The IPOX® Update 4/18/24

Premier Energy Plans Bucharest IPO to Raise €100 Million

Premier Energy, a Romanian power distributor, is preparing for an IPO on the Bucharest Stock Exchange, aiming to raise €100 million ($107 million). The funds will be used to expand the company's renewable energy portfolio and operations. EMMA Capital, Premier Energy's main shareholder, plans to sell shares worth €25 million while retaining a majority stake. Currently holding a 4% market share, Premier Energy aims to grow its 1,000 MW renewable capacity by adding 500 MW in Romania and Moldova, with potential expansions into Serbia and Greece. This IPO would be the first in Romania this year, following last year's $1.8 billion Hidroelectrica SA IPO. Citigroup and UniCredit are coordinating the IPO, with Alpha Bank Romania among the bookrunners. (Source)

Chinese AI Company Mobvoi Launches IPO, Plans Hong Kong Listing

Mobvoi, a Chinese AI company, has launched its IPO today, with plans to list on the Hong Kong Stock Exchange on April 24th. The company is offering 84.57 million shares , with an over-allotment option of 15%. The IPO price is capped at HK$4.10 per share, and cornerstone investments total HK$95 million. Mobvoi aims to raise funds to expand its "Sequence Monkey" large model and market reach. The company reported significant revenue growth, reaching RMB 5.071 billion in 2023, and is recognized as a leader in commercializing AI technologies in Asia. Key investors in Mobvoi include Sequoia Capital, Goertek, ZhenFund, SIG China, and Google. (Source)

Masan Group's Consumer Unit in Vietnam Plans Record-Breaking IPO

The consumer unit of Masan Group, a Vietnamese conglomerate, is planning an IPO that could potentially raise $1-1.5 billion. If successful, this would be Vietnam's largest IPO, surpassing Vinhomes JSC's $1.4 billion offering in 2018. Masan Consumer, which produces food and beverages such as sauces, noodles, and beer, has a strong brand presence in Vietnam, suggesting positive investor reception if the valuation is appealing. Southeast Asia's IPO proceeds fell to $5.8 billion in 2023 from a peak of $12.6 billion in 2021. However, regional IPO activity is rebounding, and this offering could potentially ignite further momentum in the market. (Source)

StubHub Plans IPO by Late Summer, Targets $16.5B Valuation

StubHub, a ticket exchange and resale company, is preparing an IPO for late summer, aiming for a $16.5 billion valuation, which is in line with its late 2021 funding round. The company has over $2 billion in debt, and the IPO will test investor interest in strained balance sheets. The post-pandemic demand for live events has boosted StubHub's business. JPMorgan and Goldman Sachs are advising on the IPO, and the paperwork has been confidentially filed. While no specific public listing date has been set, StubHub may cancel the offering if the desired valuation is not met. Competitor SeatGeek is also seeking a listing, potentially intensifying investor focus on the sector. (Source)

Loar Holdings Aims to Raise $252.3 Million via IPO

Loar Holdings, an aerospace and defense components manufacturer, is aiming to raise $252.3 million through an IPO. The company plans to offer 11 million shares, with a price range of $24-$26 each. If underwriters exercise additional options, the offering could increase to 12.7 million shares. Proceeds from the IPO will mainly be used to repay existing debts. Following the IPO, investors could own up to 14% of the company's common stock. Loar Holdings competes in commercial, business jet, general aviation, and defense markets. The company is seeking a listing on the New York Stock Exchange under the symbol "LOAR" and is being advised by Jefferies and Morgan Stanley. (Source)

Spinneys 1961 Holding to Sell 25% Stake via Dubai IPO in May

Spinneys 1961 Holding plc, a high-end supermarket chain, is set to sell a 25% stake through an IPO in Dubai this May.  Al Seer Group LLC is offering 900 million shares, with institutional subscription open until April 30. The Al Bwardy family-owned Spinneys recorded a profit of $68 million in 2023, up 18.7% from the previous year. The company plans to open its first store in Saudi Arabia in 2024, targeting major expansion. Emirates NBD, Bank of America, and HSBC are joint coordinators for the IPO. Spinneys aims for a 70% dividend payout ratio of profits after tax from fiscal 2024 onwards. (Source)

Kioxia Holdings Targets Tokyo Stock Exchange IPO as Early as October

Kioxia Holdings Corp., a NAND flash memory pioneer, is targeting an IPO on the Tokyo Stock Exchange as early as October as merger talks with Western Digital stalled. The company faces a June deadline to refinance approximately $5.8 billion in loans. Bain Capital, Kioxia's largest stakeholder, is discussing the IPO with banks. IPO plans may adjust based on market conditions, and a final decision is pending. Merger talks previously stalled due to valuation concerns from SK Hynix. Kioxia continues preparations for the IPO amid fluctuating chip market dynamics. (Source)

Microsoft-Backed Rubrik Targets $5.4 Billion Valuation in US IPO

Rubrik, a cybersecurity software firm backed by Microsoft, is targeting a valuation of up to $5.4 billion in its upcoming US IPO. The company plans to raise up to $713 million by offering 23 million shares at a price range of $28-$31 each. Rubrik will list under the ticker symbol "RBRK" on the New York Stock Exchange. The IPO comes amidst a tech sector rebound, with Goldman Sachs, Barclays, Citigroup, and Wells Fargo managing the offering. Funds raised will be used for general corporate purposes, potential acquisitions, and operational expenses. Rubrik emphasizes cyber resilience with its cloud-native SaaS platform, Rubrik Security Cloud. (Source)

Chinese Audio Platform Ximalaya Restarts IPO Plans in Hong Kong

Ximalaya, a Chinese audio platform, has restarted its IPO plans in Hong Kong. This marks the company's third IPO attempt, following previous unsuccessful tries in Hong Kong and the US. Goldman Sachs, Morgan Stanley, and China International Capital are acting as joint sponsors for the offering. Ximalaya's filing lacks details on the IPO size and schedule, as the company aims to capitalize on the robust market for online entertainment. This strategic move is expected to enhance Ximalaya's market presence and investor base in Asia. (Source)

Public Property Invest, Backed by SBB, Targets Up to NOK 1.78B in IPO

Public Property Invest, backed by SBB, is targeting up to NOK 1.78 billion ($177 million) in its IPO. The company plans to list on April 29, offering shares priced between NOK 14.5 and NOK 21. SBB is transferring parts of its Norwegian portfolio to the newly formed Public Property Invest, aiming to capitalize on the robust Scandinavian real estate market. The strategy includes leveraging SBB's reputation to attract investors. The IPO details include a diverse price range to accommodate various investors, enhancing Public Property Invest's market presence in the competitive real estate sector. (Source)

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