The IPOX® Update 1/19/24

Air Astana Sets Date for London IPO in February

Air Astana, Kazakhstan's national carrier, partially owned by BAE Systems and Samruk-Kazyna, has confirmed its IPO in London for February. The airline plans to list Global Depositary Receipts (GDRs) in London and shares on the Astana International Exchange (AIX) and the Kazakhstan Stock Exchange (KASE). The IPO aims to raise $120 million through the sale of new shares, resulting in at least 25% of Air Astana's share capital being freely traded post-IPO. The management roadshow is set to begin on January 29, ahead of the listing. Citi and Jefferies are the joint global coordinators for this IPO, with multiple firms involved in bookrunning and management. (Source)

South Korea's Kbank Resumes IPO Plans

South Korean internet-only bank Kbank is resuming its IPO plans this year, after previously withdrawing due to unfavorable market conditions. The company is in the process of re-selecting underwriters. Investment industry experts anticipate Kbank's valuation to be around 5 trillion won ($3.73 billion), a notable adjustment from the 2022 expected valuation of at least 7 trillion won, which had dropped below 4 trillion won. Kbank's capital stood at 1.8 trillion won, and based on KakaoBank's price-to-book ratio, a valuation over 4.27 trillion won is suggested. Improved financial health and trends in KakaoBank's shares have boosted Kbank's IPO prospects, with analysts suggesting the valuation could exceed 5 trillion won. The global interest rate cuts may further aid this valuation. Kbank's unlisted shares were last traded at 11,200 won, indicating a market cap of approximately 5.15 trillion won. (Source)

BBB Foods Files for U.S. IPO

Mexican grocery chain BBB Foods has filed for an IPO in the United States. While details on the offer size or price range have not yet been provided, the company operates over 2,250 hard discount grocery stores in Mexico, primarily serving low and middle-income households. Emphasizing private label products as a core strategy, BBB Foods reported a revenue of 23.09 billion Mexican pesos (approximately $1.34 billion USD) in 2021, which increased to 32.58 billion Mexican pesos ($1.9 billion) in 2022. The company plans to list on the New York Stock Exchange under the ticker symbol "TBBB." This move signifies BBB Foods' expansion into international markets and highlights the growth potential of the grocery sector in emerging economies. (Source)

CG Oncology Increases IPO Size to $201 Million

California-based biotechnology firm CG Oncology has announced an increase in its IPO size to $201 million, up from the initial $100 million. The company plans to offer 11.8 million shares priced between $16 and $18 each. If priced at the midpoint, the IPO could raise around $201 million. Underwriters have been granted a 30-day option to purchase an additional 1.8 million shares. CG Oncology specializes in bladder-sparing therapy for bladder cancer and aims to list on the Nasdaq under the symbol CGON. Underwriters for this IPO include Morgan Stanley, Goldman Sachs, Cantor, and LifeSci Capital. (Source)