The IPOX® Update 3/1/2025
U.S.
CoreWeave Said to File $4B IPO Shortly
CoreWeave, an Nvidia-backed cloud computing firm, is reportedly preparing to file for a US IPO aiming to raise approximately $4 billion. The company is seeking a valuation of $35 billion or more and the confidential filing could occur as early as next week. CoreWeave has been financially preparing for this move, securing a $650 million credit line in October and having previously raised $12.7 billion in equity and debt. (Source)
Holcim North America Business Spin-off "Amrize" Files with SEC
Holcim has filed a Form 10 with the SEC for the planned spin-off of its North American business, which will be named Amrize. Amrize intends to list on the New York Stock Exchange (NYSE) under the ticker symbol 'AMRZ' and is expected to complete the spin-off by the end of the first half of 2025. A secondary listing on the SIX Swiss Exchange is also planned. Amrize aims to become North America's leading building solutions company. (Source 1) (Source 2)
Northern Data Considers U.S. IPO for AI Units, Frankfurt Uplisting for Parent Company
Northern Data, a German cloud and data center company, is considering a U.S. IPO for its AI cloud computing and data center units, Taiga Cloud and Ardent Data Centers, potentially on Nasdaq and aiming for a valuation of around $16 billion. This U.S. IPO is targeted for as early as the first half of 2025. Simultaneously, the parent company, Northern Data, is planning to uplist to the Prime Standard segment of the Frankfurt Stock Exchange in 2025 to enhance liquidity and broaden its investor base in Europe. (Source)
Uber Rival Bolt Explores Potential US Listing
Bolt Technology OU, an Estonian mobility firm and competitor to Uber, is working with advisors to explore strategic options including a potential IPO, with a US listing being considered as soon as next year. While a European listing is also a possibility, the company, valued at €7.4 billion in a 2022 funding round, is still evaluating different venues to raise capital. Bolt secured a €220 million credit facility last year to prepare for a potential IPO. (Source)
Europe
Olam Food Ingredients Gears Up for London IPO
Olam Food Ingredients (OFI) is actively preparing for a dual listing on the London Stock Exchange (LSE) and Singapore Exchange, with the London listing taking priority. This follows the partial sale of Olam Agri, where Salic increased its stake to 80%. The OFI IPO, which could raise between US$1.9 billion and $2.5 billion (£1.5bn–£2bn), was initially delayed but is now expected to proceed, though not before summer. Several major banks including Citigroup, HSBC, JP Morgan, and Morgan Stanley are involved in the listing. (Source 1) (Source 2)
Asia-Pacific
Mixue Tea Chain IPO Sees Overwhelming Demand in Hong Kong
Mixue Group's Hong Kong IPO is experiencing exceptional demand, with retail subscriptions reaching a record HK$1.8 trillion and being oversubscribed by more than 5,250 times. Institutional books are also well-covered. The milk tea chain sold 17 million shares at HK$202.50 each, valuing the company at US$9.8 billion and making it the largest listed milk tea company in Hong Kong. The strong IPO demand has positively impacted other Chinese tea chain stocks listed in Hong Kong. (Source)
JX Advanced Metals Launches $2.7B Tokyo IPO
JX Advanced Metals (JXAM), a metals unit of ENEOS Holdings, has commenced its roadshow for a ¥401 billion (US$2.7 billion) Tokyo IPO, marking Japan’s largest IPO since 2018. The IPO involves offering 465 million secondary shares at ¥862 each, representing 57.6% of JXAM’s share capital and projecting a market capitalization of ¥800 billion. Bookbuilding is scheduled for March 3-7, with listing expected on March 19. Approximately 70% of the deal is allocated to domestic investors and 30% to international investors. (Source)
Hong Kong to Launch Channel to Speed Up Technology Listings
Hong Kong Exchanges and Clearing (HKEX) is introducing a 'technology enterprises channel' to expedite the listing process for technology and biotech companies, particularly those already listed in mainland China. This initiative is designed to make Hong Kong a more attractive IPO venue. The Securities and Futures Commission will support the exchange in streamlining application processes as part of broader reforms to enhance Hong Kong's equity markets. (Source)
Biren Revisits $300 Million Hong Kong IPO Plan
Biren, a Chinese AI chipmaker, is reportedly planning to revive its IPO in Hong Kong with a target of raising $300 million. The company is revisiting its listing plans amidst a renewed interest in Chinese technology stocks and a push from Hong Kong to attract more tech listings. (Source)
MENA
Saudi PIF-Backed Developer Umm Al Qura Draws Massive Orders for IPO
Umm Al Qura for Development and Construction (SNG), a Saudi Arabian developer backed by the Public Investment Fund (PIF), has priced its IPO at SAR 15 per share, the top end of its range, giving it a market capitalization of SAR 21.58 billion ($5.75 billion). The institutional offering was massively oversubscribed, drawing SAR 473 billion ($126 billion) in orders, representing a 241 times oversubscription rate. The retail subscription period is scheduled for March 5-9. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
