The IPOX® Update 3/21/2025

U.S.

CoreWeave Taps into AI Hype with US$2.7bn Nasdaq IPO

CoreWeave is launching a US$2.69 billion IPO on the Nasdaq, seeking to capitalize on investor interest in AI computing. The offering involves the sale of 49 million shares priced between US$47 and US$55, valuing the company at up to US$35 billion including debt. The IPO includes 47.2 million shares from CoreWeave and 1.8 million shares from selling shareholders, with pricing expected after market close on March 27. Morgan Stanley, JP Morgan, and Goldman Sachs are leading the 18-firm syndicate for the offering. The company has significant revenue potential with over US$15 billion in committed contract obligations, plus an additional US$11 billion from a recent OpenAI contract. CoreWeave has secured a pipeline of 1.3GW of contracted power capacity to expand its GPU fleet and data centre footprint, though it faces competition from major cloud providers and is heavily reliant on Microsoft as a customer. (Source)

Ukraine's Kyivstar Valued at Over $2 Billion as It Goes Ahead with US IPO

Ukraine's top telecommunications company Kyivstar is proceeding with its planned IPO in the U.S. with a pro-forma valuation of $2.21 billion. The offering is expected to occur in Q3 2025 on the Nasdaq exchange and will be completed via a merger with a SPAC (Cohen Circle). VEON will retain ownership of a minimum of 80% of Kyivstar's equity after the IPO. This listing will mark a significant milestone as Kyivstar will become the first Ukrainian company listed in the United States, demonstrating investor confidence despite the ongoing conflict in Ukraine. (Source)

Klarna Files Now for April NYSE IPO

Swedish buy-now-pay-later giant Klarna has publicly filed for an NYSE IPO, targeting an April debut under the symbol 'KLAR'. The company reported impressive 2024 financial results with revenue of $2.81 billion (a 24% surge) and net income of $21 million, marking a significant turnaround from the previous year's $244 million loss. The IPO is expected to be a mixed primary and secondary offering, potentially raising around $1 billion at a valuation between $10 billion and $15 billion—significantly lower than its peak of $46 billion. Goldman Sachs, JP Morgan, and Morgan Stanley are leading a 14-firm syndicate underwriting the offering. Klarna currently has 93 million active customers across 26 countries and is positioned to benefit from the BNPL market's projected growth to exceed $160 billion by 2032. The company has disclosed that it is addressing a material weakness in its financial reporting systems and is subject to a Swedish Consumer Agency investigation. (Source 1) (Source 2)

Hinge Health Seeks To Raise $500 Million Via NYSE IPO

Digital physical therapy company Hinge Health has filed for an IPO and plans to list on the NYSE under the ticker symbol 'HNGE'. The company is seeking to raise approximately $500 million, with an IPO debut expected by the end of March or in April. Hinge Health reported 2024 revenue of $390 million (a 33% increase year-over-year), with a significantly reduced net loss of $11.9 million. The offering is being led by Morgan Stanley, Barclays, and Bank of America, among 14 firms. Proceeds will be used for tax obligations and general corporate purposes. The company's last private valuation was $6.2 billion during a Series E round in 2021. (Source)

IPOs Look to Break Through Tough Market

US ECM syndicate desks are considering launching one or two IPOs in the coming week despite market correction and volatility. AI hyperscaler CoreWeave is expected to launch a US$3 billion-plus Nasdaq IPO early in the week, with adtech firm MNTN also potentially launching an offering, and physical therapy app Hinge Health possibly following later in March. The potential CoreWeave launch strategically coincides with Nvidia's annual GPU conference, highlighting the company's close relationship with the chip giant—CoreWeave operates AI data centers with about 250,000 GPUs, mostly from Nvidia, and Nvidia is a small shareholder. The past week saw no IPOs priced, and average returns from the 2025 new issue class have sunk into the red, with market volatility expected to continue, potentially impacting ECM issuance in the coming weeks. (Source)

Europe

Swedish Driverless Truck Start-up Einride in Talks with Banks for US IPO

Einride, a Swedish driverless truck start-up, is reportedly in discussions with banks regarding a potential US IPO. The company, founded by Robert Falck, became the first globally to deploy a fully autonomous truck on a public road in 2019. While its system is already fully autonomous, Einride currently has workers who monitor the trucks remotely and assist with any problems. The company aims to expand its autonomous electric transport system beyond factories and warehouses to create a broader autonomous freight network. While technological capabilities for deployment at scale exist, other factors such as regulations and customer readiness still need to fall into place before mass adoption can occur. (Source)

Stada Reschedules Frankfurt IPO Due to Market Volatility

Pharmaceutical company Stada has postponed its planned IPO in Frankfurt due to market volatility, particularly related to geopolitical events. Bankers advised the company's shareholders, Bain Capital and Cinven, against proceeding with the IPO under current market conditions. Stada could pursue the IPO in the next available window this year, potentially before the European summer, as it continues to evaluate all options for its ownership, including M&A and IPO paths. The IPO was expected to value Stada at around 10 to 12 billion euros, and the company had planned to file its intention to float this week before the postponement decision. (Source)

Pimco-Backed Fintech Firm Qualco Weighs Athens IPO in Expansion Push

Qualco Group, a Greek fintech company backed by Pacific Investment Management Co. (Pimco), is considering an initial public offering on the Athens Stock Exchange as part of its strategy to further expand operations in Europe and the Middle East. While deliberations are preliminary with no final decisions on size and timeline, the potential IPO would support Qualco's recent acquisitive growth strategy, which has included deals for a majority stake in SAP solutions reseller D.D. Synergy and a 70% stake in Middle Office. Specializing in credit management, Qualco offers support across the entire credit cycle for both banking and non-banking sectors, with clients spanning across more than 30 countries, including BNP Paribas, Banco Santander, The Saudi National Bank, Bain Capital, and British Gas. The company reported revenue of about €175 million ($191 million) in 2023, an almost 15% increase from the previous year, with earnings before interest, taxes, depreciation, and amortization of about €38 million. (Source)

France's Credit Mutuel to Buy German Bank IPO Candidate OLB

French banking group Credit Mutuel has agreed to acquire German lender OLB for approximately 2 billion euros, canceling OLB's IPO plans despite favorable market conditions. The acquisition will strengthen Credit Mutuel's presence in Germany, making the combined entity the 10th largest banking group in Germany by assets. OLB's CEO, Stefan Barth, had previously noted strong market conditions for an IPO, but the acquisition offer prevailed as the preferred exit strategy for OLB's shareholders, which include Apollo Global Management, the Teacher Retirement System of Texas, and Grovepoint Investment Management. This acquisition represents Credit Mutuel's largest since 2008 and comes as another German company, Stada, recently postponed its IPO due to market volatility, signaling potential concerns for the broader IPO market. (Source)

Asia-Pacific

Bain Capital Reboots Virgin Australia IPO

Bain Capital is restarting Virgin Australia IPO plans targeted for the second half of this year, with a non-deal roadshow planned with potential investors. The IPO was initially planned for 2023 but was delayed, and now comes with new leadership as Dave Emerson takes the role of CEO. The target size remains up to A$1 billion (US$634 million), with Barrenjoey, Goldman Sachs, and UBS serving as the arrangers for the offering. This renewed IPO push comes as Australia's aviation market continues to show strong demand and as Virgin Australia has stabilized its operations under Bain Capital's ownership since its 2020 acquisition. (Source)

Philippines Eases IPO Requirements for GCash

The Philippine Securities and Exchange Commission is considering reducing the IPO free float requirement from 20% to 15% for large issuers, following a request from digital payments provider GCash for its planned IPO. GCash is targeting a valuation of at least $8 billion, which means a 15% free float would translate to selling $1.2 billion in shares. The IPO is planned for the second half of the year, with JP Morgan, Morgan Stanley, UBS, HSBC, and Jefferies working on the offering. Initial expectations for the IPO size were in the US$1 billion to $1.5 billion range. The potential regulatory change highlights the government's efforts to accommodate major listings while balancing market liquidity requirements. (Source)

Nanshan Aluminium Prices Hong Kong IPO at Bottom

Nanshan Aluminium International has priced its Hong Kong IPO at HK$26.60 per share, the bottom of its initial range, aiming to raise HK$2.35 billion (US$302 million). The company sold 88.2 million primary shares, representing approximately 15% of the enlarged share capital. Four cornerstone investors, including Glencore and Hongkong Topway, have committed US$120.3 million to the offering. The shares are scheduled to list on March 25, with Huatai International serving as the sponsor for the IPO. The indicative price range was HK$26.60–$31.50, reflecting a forecast 2025 P/E of 4.5, indicating a cautious valuation approach in the current market environment. (Source)

SkyeChip Plans Bursa Malaysia IPO of Around US$60m

Semiconductor design company SkyeChip is planning an IPO on Bursa Malaysia later this year, expected to raise around US$60 million. The company, founded in 2019 by Intel veteran Swee Kiang Fong, is targeting a valuation of more than RM1 billion (approximately US$235 million). Maybank has been engaged as the bank on the deal. The potential listing comes amid Malaysia's push to develop its semiconductor industry, with the government recently signing a pact to pay SoftBank Group Corp.'s Arm Holdings Plc $250 million over 10 years for semiconductor-related licenses and knowhow. SkyeChip is well-positioned to benefit from Malaysia's chip ambitions given the firm's technical expertise in semiconductor design, as the country aims to target semiconductor exports of RM1.2 trillion by 2030. (Source)

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