The IPOX® Update 1/25/2025
U.S.
Voyager Technologies Confidentially Files for US IPO, Valuation Expected Between $2 Billion and $3 Billion
Voyager Technologies, a company operating in the space and defense sectors, has confidentially filed for a U.S. IPO. The company's valuation is expected to be between $2 billion and $3 billion. The IPO filing was submitted confidentially on January 21, 2025, indicating the IPO process is underway. (Source)
Odyssey Therapeutics Files for Nasdaq IPO to Fund Upcoming Phase II Trial
Odyssey Therapeutics, a biotech company partnered with Johnson & Johnson and Pfizer, has filed for a Nasdaq IPO, with a launch planned for the first week of February 2025. The IPO bookrunners are Goldman Sachs, Jefferies, and TD Cowen. Odyssey, having recently completed a Phase I trial, intends to use the IPO proceeds to fund a future Phase II trial for its ulcerative colitis treatment. (Source)
SailPoint Files for US IPO on Nasdaq to Reduce Debt Post-Acquisition
SailPoint, a cybersecurity company specializing in identity and access management software and owned by Thoma Bravo, has filed for a U.S. IPO on the Nasdaq Global Select Market under the ticker 'SAIL'. Aiming to relist after being taken private in 2022, the company plans to utilize the IPO proceeds to reduce debt and strengthen its financial position. Morgan Stanley and Goldman Sachs are the lead underwriters for this offering. (Source)
Metsera Files for Nasdaq IPO to Advance Development of GLP-1 Weight Loss Drug
Metsera has filed for a Nasdaq IPO, strategically aiming to capitalize on the high investor interest in the burgeoning GLP-1 weight loss drug market. The IPO is anticipated to launch in late January 2025, with prominent firms like Bank of America and Goldman Sachs serving as joint bookrunners. Having already secured $500 million through private placements, the company intends to allocate IPO funds to fully finance a Phase III trial for its long-acting GLP-1 drug and to support further pipeline development. (Source)
Bain-Backed Cardiac Device Makers Kestra and Heartflow Plan US IPOs This Year
Kestra Medical Technologies and Heartflow, two cardiac medical device manufacturers with backing from Bain Capital, are reportedly planning to launch their IPOs in the U.S. market sometime in 2025. Both companies are focused on the innovative development and manufacturing of cardiac medical devices, and their IPO plans were initially disclosed by the Financial Times. (Source)
Inceptio Technology Considers US IPO to Raise $100-$200 Million for Autonomous Driving Expansion
Inceptio Technology, a Chinese firm specializing in autonomous driving solutions specifically for heavy-duty trucks, is actively considering a U.S. IPO that has the potential to raise between $100 million and $200 million. The company, supported by notable investors including CATL and Meituan, is exploring the possibility of launching this IPO as early as within 2025 to fuel its growth in the autonomous vehicle sector. (Source)
British Fintech Monzo Evaluates US for Potential IPO Listing to Tap Larger Investor Base
British fintech firm Monzo, known for its digital banking services, is currently evaluating the U.S. as a primary listing venue for its potential IPO, as its board engages in discussions to determine the most advantageous location for going public. With the U.S. market under serious consideration, the move indicates a strategic interest in accessing a broader and deeper pool of investors, though specific details regarding the IPO timeline and size are still pending. (Source)
US ECM Syndicate Desks Report Slow January but Anticipate IPO Market Recovery Soon
US ECM syndicate desks are observing the slowest January for IPO activity since 1995, however, there was noted success with Flowco, an oilfield services firm, which recently priced a $427.2m NYSE IPO. Despite the sluggish start to the year, there's an expectation for a rebound in the IPO market in the near future, amid Venture Global's NYSE IPO highlighted as a significant event that could stimulate market activity. (Source)
NYSE Executive Predicts Robust US IPO Market Recovery in 2025 Driven by Economic Factors
A leading NYSE executive is forecasting a strong resurgence in U.S. IPO activity throughout 2025, attributing this optimistic outlook to a combination of a robust U.S. economy and anticipated reductions in interest rates. Furthermore, potential forthcoming changes at the SEC are expected to streamline the IPO process, potentially making it more appealing for private companies to transition to the public markets. (Source)
Europe
Bain Capital-Backed EcoCeres Considers $5 Billion IPO in Europe, with London as a Possible Venue
EcoCeres Inc., a sustainable fuel producer supported by Bain Capital, is exploring a potential European IPO that could value the company at approximately $5 billion. The IPO, with London being considered as a primary listing location among other European exchanges, is expected to target raising between $500 million and $1 billion to support the company's expansion in the renewable fuels sector. (Source)
Diagnostyka IPO on Warsaw Exchange Aims for US$419 Million to Fuel Medical Imaging Expansion
Diagnostyka's IPO, scheduled to debut on February 7, 2025, on the Warsaw Stock Exchange, is valued at up to US$419 million (approximately 1.7 billion zlotys), with an initial share price range set between 95.0 and 105.0 zlotys. This IPO represents the divestment of private equity firm MidEuropa's entire stake in Diagnostyka, and the company is expected to leverage its market leadership to pursue further mergers and acquisitions within the medical imaging sector post-listing. Citigroup and Jefferies are acting as joint bookrunners for the offering. (Source 1) (Source 2)
Swiss Biopharma BioVersys Plans CHF 80 Million IPO on SIX Swiss Exchange for Drug Development Programs
BioVersys, a Swiss biopharmaceutical company focused on novel therapies, is preparing for an IPO on the SIX Swiss Exchange in Q1 2025, with a target raise of approximately CHF 80 million (around $88 million). The capital raised from this primary-only IPO is primarily intended to propel the clinical development of BioVersys' leading drug candidate, BV100, through Phase 3 trials, as well as to support the Phase 2 advancement of alpibectir for tuberculosis treatment. (Source)
Asia-Pacific
LG CNS IPO Prices at Top Range, Set to Become South Korea's Largest in Three Years, Raising US$824 Million
LG CNS, a prominent IT services provider, has priced its IPO at the upper limit of its projected range at 61,900 won per share, successfully raising 1.2 trillion won (US$824 million), which is expected to be the largest IPO on the Korea Exchange in three years. This significant IPO reflects strong investor confidence in the South Korean technology sector and the company's growth prospects, with the raised capital allocated for strategic initiatives including facility enhancements, mergers and acquisitions, and debt reduction. The listing is scheduled for February 5, 2025. (Source)
Philippine Water Giant Maynilad Plans IPO up to US$1 Billion for Infrastructure Development
Maynilad Water Services, a leading water and wastewater service provider in the Philippines, is advancing its plans for a substantial IPO that could potentially generate between US$750 million and $1 billion, and is anticipated to value the company at over $3 billion. The IPO is targeted for launch as early as the second half of 2025, with major financial institutions like HSBC, Morgan Stanley, and UBS engaged as underwriters, in line with Maynilad's regulatory requirement to become publicly listed by January 2027. (Source 1) (Source 2)
Sunway Healthcare Group Pursues $675 Million IPO in Malaysia to Fund Expansion and Growth
Sunway Healthcare Group, a significant operator of hospitals across Malaysia, has appointed a consortium of banks, including CIMB and UBS, to manage a Malaysian IPO aiming to raise in excess of 3 billion ringgit ($675 million). The IPO, projected to take place in either the latter part of 2025 or in 2026, could potentially value Sunway Healthcare at over 15 billion ringgit and is strategically planned to support the company's ambitious expansion plans, including increasing its hospital bed capacity to over 3,000 by 2030. (Source)
Chinese Soda Maker Dayao Considers $500 Million Hong Kong IPO Amid Improving Market Conditions
Dayao, a Chinese soda manufacturer seeking to capitalize on market recovery, is evaluating a Hong Kong IPO to raise approximately $500 million in growth capital, with a targeted listing timeframe in the second half of 2025. This IPO initiative is viewed as a component of a broader positive trend in Hong Kong's IPO market, signaling a gradual rebound and renewed confidence in the city as a major financial hub for listings. (Source)
Goertek Microelectronics Files for Hong Kong IPO Aiming to Secure $300-$400 Million for Technological Advancement
Goertek Microelectronics, a key subsidiary of Shenzhen-listed Goertek specializing in advanced acoustic and sensor technologies, has officially submitted its filing for a Hong Kong IPO, with ambitions to raise between US$300m and $400m. The company, known for producing high-performance MEMS microphones and sensors vital for consumer electronics and automotive applications, has enlisted CICC, China Securities International, CMB International, and UBS to spearhead its Hong Kong listing endeavor. (Source)
Oman's Asyad Shipping IPO Expected to Raise Up to US$376 Million with Strong Early Investor Commitments
Asyad Shipping Company's IPO on the Muscat Stock Exchange in Oman is anticipated to raise up to US$376m, with a potential upside to US$430m contingent on full exercise of over-allotment options. Demonstrating robust early investor interest, commitments already account for 30% of the deal, setting a positive stage as the IPO is slated to commence bookbuilding in early February, aiming for listing before the Ramadan period. (Source)
SGI Revives KRX IPO in February, Targeting US$155.5 Million to Facilitate Privatization
Seoul Guarantee Insurance (SGI) is set to relaunch its previously delayed IPO on the Korea Exchange in February 2025, aiming to raise W222bn (US$155.5m) through the offering of secondary shares. This IPO marks a significant step in the privatization process, with state-run Korea Deposit Insurance Corp (KDIC) acting as the selling shareholder, as the South Korean government progresses with its plan to reduce its stake in SGI. The bookbuilding is scheduled from February 20–26. (Source)
Changxin Memory Technologies Mulls $1 Billion Hong Kong IPO for Expansion Amid Geopolitical Challenges
Changxin Memory Technologies (CXMT), a Chinese manufacturer of memory chips, is actively considering a Hong Kong IPO as early as this year, potentially seeking to raise around US$1 billion in capital. Despite recent geopolitical headwinds, including being placed on the US Department of Defense blacklist, CXMT is moving forward with its IPO plans, having previously explored a listing on Shanghai’s STAR board, signaling its ambition to expand in the global semiconductor market. (Source)
Fosun's Shanghai Yuyuan Explores Second Hong Kong Listing to Raise Over $300 Million for Growth Initiatives
Shanghai Yuyuan Tourist Mart Group Co., the diverse retail and cultural business unit of Fosun International, is currently exploring the possibility of a secondary listing in Hong Kong, which is projected to raise in excess of $300 million. This strategic financial maneuver is part of a growing trend among companies already listed on mainland exchanges to seek additional fundraising and enhanced market visibility through listings in Hong Kong. (Source)
Toy Company 52Toys Plans Hong Kong IPO to Fuel Expansion in Collectibles Market
52Toys, a Chinese toy company specializing in collectible assembly toy characters, is engaging in discussions with financial institutions regarding a potential Hong Kong IPO that could generate between US$100 million and US$200 million. Established in 2015, the company is aiming for a Hong Kong listing in the latter half of 2025 to support its expansion and product development in the rapidly growing collectibles market, leveraging both proprietary and licensed intellectual property. (Source)
South Korea Implements Stricter IPO Listing Rules to Enhance Long-Term Market Value and Global Standing
South Korea's Financial Services Commission has officially announced the implementation of more stringent regulations governing stock market listings, with the explicit aim of bolstering the overall quality, transparency, and international competitiveness of the South Korean stock market. These regulatory changes, embodied in the 'Corporate Value-up Programme', represent a strategic effort to address the long-standing 'Korea Discount' by fostering investment decisions grounded in intrinsic value and improved corporate governance practices. Implementation of these measures is expected to begin as early as the first quarter of 2025. (Source)
MENA
Etihad Airways and flynas Spearhead Gulf Carrier IPO Trend Amid Economic Diversification and Aviation Growth
Etihad Airways and flynas are leading a significant trend of IPOs among Gulf-based airlines, marking the first public listings from this sector in the region in nearly two decades, as Gulf states strategically diversify their economies away from a heavy reliance on oil. Etihad is aiming to secure around $1 billion through the sale of a 20% stake, while flynas is pursuing a listing in Riyadh, as both carriers seek to capitalize on the expanding air passenger market in the Middle East and support ambitious growth strategies in tourism and aviation sectors. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
