The IPOX® Update 2/14/2025

U.S. / North America

Klarna Reportedly Targeting US IPO in April with Valuation Up to $15 Billion

Swedish fintech giant Klarna is reportedly aiming for a US IPO in April, potentially seeking a valuation of up to $15 billion. Reported by the Financial Times, this IPO would mark a significant entry in the US market for the buy-now-pay-later company. However, these plans are still subject to market conditions and final decisions from Klarna. (Source)

Lummus Technology Plans $5 Billion US IPO Led by Goldman Sachs

Lummus Technology, backed by Rhone and Chatterjee, is planning a US IPO that could reach around $5 billion. Goldman Sachs has been chosen to lead the IPO, signaling a significant step for the technology company to enter the public market. Rhone and Chatterjee are actively involved in the IPO process, working towards the potential listing. (Source)

NielsenIQ Targets $1.25 Billion in US IPO, Working with JPMorgan Chase

Consumer intelligence giant NielsenIQ (NIQ), backed by Advent and KKR & Co., is aiming to raise approximately $1.25 billion in a US IPO, potentially as soon as this summer. The company is collaborating with JPMorgan Chase & Co. on the planned listing. A potential IPO could value NIQ, which helps retailers and manufacturers understand consumer buying behavior, at around $10 billion. (Source)

Kestra Medical Files for $100 Million IPO on Nasdaq

Kestra Medical Technologies, a wearable medical device company, has filed for a $100 million IPO, although this amount is a placeholder and could change. Kestra intends to list on the Nasdaq under the ticker KMTS. The company, which counts Bain Capital as a minor stakeholder, develops wearable cardioverter defibrillators, with BofA and Goldman Sachs among the lead bookrunners. (Source)

Aurion Biotechnologies Eyes Nasdaq IPO for Cell Therapy Advancement

Aurion Biotechnologies, a cell therapy biotech firm, has filed for a Nasdaq IPO, with JP Morgan and Bank of America as lead underwriters. The IPO is expected to price as early as mid-February. Aurion will use the proceeds to advance its cell therapy products, including Vyznova, an approved product in Japan, and its ongoing clinical trials in the US and Canada. (Source)

BitGo Considers IPO Amid Crypto Sector Rebound, Joining Crypto Firms Exploring Public Listings

BitGo, a crypto custody firm, is reportedly considering an IPO, potentially as soon as the second half of 2025, joining a wave of crypto-related companies exploring public listings. Influenced by the positive crypto market sentiment and President Trump's supportive stance, BitGo is in discussions with potential advisors for the IPO. This follows similar IPO considerations from crypto exchanges like Bullish and Gemini, indicating a growing trend in the crypto industry. (Source)

Aeromexico IPO in New York Faces Delay Due to Unfavorable Market Conditions

Aeromexico's planned IPO on the NYSE has been postponed due to unfavorable market conditions, according to the company's CEO. While the company is not in a rush to list, shareholders intend to proceed with the IPO when market conditions improve and allow for a successful offering. Previous reports suggested investors were seeking up to $500 million through the IPO, which has also been impacted by Mexican presidential elections and scrutiny of its joint venture with Delta Air Lines. (Source)

Fibra Uno Revives NEXT IPO in Mexico, Targeting Industrial Warehouse Operations

Fibra Uno is relaunching the IPO of its industrial warehouse operations, Fibra NEXT, after a previous attempt was cancelled in December 2023 due to REIT status issues. The revived IPO follows regulatory approval from Mexican tax authorities, clearing the path for the listing. The previously planned IPO size was Ps15.56bn (US$758m), with lead managers including BBVA and JP Morgan, aiming to attract a diverse investor base including pension funds. (Source)

Turo Inc Officially Withdraws IPO Plans, Citing Unfavorable Market Timing

Turo Inc, a peer-to-peer car sharing marketplace, has officially withdrawn its IPO plans, as indicated in an SEC filing. CEO Andre Haddad stated that the board decided "now is not the right time" for a public offering, despite profitability in 2022 and a recovery in 2024. Turo had originally filed for an IPO in January 2022 but has now decided to remain private amid ongoing market volatility. (Source)

Europe

Novo Banco IPO in Portugal Expected for Up to 30% Stake, Valuing Bank at €5 Billion

Portugal indicates that the anticipated IPO of Novo Banco will likely involve the sale of a 25-30% stake by majority owner Lone Star, potentially valuing the bank at around €5 billion. Novo Banco, created from the rescued Banco Espirito Santo, is Portugal's fourth-largest bank. Lone Star, holding a 75% stake since 2017, is expected to proceed with this partial stake sale through the IPO. (Source)

Deutsche Boerse Considers IPO of ISS Stoxx as General Atlantic Plans Exit

Deutsche Boerse is exploring a potential IPO for its index and analytics business, ISS Stoxx, as General Atlantic plans to exit its 20% stake. While also considering buying out General Atlantic's stake directly, Deutsche Boerse is evaluating an IPO in Europe as a viable option, in which it would retain a majority stake in ISS Stoxx post-listing. CEO Stephan Leithner has announced these IPO explorations are underway. (Source)

EQT-Backed Vet Group IVC Evidensia Mulls London Stock Exchange Listing

IVC Evidensia, Europe's largest veterinary group backed by EQT, is considering a London listing, potentially as soon as next year. This move, reported by the Financial Times, could result in one of London's largest IPOs in recent years. IVC Evidensia has been considered an IPO candidate since 2021, and a London listing would mark a significant return of larger IPOs to the London Stock Exchange. (Source)

Unilever Considers US Listing for Ice Cream Unit, Disappointing UK Business Minister

Unilever is weighing the US as a primary listing venue for its spun-off ice cream business, with Amsterdam now considered the primary listing location, and London and New York as secondary venues. This decision has drawn disappointment from the UK business minister, highlighting ongoing challenges for London in attracting major listings. Unilever cites higher inflation impacts on its ice cream business, particularly due to cocoa and chocolate costs. (Source)

CurrentBody Owner Plans £350 Million London Stock Market Listing for Beauty Device Retailer

The owner of CurrentBody, an online retailer of beauty devices, is planning a London stock market listing expected to be valued at £350 million. This potential IPO on the London Stock Exchange, reported by Sky News, signifies a notable listing for the UK market. However, details remain unconfirmed, and the IPO's success could boost London's appeal as a listing venue. (Source)

Asia-Pacific

JX Advanced Metals IPO in Japan Set to be Record-Breaking $3 Billion, Largest Since 2018

JX Advanced Metals, a subsidiary of Eneos, is planning an IPO on the Tokyo Stock Exchange aiming to raise approximately ¥460 billion ($3 billion), potentially the largest in Japan since SoftBank in 2018. Eneos intends to sell secondary shares, reducing its stake to 42.4% post-IPO, with shares initially offered at ¥862 each. The IPO is scheduled for listing on March 19, with about 70% of shares allocated to domestic investors and 30% internationally. (Source 1) (Source 2)

MMC Port Hires Banks for Over $1.34 Billion Malaysian IPO, Aiming to be Decade's Largest

MMC Port Holdings has enlisted CIMB, Maybank, RHB, and UBS for a Malaysian IPO anticipated to raise over 6 billion ringgit ($1.34 billion). Valuing MMC Port at over 25 billion ringgit, this IPO, expected in late 2025 or 2026, could be Malaysia's largest in more than ten years. MMC Port, Malaysia's leading port operator under MMC Corp, manages five ports along the Straits of Malacca, contributing to Malaysia's growing IPO market. (Source)

CNGR Advanced Material Targets $500 Million in Hong Kong Listing, Tesla Supplier

Chinese battery-component producer CNGR Advanced Material Co., a supplier to Tesla and other major companies, is aiming to raise $400 million to $500 million in a Hong Kong listing. Working with Huatai Securities and Morgan Stanley, CNGR joins a trend of mainland China-listed firms seeking Hong Kong listings after onshore IPO restrictions. CNGR, already listed in Shenzhen since 2020, is expanding its capital-raising avenues through this secondary listing. (Source)

Mixue Group Plans $500 Million Hong Kong IPO for Bubble Tea and Ice Cream Chain

Mixue Group, China's largest bubble tea, ice cream, and coffee chain, is planning a US$500 million Hong Kong IPO this month. Pre-marketing is scheduled to begin soon, with books opening later in February and pricing targeted for February 26, aiming for an early March listing. Despite being the second largest tea chain IPO in Hong Kong by size, Mixue aims for the largest market capitalization in the sector by offering a smaller stake. (Source)

MENA

Tabby Taps Banks for Potential IPO, UAE-Based Fintech Eyes Public Listing

Tabby, a UAE-based fintech company, is reportedly working with banks including HSBC, JPMorgan Chase, and Morgan Stanley for a potential IPO. Founded in 2019, Tabby, a buy-now-pay-later service, has achieved over $6 billion in annualised transaction volume and was last valued at $1.5 billion during its Series D funding round. While IPO plans are underway, final decisions regarding timing and size are yet to be determined. (Source)

Entaj IPO Opens Books on Tadawul, Aiming to Raise Up to US$120 Million for Poultry Producer

Saudi Arabian poultry producer Entaj has launched its IPO on the Tadawul stock exchange, opening books to raise up to SR450 million (US$120 million). Parent company Arasco is offering 9 million shares, representing a 30% free float, priced between SR46–SR50 each. SNB Capital is the lead manager for the IPO, with retail subscription planned for late February. (Source)

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