The IPOX® Update 2/1/2025

U.S.

TJC Considers Sale or IPO of Silvus, Valuation Could Reach $5 Billion

Silvus Technologies, a radio technology provider owned by TJC, is exploring options for a sale or an IPO, potentially seeking a valuation as high as $5 billion. The decision between a sale and an IPO is still under consideration, and the company specializes in radio technology solutions. No definitive timeline for the IPO has been announced yet. (Source)

Histosonics, J&J-Backed Medtech Firm, Mulls US IPO with Multi-Billion Dollar Valuation Target

Histosonics, a medtech company backed by Johnson & Johnson, is considering a US IPO and may aim for a valuation of several billion dollars. The company operates in the medtech sector, though specific details about the IPO's size and timing remain undisclosed. This potential IPO marks a significant step for Histosonics as it explores entering the public markets. (Source)

SailPoint Eyes Public Market Return with Nasdaq IPO Aiming for $1 Billion

SailPoint Technologies, a cybersecurity firm, refiled for a Nasdaq IPO on January 17, 2025, with expectations to raise approximately $1 billion. Underwriters Morgan Stanley and Goldman Sachs are preparing for a potential launch as early as February 3, 2025. The company intends to use the IPO proceeds to reduce its $1.5 billion net debt. (Source)

Karman Space & Defense Files for US IPO on NYSE Targeting $250 Million

Karman Space & Defense has filed for an IPO on the NYSE, potentially raising around $250 million. Focusing on hypersonics and missile defense, Karman reported $331 million in revenue and $102.7 million adjusted EBITDA for the past year. The IPO reflects growing investor interest in the space and defense sectors. (Source)

Sionna Therapeutics Files for Nasdaq IPO to Fund Cystic Fibrosis Drug Trials

Sionna Therapeutics, a biotech company, has filed for a Nasdaq IPO to finance clinical trials for its cystic fibrosis treatment portfolio. The IPO is expected to launch in early February 2025, with Goldman Sachs and TD Cowen among the joint bookrunners. Sionna aims to use the IPO proceeds to advance Phase I and Phase II trials for its drugs. (Source)

Aardvark Therapeutics Files for Nasdaq IPO, Targeting Obesity and Prader-Willi Syndrome Drugs

Aardvark Therapeutics, an obesity drug developer, filed for a Nasdaq IPO on January 24, 2025, potentially launching as early as February 10, 2025. The company is currently conducting Phase III trials for a Prader-Willi Syndrome drug and Phase II trials for a radiation-induced obesity treatment. Aardvark will use IPO proceeds to advance its clinical programs. (Source)

Northpointe Bancshares Files for NYSE IPO to Fund Growth and Preferred Stock Repurchase

Northpointe Bancshares has filed for an NYSE IPO to fund company growth and potentially repurchase around $100 million of its outstanding preferred stock. KBW is the sole bookrunner for the offering. As of September 2024, Northpointe reported $5.4 billion in assets and $3.5 billion in deposits, offering mortgage and digital retail banking services nationwide. (Source)

Investcorp Considers Public Listing in 3-5 Years, Eyes US Retirement Savings Market

Investcorp, a global investment firm managing $55 billion in assets, is contemplating a public listing within the next 3-5 years, with potential venues including London or New York. The firm aims to double its assets under management to $100 billion and is exploring attracting investments from U.S. 401(k) retirement funds, reflecting a trend towards democratizing private market access. (Source)

Europe

EcoCeres Plans $5 Billion Europe IPO, Backed by Bain Capital

EcoCeres, a Bain Capital-backed sustainable fuel producer, is planning a significant IPO in Europe, targeting a valuation of approximately $5 billion. The IPO aims to support the company's growth in the sustainable energy sector, though specific details regarding the IPO date and exchange are yet to be announced. This IPO reflects the growing investor interest in renewable energy companies. (Source)

HBX Group IPO Books Fully Covered Throughout Price Range, Including Greenshoe

HBX Group's IPO books are fully covered throughout the price range of €10.50 to €12.50 per share, encompassing the full deal size including the greenshoe option. The IPO includes a €725 million offering of new shares and an offering of existing shares by selling shareholders. Trading on Spanish stock exchanges is expected around February 12, with effective trading via AQS from February 13. (Source)

Ferrari Group, Luxury Shipments Company, to IPO on Amsterdam Stock Exchange

Ferrari Group, an Italian luxury shipments company, is set to launch an IPO and list on the Amsterdam stock exchange in the coming weeks. The IPO will consist of a private placement of 25% of shares held by the founding family, offered to institutional investors. Ferrari Group operates in the luxury goods logistics market, valued at over €170 billion annually. (Source)

Bioversys Prices SIX IPO at CHF 36 Per Share, Aiming to Raise US$83 Million

Bioversys has priced its IPO on the SIX Swiss Exchange at CHF 36 per share, targeting to raise SFr75m (US$83m). Trading is expected to commence on February 7, and the IPO proceeds will support the development of its lead drug BV100 and tuberculosis treatment alpibectir. The company is expected to join the Swiss Performance Index shortly after listing. (Source)

Lufthansa Acquires 10% Stake in airBaltic Ahead of Planned 2026 IPO

Lufthansa has acquired a 10% stake in Latvia's airBaltic for approximately 14 million euros, structured as convertible shares, prior to airBaltic's planned IPO in early 2026. This acquisition is part of Lufthansa's strategy to strengthen its European presence and will provide airBaltic with additional funding for growth. The deal is expected to close in Q2 2025, pending regulatory approvals. (Source)

Voi Explores IPO After Reporting First Profitable Year in Shared Scooter Market

Voi, a shared scooter startup, is considering an IPO after achieving its first profitable year, signaling strong financial performance in the competitive shared mobility sector. While specific IPO details are yet to be announced, Voi's profitability enhances its attractiveness to investors. The company, based in Europe, is likely to pursue a listing on a European exchange. (Source)

Asia-Pacific

Rakuten Group Halts Rakuten Securities IPO Plans, Reapplies Later

Rakuten Group has decided to postpone the planned IPO of Rakuten Securities on the Tokyo Stock Exchange, reversing a temporary withdrawal from November 2023. Although the listing is delayed, Rakuten intends to reapply for the public offering at an unspecified later date. Mizuho Securities, which is increasing its stake in Rakuten Securities to 49%, will strengthen its collaboration with the company. (Source)

SGI Relaunches KRX IPO for $155.5 Million After Previous Cancellation

Seoul Guarantee Insurance (SGI) is relaunching its IPO on the Korea Exchange, aiming to raise W222 billion (approximately $155.5 million). This revived IPO is smaller than a previously planned W361.6 billion deal that was canceled due to unfavorable market conditions. Bookbuilding is scheduled from February 20-26, with pricing on March 4. (Source)

South Korea Implements Measures to Curb IPO Flipping, Promote Long-Term Investment

South Korea is introducing new regulations to curb IPO flipping, requiring institutional investors to commit to lock-up periods to encourage long-term investment. These measures, prompted by prevalent short-term trading in IPOs, will mandate that a portion of institutional allocations be reserved for committed investors, starting at 30% and increasing to 40% by 2026, to stabilize the IPO market. This follows LG CNS's planned W1.2 trillion IPO, where initial lock-up commitments were low. (Source)

MENA

Poultry Producer Entaj Launches Pre-Marketing for Tadawul IPO in Saudi Arabia

Entaj, a Saudi Arabian poultry producer, has commenced pre-marketing for its IPO on the Tadawul stock exchange, becoming the second IPO on Tadawul in 2025. The IPO comprises 9 million secondary shares, representing a 30% free-float, with the majority allocated to institutional investors and a portion for retail investors based on demand. SNB Capital is the sole bookrunner for this offering. (Source)

Middle East Equity Capital Markets Gear Up for Another Strong Year of Diversification with Active IPO Pipeline

The Middle East's equity capital markets anticipate another robust year, with IPO activity already showing signs of picking up momentum, following a strong year of diversification. Saudi Arabia is expected to lead in deal volume, particularly in the consumer, healthcare, and technology sectors, with several Tadawul listings anticipated before Ramadan. Notable upcoming listings in the region include Etihad Airways and Dubai Holding REITs. (Source)

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