The IPOX® Update 3/29/2025

U.S.

eToro Files for US IPO as Retail Trading Boom Boosts Commissions

eToro has filed for a U.S. IPO on Nasdaq under the ticker symbol 'ETOR' amidst a resurgence in retail trading. As highlighted by IPOX® CEO Josef Schuster in recent Reuters commentary, the Israeli trading platform's commissions surged 46% in 2024, reaching $931 million, with profits dramatically increasing to $192.4 million from just $15.3 million the previous year. The IPO is expected to raise roughly $750 million through a combination of primary and secondary shares, with Goldman Sachs, Jefferies, UBS, and Citigroup serving as the lead underwriters. This marks eToro's second attempt at going public after calling off a $10.4 billion SPAC merger in 2022 due to valuation concerns. In 2023, the company raised $250 million at a reduced valuation of $3.5 billion. eToro generated $12.6 billion of revenue in 2024, with $12.1 billion attributable to crypto assets. (Source 1) (Source 2)

Chagee Files for Nasdaq IPO, Targeting $400M-$500M

Chinese milk tea chain Chagee has filed for a U.S. IPO on Nasdaq under the symbol 'CHA', targeting to raise $400-$500 million. The offering will be led by Citigroup, Morgan Stanley, Deutsche Bank, and CICC, with additional underwriters including Tiger Brokers, Futu, and Valuable Capital. Chagee reported impressive financial results for 2024, with net revenue of $1.71 billion (nearly tripled from previous year) and net income increasing by 213.3%. The company plans to use the proceeds to fund its teahouse network expansion both in China and abroad, positioning itself as a significant challenger to Starbucks in the growing tea market. (Source)

StubHub Poised to Sell IPO Ticket

Ticket marketplace StubHub has publicly filed for an IPO on the NYSE, after initial confidential filing in November 2021. The offering could launch as early as April, joining Klarna and Hinge Health in the Q2 IPO pipeline, with JP Morgan and Goldman Sachs leading a 13-firm syndicate. StubHub intends to use the IPO proceeds to pay down a portion of its US$2.4 billion term loan. The company has demonstrated strong financial performance with 26.5% growth in gross merchandise sales last year, positive adjusted EBITDA and free cash flow in 2023, and in 2024 generated US$255.1 million in free cash flow and nearly US$300 million in adjusted EBITDA, though it posted a small net loss of US$2.8 million. Founder Eric Baker controls the company through Class B shares, while Madrone Partners is the largest Class A shareholder. (Source)

Cerebras IPO Further Delayed as US National Security Review Drags On

AI chip maker Cerebras Systems' IPO is facing further delays due to a prolonged U.S. national security review by the Committee on Foreign Investment in the United States (CFIUS). The review was triggered by a $335 million investment from Abu Dhabi-based G42, with G42's past ties to China's Huawei being a key point of scrutiny. Despite the uncertainty surrounding the G42 investment posing risks for Cerebras' IPO timeline, company executives remain confident that the deal will eventually receive approval and intend to proceed with the IPO once cleared. Cerebras was valued at about $8 billion following G42's investment commitment in May last year and has since nearly doubled its valuation. The company is currently building a series of AI data centers for G42, and its technology has been used to train the Arabic large language model that Microsoft is using in its Azure AI platform. (Source 1) (Source 2)

Conservative Network Newsmax Set to Go Public on NYSE

Conservative media outlet Newsmax is set to go public on the New York Stock Exchange on March 31st under the ticker symbol "NMAX." The company aims to raise up to $75 million by selling 7,500,000 Class B shares at $10 per share, with CEO Chris Ruddy retaining 81.4% of the total voting power after the IPO due to the dual-class share structure. The public offering follows an oversubscribed private preferred offering where Newsmax raised $225 million. The company intends to use the IPO proceeds for general corporate expenses, including distribution, digital expansion, and marketing. For fiscal year 2023, Newsmax reported revenue of approximately $135.28 million with a net loss of $41.78 million. Investors will be able to purchase shares on major equity platforms including Schwab, Fidelity, Interactive Brokers, E-Trade, and Robinhood. (Source)

Europe

Volkswagen AG Mulls Options Including Listing For MAN Energy, Unit Could Be Valued At €5 Billion Or More

Volkswagen AG is ramping up discussions around strategic alternatives for its MAN Energy Solutions business, including a potential listing or stake sale. The unit, which makes ship engines and power-plant turbines, could be valued at €5 billion ($5.4 billion) or more in any deal. Deliberations are in the early stages, with any transaction unlikely to take place before next year. This follows unsuccessful attempts by Volkswagen in 2019 to sell the business, when offers came in below expectations despite bilateral discussions with parties including Cummins Inc. MAN Energy Solutions reported sales of €4.3 billion and an operating profit of €337 million in 2024, and employs about 14,000 people. Last year, Germany blocked the sale of Man Energy Solutions' gas turbine division to a state-owned Chinese shipbuilding company over national security concerns. (Source)

Klarna IPO Filing Spurs Hope of British Fintech Listings

Swedish buy-now-pay-later giant Klarna's filing for a U.S. IPO on the NYSE could trigger more British fintech listings, according to industry observers. This marks Klarna's second attempt at going public in four years, after previously considering an IPO in 2021 when its valuation jumped to $45.6 billion. The current offering is expected to be priced in the first half of April, with a potential valuation of at least $15 billion. The move has sparked speculation that other European fintech companies including Monzo, Starling, Zilch, and Ebury may follow with their own public offerings. The London Stock Exchange has reportedly been actively trying to attract fintech companies to list in the UK, viewing Klarna's move as a potential catalyst for a wave of similar offerings in the sector. (Source)

MENA

UAE Renewables Firm Masdar Weighs Possible IPO

United Arab Emirates renewable energy company Masdar is considering an initial public offering to raise funds for its ambitious clean energy projects. The company is evaluating a primary listing in Abu Dhabi with a potential dual listing in New York, and has held informal talks with banks regarding the possible offering. However, any IPO would not occur before 2026 as plans remain in the preliminary stages. Officially, Masdar states that it currently has no plans to go public and does not comment on market speculation. The potential IPO would support Masdar's strategic goal to increase its renewable energy capacity to 100 gigawatts by 2030, a significant expansion that would require substantial capital investment. (Source)

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