The IPOX® Update 2/2/24

Douglas Sets Sights on €1 Billion IPO Amid Growth

German perfume retailer Douglas is preparing to go public as early as this month, aiming to raise €1 billion ($1.1 billion) to repay debt. The IPO is being led by Goldman Sachs, with private equity owner CVC considering a valuation of over €7 billion for Douglas. This move comes after Douglas reported a 12% increase in sales to €4.1 billion and a 22% rise in earnings. The company has ambitious mid-term goals, including a 7% annual sales growth and the opening of 200+ new stores in the next three years. Despite the weak performance of the German IPO market in 2023, with only 5 companies listing and a 77% drop in proceeds, CVC might offer a backstop for the IPO by using a margin loan against Douglas shares. (Source)


Public Property Invest Eyes IPO and Oslo Listing

Swedish real estate developer SBB's Norwegian associate, Public Property Invest, is exploring an IPO and listing in Oslo. Owning 44.8% of Public Property Invest, SBB is considering this move to access equity and credit markets more effectively and achieve an investment-grade status. Public Property Invest, with 48 properties valued at NOK 9 billion ($862.3 million), generates 92% of its rental income from the Norwegian state and municipalities. SBB is committed to supporting Public Property Invest in the long term without reducing its stake, despite the need to divest parts of its portfolio for liquidity amid rising interest rates. (Source)


Athens International Airport's High-Demand IPO

The IPO for Athens International Airport has been set at the high end of the range, raising at least €738 million ($802 million) and marking Athens' largest IPO in 20 years. The offering of 90 million shares, which represents a 30% stake in the airport, was oversubscribed hours after the books opened. In 2023, the airport connected Greece with 155 cities and handled 28 million passengers, indicating strong operational performance. AviAlliance is set to purchase a 10% stake at the offering price plus a premium, showcasing the high demand and potential growth catalyst for the Greek market. (Source)


Deutsche Entertainment AG Delays Re-IPO Plans

Concert organizer Deutsche Entertainment AG (DEAG) has postponed its planned Re-IPO on the Frankfurt Stock Exchange, initially targeting a €40-50 million raise. This decision reflects the current macroeconomic and geopolitical landscape. DEAG, focusing on its core markets in the UK and Germany, is in advanced talks for acquisitions, particularly in the Ticketing sector. The company is reconsidering the timing for its Re-IPO later this year, pending the completion of these strategic acquisitions. (Source)


Aadhar Housing Finance Aims for $600 Million Mumbai IPO

Owned by Blackstone, Aadhar Housing Finance is targeting a $600 million IPO in Mumbai, aiming for a valuation around $3 billion. This plan, set for this year, has selected financial advisors including ICICI Securities, Nomura, Citi, Kotak, and SBI Capital Markets. Initially considering a smaller IPO up to INR 40 billion ($491 million), the company has now filed a draft prospectus for a larger $1 billion IPO. This move is a significant development for the Indian real estate finance sector. (Source)


Raspberry Pi Confirms London IPO with Major Banks

Raspberry Pi has appointed Peel Hunt and Jefferies for a London IPO, demonstrating confidence in the UK market. CEO Eben Upton stated that there's no major benefit from a U.S. listing, highlighting that UK-listed firms can attract American investment. This decision comes after the company, known for its user-friendly coding computers, was valued at about $560 million following ARM Holdings' investment. Raspberry Pi's move is a sign of revival for London's IPO market, which has recently shown signs of downturn, with only $1 billion raised last year, marking the lowest in decades. Despite this, Upton emphasizes the importance of a compelling equity story to attract international investors. (Source)


Metals Acquisition Corp Plans IPO for CSA Copper Mine

Metals Acquisition Corp (MAC) is planning a A$300 million (approximately $198 million) IPO for the CSA copper mine in New South Wales. The mine, boasting a 150-year history, was acquired from Glencore by NYSE-listed MAC. Through the IPO, MAC aims to issue 17.65 to 18.75 million CHESS Depository Interests (CDIs), priced between A$16 to A$17, to repay Glencore, increase working capital, fund exploration and mine development, and cover offer costs. The offering, which excludes the US, includes institutional, broker firm, and priority offers opening on February 5, with settlement scheduled for February 14 and completion on February 15. The mine, which MAC bought for $1.1 billion, produces approximately 50,000 tonnes of copper annually and includes a 1.5% net smelter return royalty. (Source)


Thai Credit Bank's IPO Raises $282 Million

The IPO for Thai Credit Bank has successfully raised $282 million, with shares priced at 29 baht each, hitting the top end of the initial range. This marks Thailand's largest IPO in over a year, reflecting strong market interest. The shares are set to be listed on the Thai stock exchange on February 9. A total of 347 million shares were sold, closing the offer on January 26. Key investors include the International Finance Corp. and the Asian Development Bank. The presence of private equity backing and notable cornerstone investors adds credibility to the offering, indicating a robust demand for shares amidst a challenging market environment. (Source)


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Corporate action in the IPOX 100 Europe (IPOE) index