The IPOX® Update 1/18/24

Reddit Gears Up for March IPO

Social media platform Reddit is advancing towards its IPO in March 2024. The company plans a public filing by late February, followed by a roadshow in early March, aiming to complete the IPO by the end of March. Approximately 10% of Reddit's shares will be made available in the IPO, although the valuation is yet to be finalized. This anticipated event positions Reddit as a key player among the 2024 IPO candidates. Despite the significance of this move, a Reddit spokesperson has declined to comment on the IPO details. (Source)

China's Cybersecurity Watchdog Probes Shein Ahead of US IPO

China's cybersecurity watchdog is investigating fashion retailer Shein for its data handling practices ahead of its planned IPO in the US. The probe focuses on data protection of Shein's China-based staff, suppliers, and partners. This investigation is part of the requirements for Shein's New York listing and could potentially delay its IPO. Past similar probes have taken months to conclude, and any serious data handling issues might lead to the cancellation of Shein's IPO plans. This move by the Chinese Cyber Administration reflects the country's increasing control over tech companies' data handling, which has previously affected other firms' US listing efforts. (Source)

Deutsche Entertainment AG to Relist on Frankfurt Stock Exchange

Deutsche Entertainment AG (Deag), a major player in Germany's live entertainment sector, is planning a return to the Frankfurt Stock Exchange. Aiming to raise between €40-50 million, the company delisted during the pandemic. In 2022, Deag reported revenues of €325 million, ranking second in the German live entertainment industry. The firm's focus is on expanding its profitable ticketing business, including platforms like myticket.de, which showed a 40% EBITDA margin in 2022. The move comes as competitors such as Eventim and Live Nation are expecting record revenues, attributed to major tours and increased ticket prices. (Source)

Pertamina International Shipping Eyes IPO for Expansion

Pertamina International Shipping (PIS), a subsidiary of Indonesian state firm Pertamina, is considering an IPO in 2023 to fund its expansion. The company plans to enhance its fleet with six very large gas carriers this year, having recently launched two. Additionally, PIS has signed a deal with Hyundai Mipo Dockyard for 15 medium range tankers, representing a $700 million investment. These tankers, to be delivered by 2026, are aimed at transporting fuel, crude oil, and petrochemicals, primarily in the Asia Pacific market. (Source)

Kyverna Therapeutics Announces IPO Amid Biotech Market Revival

Biotech firm Kyverna Therapeutics has announced its IPO plans, targeting the recovering biotech market. The company intends to use the IPO funds for its cell therapy research, including the lupus treatment KYV-101. Kyverna's shares will trade on Nasdaq under the symbol KYTX, making it the fifth biotech firm to file for an IPO in January 2024. This reflects growing market optimism, in contrast to the low number of drugmaker IPOs in 2022. Kyverna's lead program, KYV-101, initially aimed at lymphoma, is now focusing on lupus, with plans to address lupus nephritis, systemic sclerosis, and neurologic conditions. (Source)

Alto Neuroscience Files for $100 Million IPO

Alto Neuroscience, Inc. has filed for a $100 million IPO to further develop treatments for CNS disorders. The company's lead drug candidate, ALTO-100, is in Phase 2 trials for major depressive disorder and PTSD. With a projected global market for depression treatment reaching $16.8 billion by 2032, Alto Neuroscience is in a significant position. Despite having no revenue, the company's financial status reflects typical R&D expenses for a biopharmaceutical firm. Alto's pipeline also includes ALTO-300, in Phase 2 trials for treating major depressive disorder. The IPO valuation is estimated between $100 million to $200 million, with the pricing date yet to be announced. (Source)

NeOnc Technologies Upsizes IPO to $75 Million

NeOnc Technologies Holdings, Inc. is increasing its IPO size to $75 million, up from the initial $50 million. The raised funds will support the development of brain cancer therapies, although specifics were not detailed in the SEC filing. The company plans to list on Nasdaq under the ticker NTHI. Loop Capital Markets has been designated as the sole bookrunner, with Maxim Group and Brookline Capital Markets as co-managers. Based in Los Angeles, NeOnc focuses on treatments for recurrent malignant glioma and meningioma, with its lead product candidate NEO100 in Phase 2 testing. (Source)

Kaspi.kz Shareholders to Sell Shares in US IPO

Shareholders of Kazakhstan-based Kaspi.kz plan to sell 9 million American depositary shares in a US IPO, valued at about $873 million based on current prices. Chairman Vyacheslav Kim, CEO Mikheil Lomtadze, and Asia Equity Partners Ltd. are the selling shareholders. Kaspi.kz operates a popular Super App in Kazakhstan, with 13.5 million average monthly active users as of September 30. The company's post-IPO market value is estimated at $18 billion, with a net income of $1.27 billion on $2.83 billion revenue for the first nine months. The IPO is led by Morgan Stanley, JPMorgan Chase, and Citigroup, and will be listed on Nasdaq under KSPI. (Source)

Xiaocaiyuan International Holding Files for Hong Kong IPO

Restaurant chain Xiaocaiyuan International Holding has filed for an IPO in Hong Kong, aiming to raise funds for its network expansion. The potential IPO, which could raise around US$200 million, is coordinated by UBS and Huatai Financial. Harvest Capital, the sole external investor, injected 500 million yuan (US$69.7 million) in December. Xiaocaiyuan, known for offering Anhui province cuisine, operates over 500 restaurants across China. The company reported a profit of 429 million yuan in the first nine months of 2023. This filing is indicative of the optimism in the Hong Kong IPO market, which has seen nine companies file this year so far. (Source)