The IPOX® Update 3/12/24

Douglas, German Perfume Retailer, Sets €907 Million IPO for March 21 Debut

Douglas, a leading perfume and cosmetics retailer based in Germany, has set the terms for its IPO on the Frankfurt Stock Exchange. The company plans to raise €907 million ($991 million) by offering shares in a price range of €26 to €30, with the IPO demand exceeding the offer size. The total equity contribution to Douglas post-IPO is estimated at €1.15 billion, valuing the company between €2.8 billion and €3.1 billion. The majority of the proceeds, €850 million, will be raised through the issuance of new stock, while €57 million will come from existing shares to cover tax obligations. Douglas intends to use the funds to reduce debt and refinance existing borrowings. The company's shares are set to begin trading on the Frankfurt Stock Exchange on March 21, 2024, under the ticker symbol "DOU GR." (Source)

Vishal Mega Mart, Indian Hypermarket Operator, Plans $1 Billion IPO

Vishal Mega Mart, a prominent hypermarket operator in India, is planning to launch an IPO to raise approximately $1 billion. The IPO could potentially value the company at up to $5 billion. Private equity owners Partners Group and Kedaara Capital are expected to sell shares in the offering. In 2018, TPG sold Vishal Mega Mart to Kedaara Capital and Partners Group. The company's CEO, Gunender Kapur, and representatives from Kedaara Capital and Partners Group declined to comment on the IPO plans. (Source)

Reddit Targets $748 Million IPO, Offering 22 Million Shares at $31 to $34 Each

Social media platform Reddit has launched its long-awaited IPO, aiming to raise $748 million by offering 22 million shares priced between $31 and $34 each. The company's valuation could reach $5.4 billion, with a fully diluted valuation of about $6.4 billion. Reddit has reserved 8% of the IPO stock for early users and moderators, who will not be subject to a lockup period. The IPO is led by Morgan Stanley and other underwriters, with shares set to list on the New York Stock Exchange under the symbol "RDDT." In 2023, Reddit's net loss narrowed to $91 million on revenue of $804 million. The company is also exploring AI data licensing, having secured $203 million in contracts. Major shareholders in Reddit include Advance Magazine Publishers, Tencent, COO Jennifer Wong, and FMR LLC. (Source)

Intel-Backed Horizon Robotics Plans $500 Million Hong Kong IPO

Horizon Robotics, a Chinese artificial intelligence chip developer backed by Intel, is planning to raise about $500 million through an IPO in Hong Kong. The company is working with China Securities, Goldman Sachs, and Morgan Stanley on the offering, with a preliminary prospectus expected in the coming weeks. However, details of the IPO may change. Horizon Robotics has attracted investments from prominent firms such as Hillhouse Capital, BYD Co., and has partnerships with companies like Audi and SAIC. In 2022, the company received a strategic investment from Chery Automobile, and in 2021, it raised $700 million in a Series C funding round that included investors like Baillie Gifford and CPE. Horizon Robotics specializes in developing chips and software for autonomous vehicles and smart devices. (Source)

Trial Holdings Raises $265 Million in Japan's Largest IPO This Year

Trial Holdings, a Japanese discount store operator, has raised $265 million in the country's largest IPO this year. The company sold 22.85 million shares at ¥1,700 each, the top of the marketed range. This marks the largest Tokyo IPO since Kokusai Electric Corp.'s $844 million offering. Trial Holdings' shares are expected to start trading on the Tokyo Stock Exchange's Growth market on March 21. The proceeds from the IPO will be used to open new stores, renovate existing ones, improve logistics, and expand the company's central kitchen. Trial Holdings currently operates more than 280 stores across Japan, offering discounts on a wide range of products. (Source)

Telegram Considers US Listing Once Profitable, Under Favorable Market Conditions

Encrypted messaging app Telegram is considering a public listing in the United States once it achieves profitability and market conditions are favorable. CEO Pavel Durov is studying several options but has declined to provide a specific timeline or venue for the potential IPO. Telegram aims to become profitable by next year and currently boasts an impressive user base of 900 million. The company has received offers from potential investors valuing it at over $30 billion, but Durov has ruled out a sale in favor of an IPO. (Source)

Trading Platform eToro Considers IPO in New York or London

Online trading platform eToro is considering an IPO in either New York or London, according to the Financial Times. The company seeks to exceed its latest valuation of $3.5 billion. The majority of eToro's revenue comes from Europe, although the exact details of the IPO have not yet been decided. eToro did not immediately respond to a request for comment regarding the potential IPO. (Source)