The IPOX® Update 1/12/24

Shein Faces Delays in U.S. IPO Amid Regulatory Compliance

Shein, a leading player in the fast-fashion industry, is encountering potential delays in its U.S. IPO due to compliance with Chinese listing regulations. The company, which filed for its IPO with both the China Securities Regulatory Commission and the U.S. authorities in November, is now navigating the complexities of regulatory approval from the Chinese government. This development comes as Shein seeks to expand its global presence, but the immediate implications of these regulatory procedures remain unclear, as both Shein and the CSRC have not responded to inquiries. (Source)

Air Astana Targets IPO for Global Expansion

Air Astana, the Kazakhstani airline jointly owned by British BAE Systems and Kazakhstan's sovereign wealth fund, is planning an IPO in both London and Kazakhstan. This move, anticipated to raise about $120 million, aims to support fleet and network expansion, countering the setbacks faced during the pandemic and recent geopolitical tensions. The IPO is a significant step for the aviation industry, signaling confidence and potentially boosting London's stock markets. The offering will include new shares, global depositary receipts, and sales of existing holder stakes, with a focus on expanding its fleet, including Airbus SE A320 and A321 aircraft. (Source)

LianLian DigiTech Re-applies for Hong Kong IPO

LianLian DigiTech, a notable competitor of Ant Group, is making a second attempt at a Hong Kong IPO, with an aim to enhance its technological capabilities and expand its global footprint. Initially targeting a $500 million raise, the company might now seek a lesser amount due to current market conditions. The IPO, coordinated by CICC and JPMorgan Chase, will support LianLian's ambitious plans, including an advanced payment platform, AI-enhanced risk management, and data center expansion. With 64 global licenses, the company’s expansion targets include Southeast Asia, the Middle East, and South America. This move comes as Hong Kong's IPO market seeks recovery, having raised $5.9 billion and ranking 8th globally in 2023. (Source)

Airwallex Prepares for IPO in Next Two Years

Airwallex, an Australian cross-border payment services firm, is preparing for an IPO within the next two years, targeting a significant exit for its early investors. Valued at $5.6 billion in 2023, Airwallex focuses on cross-border money transfers and foreign currency accounts for businesses. The company is currently strengthening its compliance and risk management structures, addressing concerns raised in internal audits, and working to improve its corporate culture following high staff attrition in key teams. This planned IPO is a pivotal move for Airwallex as it continues to expand its global footprint in the financial services sector. (Source)

Lion Air Eyes IPO in Jakarta to Raise $500 Million

PT Lion Mentari Airlines (Lion Air), Indonesia's largest private carrier, is considering reviving its IPO in Jakarta, potentially raising $500 million. Aiming for a launch as early as the end of this year, the IPO's size and timing are still under discussion. This move would mark a significant boost for Indonesia's IPO market, which saw $3.6 billion raised through IPOs last year, placing it sixth globally in the number of IPOs and ninth in proceeds. Lion Air, operational since 2000 and part of the Lion Group, had previously planned an IPO in 2019, but it was delayed due to the COVID-19 pandemic and the 2018 Boeing 737 Max crash. (Source)

Hellman & Friedman Exploring Sale or IPO of Enverus

Hellman & Friedman is exploring options for the sale or IPO of Enverus, an energy data analytics platform, with a potential valuation exceeding $5 billion. Acquired by Hellman & Friedman in 2021 for $4.25 billion, including debt, and with Genstar Capital as a minority investor, Enverus has shown significant growth, exceeding $500 million in annual recurring revenue last year. The company, founded in 1999, offers critical software solutions for cash management, reporting, and compliance in the energy sector. The final decision on whether to proceed with a sale or an IPO is still under deliberation, with discussions in the early stages. (Source)