivery Hero, Targets $1.5 Billion Dubai IPO

Talabat, a food delivery platform owned by German multinational Delivery Hero, is preparing for a $1.5 billion IPO on the Dubai Financial Market. The IPO, scheduled for December 10, 2024, will value Talabat at approximately $10 billion, with a 15% stake being sold. Proceeds will fund expansion efforts, including acquisitions and service upgrades across the eight countries where Talabat operates. Recent acquisitions, such as Zomato UAE and InstaShop, have bolstered Talabat’s position in the competitive MENA food delivery market. Dividend payments totaling $500 million are planned for 2025 and 2026, highlighting the firm’s strong financial outlook. Emirates NBD Capital, JPMorgan, and Morgan Stanley are leading the offering. (Source)

Dubai Financial Market and Mbank Introduce IPO Leverage Program

The Dubai Financial Market (DFM) has partnered with Mbank to launch the "IPO Upgrade" program, allowing investors to access leverage of up to five times their initial investments for selected IPO subscriptions. Regulated by the UAE Central Bank, the program aims to enhance participation in IPOs by offering easier access to funding. This initiative reflects growing investor appetite for IPOs in the region and a broader effort to boost market liquidity. Eligibility details and the application process can be accessed through the DFM mobile application. (Source)

Pure Harvest Aims for IPO in 2027/2028 Amid Global Expansion

Pure Harvest, a UAE-based agricultural technology firm, plans to go public in 2027 or 2028, aiming to raise $100 million. Specializing in controlled-environment agriculture, the company has expanded its operations beyond tomatoes to include diverse produce and value-added products. Pure Harvest currently operates in the UAE, Saudi Arabia, Kuwait, and Oman, with plans to expand into the U.S., Mexico, Morocco, and Singapore. Founded in 2017, the company’s strategy focuses on sustainable farming practices and addressing climate challenges through modern agricultural solutions. IPO preparations include securing later-stage investments from family offices and sovereign wealth funds. (Source)

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