The IPOX® Update 4/24/24

Viking Holdings Ltd. Seeks to Raise $1.1 Billion in New York IPO

Viking Holdings Ltd., a cruise operator, seeks to raise $1.1 billion in its New York IPO, offering 44 million shares priced between $21.00 and $25.00. The company aims to sell 11 million shares, while shareholders will sell 33 million shares. The listing taps into the recovery of the travel sector post-Covid, as cruise bookings revival boosts the industry and competitors' shares surge. Founded in 1997, Viking operates 92 vessels globally and generated $4.7 billion in revenue in 2023. Key stakeholders include CEO Torstein Hagen, TPG Inc., and the Canada Pension Plan. (Source)

IPOs in Europe Showing Signs of Recovery, Value Doubled to $5.26 Billion in Q1 2024

IPOs in Europe are showing signs of recovery, with the value doubling to $5.26 billion in the first quarter of 2024. CVC Capital Partners, a private equity firm, and Puig Brands, a Spanish fragrance company, are set for significant debuts. Both CVC and Puig met full demand quickly, signaling strong investor interest. However, a full recovery in European IPOs is not expected until 2025, according to BNP Paribas bankers. Puig Brands is projected to reach a market value of up to €13.9 billion ($14.9 billion). Recent IPO cancellations and fragile market sentiment may affect future IPO activities. Uneven activity is expected across Europe, with significant IPOs planned for 2025. (Source)

CVC Capital Partners Targets up to $16 Billion Valuation in Amsterdam IPO

CVC Capital Partners, a private equity firm, is targeting a valuation of up to $16 billion in its Amsterdam IPO. The offering is priced between EUR 13 to EUR 15 per share and is set to start trading on Friday. CVC plans to raise EUR 250 million by floating on Euronext Amsterdam, while existing shareholders will sell 96 million shares, raising up to EUR 1.44 billion. The firm oversees EUR 186 billion in assets across private equity, credit, and infrastructure. In 2023, CVC generated EUR 1.09 billion in revenue and EUR 650 million in adjusted EBITDA. The company is set to pay EUR 225 million in dividends this year, with biannual payouts. (Source)

CVC IPO Offers Glimpse Into Private Equity Giant's Sports Strategy

CVC Capital Partners, a private equity firm, is targeting a $15 billion valuation in its upcoming IPO, with a focus on its sports strategy. Sports investments represent 5% of CVC's capital, managed by a specialized team. CVC's significant sports holdings include stakes in LaLiga, Ligue de Football Professionel, and PRO14 Rugby. The firm's investments also cover diverse sports entities, including the Women's Tennis Association and esports. CVC's new $27.8 billion Fund IX will likely drive future investments in sports and other sectors. The firm boasts $124 billion in private equity assets, with additional focus on credit and infrastructure. The IPO is set for this Thursday, with CEO Rob Lucas and partners not selling shares in the offering. (Source)

Berlin-based Autodoc Attracts Investment from U.S. Financial Investor Apollo, Increasing IPO Potential

Autodoc, a Berlin-based online auto parts seller valued at €2.3 billion, has attracted investment from U.S. financial investor Apollo, increasing the potential for an IPO. This marks the first time Autodoc has introduced external capital, indicating potential steps towards an IPO. The company reported a 15% increase in 2023 revenue to over €1.3 billion, with a 30% rise in operating profit. Established by three founders in 2008, Autodoc has evolved without prior capital market funding. The firm specializes in online auto parts sales, offering cheaper alternatives to traditional retail prices. It operates from Berlin, with additional European sites, and caters to both individual and professional clients. Plans for a potential IPO were delayed in 2021 due to market conditions and internal scrutiny. (Source)

Beijing Pledges to Boost IPOs of Chinese Firms in Hong Kong

Beijing has pledged to boost IPOs of Chinese firms in Hong Kong, with the China Securities Regulatory Commission (CSRC) supporting tech firm listings both domestically and overseas. Analysts predict a surge in Hong Kong Stock Exchange (HKEX) IPOs and cross-border investment flows. Three companies are set to debut in Hong Kong this week, raising a combined $391 million. Sichuan Baicha Baidao Industrial, a bubble tea chain, leads with a $330 million IPO, while AI developer Mobvoi, backed by Google, will launch with a $41 million IPO. However, both Baicha Baidao and Mobvoi plunged in their IPO. The CSRC's strategy is aimed at reviving confidence in Hong Kong's IPO market. (Source)

Chinese Autonomous Driving Startup Pony.ai Receives Approval for U.S. IPO

Pony.ai, a Chinese autonomous driving startup, has received approval for a U.S. IPO and plans to list on either the Nasdaq or NYSE. The company aims to offer up to 98 million shares, marking a potential shift in Chinese tech listings in the U.S. Backed by Toyota and Saudi Arabia's Neom Co., Pony.ai is valued at $8.5 billion. China's securities regulator supports overseas listings, signaling an easing of the crackdown that began in 2021. Historically, Chinese companies have raised over $100 billion on U.S. exchanges since 1993. However, recent years saw a decline in Chinese IPOs in the U.S. due to regulatory pressures following Didi Global's IPO. Only one Chinese IPO in the U.S. surpassed $100 million since 2022, showing a significant slowdown. Pony.ai had paused its IPO plans in 2021 amidst heightened regulatory scrutiny. (Source)

Saudi PIF Considers IPO for New Mobile Towers JV, Combining Tawal and GLIC

The Saudi Public Investment Fund (PIF) is considering an IPO for a new mobile towers joint venture (JV), combining Tawal and GLIC. The JV was formed after Saudi Telecom sold 51% of Tawal to PIF. PIF will own 54% of the new entity, while Saudi Telecom will retain 43.1%. The joint venture will control 30,000 communication towers. The potential IPO aims to enhance Saudi's telecom infrastructure market and reflects a broader strategy to support sector growth and diversification. The listing could increase liquidity and visibility of the new entity. (Source)

Saudi Water Infrastructure Developer Miahona Plans to Float 30% of Shares on Saudi Bourse

Miahona, a Saudi water infrastructure developer, plans to float 30% of its shares on the Saudi bourse. The IPO will offer 48,277,663 shares owned by Vision Invest, Miahona's sole owner. The share pricing will be determined post-bookbuilding from April 28 to May 2. Miahona's IPO aims to attract both institutional and individual investors. The bookbuilding process is crucial for setting the final share price before public subscription. Saudi Fransi Capital and EFG Hermes are managing Miahona's IPO process. Vision Invest will retain significant control post-IPO, reducing its stake to 70%. (Source)

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