The IPOX® Update 3/8/2025

U.S.

CoreWeave Files for Nasdaq IPO, Targeting $4 Billion Raise and $35 Billion Valuation

Nvidia-backed cloud computing firm CoreWeave has filed for an IPO of Class A common stock on the Nasdaq under the ticker symbol 'CRWV'. The company is targeting a valuation greater than $35 billion and aims to raise over $3-4 billion. CoreWeave's revenue increased eightfold in 2024 to $1.92 billion, though net losses widened to $863.4 million. The IPO is expected to price later in March, with Morgan Stanley, JPMorgan, and Goldman Sachs leading a 14-firm syndicate. Notably, Nvidia beneficially owned 6.07% of Class A common shares prior to the offering, while funds managed by Magnetar Financial LLC owned 34.53%. Microsoft is a major customer with a $10 billion commitment through 2030. (Source 1) (Source 2) (Source 3)

Klarna Set to File for $1 Billion-Plus IPO in New York

Swedish fintech company Klarna is reportedly planning to file for an IPO on a New York exchange. The offering size is expected to be $1 billion or more, with the filing potentially happening as soon as next week. Klarna is one of Europe's most valuable fintech companies and offers "buy now, pay later" services that have gained significant popularity in recent years. The company's decision to list in New York rather than Europe highlights the continued attraction of U.S. markets for high-growth technology companies seeking liquidity and higher valuations. (Source)

StubHub Exploring IPO, Aiming to Raise More Than $1 Billion

Ticket reselling platform StubHub has recently held preliminary talks with bankers about a potential IPO before the end of 2025, aiming to raise more than $1 billion. The company reportedly told Wall Street analysts at an investor meeting that it's targeting a public offering after previously considering an IPO last year at a $16.5 billion valuation, which was shelved due to market conditions. Founded in 2000 and acquired by ViaGogo for $4 billion in 2019, StubHub experienced a dramatic turnaround after the pandemic decimated about 95% of its business. Despite industry concerns about slowing growth in ticketing, StubHub executives report continued strong performance, with gross ticket sales growing by nearly 50% in the last quarter of 2024. (Source)

Seven & i Plans IPO of North America Unit (7-Eleven) for U.S. Exchange

Japanese retail giant Seven & i Holdings plans to list its North American convenience store business (SEI) on a major U.S. stock exchange. The IPO is targeted for the second half of 2026 or later and is expected to raise 1 trillion yen (approximately $6.8 billion) or more. Seven & i will maintain a majority stake in the business after the IPO, which aims to capitalize on 7-Eleven's market leadership position. The IPO proceeds will contribute to funding a ¥2 trillion share buyback program, which will also be funded by the sale of the Superstore Business Group to Bain Capital. In connection with these strategic changes, the company has appointed Stephen Hayes Dacus as the new president and CEO. (Source 1) (Source 2)

Gemini Files Confidentially for IPO with Goldman Sachs and Citigroup

Cryptocurrency exchange Gemini, backed by billionaire twins Tyler and Cameron Winklevoss, has filed confidentially for an IPO in the U.S. The company is working with Goldman Sachs and Citigroup as underwriters for the potential offering, which could happen as early as 2025. This development follows the closure of an SEC investigation that ended with no action, although Gemini previously paid $5 million to settle a Commodity Futures Trading Commission lawsuit in January. The potential IPO comes amid a more crypto-friendly environment under the Trump administration, with the Winklevoss twins among approximately 30 crypto executives who recently attended the Digital Assets Summit at the White House. The brothers, who gained prominence from their dispute with Mark Zuckerberg over Facebook ownership, currently operate Gemini with over 500 employees across global offices. (Source)

Figma Exploring IPO After Failed Adobe Acquisition

Cloud-based design platform Figma has recently met with investment banks to discuss a potential IPO that could happen as early as 2025. This move comes after European and U.S. regulators blocked Adobe's $20 billion acquisition of Figma in 2023, with Adobe later paying Figma a $1 billion breakup fee. Following the failed acquisition, Figma raised additional funding at a $12.5 billion valuation. CEO Dylan Field has indicated that due to regulatory scrutiny, another sale attempt is likely off the table, making a public offering the logical next step. The company has expanded its product offerings and now employs more than 1,400 people globally, with over 85% of weekly active users outside the United States and more than half of its revenue coming from international customers. (Source)

Hinge Health Preparing to File for IPO as Soon as This Week

Digital physical therapy startup Hinge Health is preparing to file for an IPO as soon as this week, with a potential public offering as early as April 2025. The San Francisco-based company generated $390 million in revenue in 2024, with $45 million in free cash flow and approximately 78% gross margins. Hinge Health has raised over $1 billion from investors including Tiger Global and Coatue Management, reaching a $6.2 billion valuation in October 2021. Founded in 2014 after the founders' own frustrating physical rehabilitation experiences, the company helps patients recover from musculoskeletal injuries at home through virtual exercise therapy and an electrical nerve stimulation device. Reportedly about four times larger than its closest competitor, this IPO is being closely watched as a potential positive indicator for the digital health sector. (Source)

Kraken Preparing for IPO in Early 2026

Cryptocurrency exchange Kraken is preparing to go public as early as Q1 of 2026. The company's revenue more than doubled to $1.5 billion last year, and its IPO plans are influenced by a more relaxed regulatory environment under the Trump administration. This follows the SEC's agreement to dismiss its lawsuit against Kraken, alongside dropping lawsuits and investigations against other crypto companies including Coinbase, Robinhood, OpenSea, Consensys, and Uniswap. The improved regulatory landscape has prompted several crypto firms to evaluate IPOs, including Circle, BitGo, Bullish, and Gemini. Kraken is one of the oldest and most established cryptocurrency exchanges, having been founded in 2011. (Source)

Discord Reportedly Exploring IPO in 2025

Social platform Discord is reportedly exploring a potential IPO in 2025 and has held early talks with investment bankers regarding the offering. The company was last valued at $15 billion in 2021, according to The New York Times. Founded in 2015, Discord has grown to over 200 million monthly users and generates revenue through a freemium model, selling subscriptions for premium features. The platform has evolved from its gaming-focused origins to become a popular communication tool for communities of all types. A Discord spokesperson declined to comment on the IPO rumors. (Source)

Once Upon a Farm Considering IPO as Soon as 2025

Organic baby food company Once Upon a Farm, co-founded by actress Jennifer Garner, is exploring an IPO that could happen as soon as 2025. The Berkeley, California-based company is already working with banks on the potential listing. Once Upon a Farm secured $52 million in funding in May 2022 in a round led by CAVU Venture Partners and reached $100 million in retail sales last year, showing significant growth since Garner and former Annie's CEO John Foraker joined in 2017. The company produces kid-friendly organic products including fruit and vegetable puree pouches, bars, frozen meals, and smoothie packets. This potential offering comes during a period of renewed momentum for IPOs in the US, though consumer-facing company listings have been relatively modest since the slowdown that began in 2022. (Source)

MNTN Files for NYSE IPO, Targeting $100 Million

MNTN, a connected TV advertising platform with Ryan Reynolds as chief creative officer, has filed for an IPO on the NYSE under the symbol 'MNTN'. The company is targeting approximately $100 million in proceeds from a mixed primary and secondary offering. MNTN's revenue grew nearly 28% to $225.6 million last year, while net loss narrowed to $32.9 million from $53.3 million a year earlier. Morgan Stanley, Citigroup, and Evercore ISI are leading the underwriting team, which also includes Raymond James, Susquehanna Financial Group, Loop Capital Markets, Tigress Financial Partners, Citizens Capital Markets, and Needham & Company. The company initially filed confidentially in December 2021. (Source 1) (Source 2)

Europe

Asker Healthcare IPO Expected This Week, Targeting €500m

Swedish healthcare investor Asker Healthcare is expected to launch its IPO this week with a target deal size of approximately €500 million. The company is seeking a valuation of around €2 billion, with pre-marketing starting Wednesday. Nalka Invest is the current owner of Asker Healthcare, and the IPO will be managed by joint global coordinators Carnegie, Citigroup, and Nordea, with BNP Paribas and Danske Bank serving as joint bookrunners. (Source 1) (Source 2)

MAIRE to List NEXTCHEM When Market Values It at $2.1 Billion

Italian engineering firm MAIRE plans to list its sustainable technology business, NEXTCHEM, when the market values it at approximately 2 billion euros ($2.1 billion). The CEO believes NEXTCHEM's true value is higher than the 1.4 billion euros implied by a recent 8% stake sale and stated that an IPO will happen "sooner or later" when the market recognizes its proper value. Meanwhile, MAIRE reported a record net profit for 2024 and forecasts continued growth in core profit for 2025. The company has updated its 10-year business plan with projections of revenue exceeding 11 billion euros and core profit of about 1.1 billion euros for 2034. Notably, the CEO sees no effect on business from Trump's tariff plans. (Source)

Santander's Ebury Planning London Stock Exchange IPO

Santander has hired Barclays and Goldman Sachs to launch an IPO for Ebury, targeting a listing on the London Stock Exchange around May or June. The valuation is estimated to be around £2.5 billion ($3.22 billion). Ebury is part of PagoNxt, Santander's global payments platform, and hired Bruce Carnegie-Brown as chairman in October ahead of the potential IPO. Ebury provides foreign exchange and international payment services for small and medium-sized businesses. (Source)

Portugal's Novo Banco Hits Record Profit Ahead of IPO

Novo Banco reported a record net profit of 744.6 million euros ahead of a planned IPO. The offering stake is expected to be in the 25%-30% range, though the final decision depends on market conditions and shareholders. Lone Star, the biggest stakeholder, is considering either an IPO or a full sale, but the CEO favors an IPO. The bank will begin distributing 60% of earnings in dividends after authorities agreed to lift a ban on dividend payouts that was originally set to last until the end of 2025. Novo Banco expects to have more than 3.3 billion euros of available capital for distribution over the next three years and maintains a strong core Tier-1 capital ratio of 20.8% as of the end of 2024. (Source)

Asia-Pacific

DN Solutions Plans to Set Terms for KRX IPO This Month

DN Solutions is planning an IPO on the Korea Exchange (KRX) that could raise around US$1 billion. The company is expected to set the terms this month (March 2025). DN Solutions previously planned an IPO in 2018 but withdrew due to unfavorable market conditions. In 2022, DN Automotive (formerly DTR Automotive) acquired DN Solutions from MBK Partners for W2.4 trillion (US$1.6 billion). The IPO is being led by Mirae Asset Securities, Samsung Securities, UBS, Korea Investment & Securities, and Bank of America. DN Solutions was formerly known as Doosan Machine Tool. (Source)

Bain Aims to List Seven & i's Supermarket Business in Japan in About Three Years

Bain Capital plans to list Seven & i Holdings' supermarket business in Japan in approximately three years. The listing aims to capitalize on increased synergies within the supermarket group after Bain expands the business through acquisitions, potentially targeting rival retail chains and technology firms to digitize operations. Seven & i has agreed to sell York Holdings, including supermarket operations, to Bain for 814.7 billion yen ($5.50 billion). Under the deal, Seven & i and its founder families will reinvest to hold 40% of York. The York business comprises 29 units, including Ito-Yokado, Akachan Honpo, and the operator of Denny's restaurants in Japan. (Source)

Indonesia's Yupi Plans Up to $100m IPO

Yupi Indo Jelly Gum, backed by Affinity Equity Partners, is planning an IPO to raise up to US$100 million this year. BNP Paribas, Jefferies, and Mandiri Sekuritas are reported to be close to securing roles on the deal. Yupi, which produces gummy candy, sells its products in over 50 countries and is positioning for further growth through the planned public offering. (Source)

Huge Dental Plans $100m Hong Kong IPO

Huge Dental filed for a Hong Kong IPO on February 28, 2025, targeting US$100 million in proceeds. The company, established in 2006, manufactures dental clinical, laboratory, and digital products. Huge Dental reported a profit of RMB 77.7 million (US$10.7 million) for the first nine months of 2024, up 6.6% year-over-year, while revenue increased 13.7% to RMB 303.7 million during the same period. CICC and DBS are serving as the sponsors for the offering. (Source)

MENA

Etihad Will Push Back $1 Billion IPO Launch to at Least Next Month

Etihad Airways is delaying its planned $1 billion IPO until at least next month (April 2025) after the Eid al Fitr holiday. The IPO was initially expected to be announced last week, following a report of tripled profits, but has been postponed for reasons currently unknown. Etihad, owned by Abu Dhabi's ADQ, intends to issue shares for approximately 20% of its business to fund its growth ambitions. The airline declined to comment on the IPO plans. Etihad reported a net profit of $476 million last year after completing a multi-year restructuring program. (Source)

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