The IPOX® Update 4/30/24

Viking Holdings Seeks to Raise $1.33 Billion in Upsized U.S. IPO

Travel firm Viking Holdings has set its sights on raising up to $1.33 billion in its upcoming U.S. IPO. The company plans to offer 53 million shares, an increase of 9 million from its previous plans, at a price range of $21 to $25 per share. This would value Viking at up to $10.8 billion. The IPO is part of a potential resurgence in the U.S. IPO market in 2024 following a two-year lull. Founded in 1997, Viking now operates a fleet of 92 vessels. The company's shares are set to be listed on the New York Stock Exchange under the ticker symbol "VIK" starting on May 1st. The IPO is being led by major investment banks, including BofA Securities and J.P. Morgan. (Source)

Spanish Beauty Firm Puig Sets IPO Price, Valuing Company at €13.9 Billion

Spanish beauty company Puig has set its IPO price at the top end of its range at €24.50 per share, implying a market value of €13.9 billion ($14.9 billion). The IPO aims to raise as much as €2.6 billion, making it the largest in Europe this year. Puig owns notable brands such as Rabanne, Carolina Herrera, and Jean Paul Gaultier, and has recently made acquisitions in the skincare and makeup sectors, including Charlotte Tilbury. Following the IPO, the Puig family will retain over 90% of the company's voting rights through Class A shares. The proceeds from the offering are planned to be used for refinancing, debt reduction, and future investments. (Source)

German Auto Supplier ZF Friedrichshafen Plans IPO for ZF Lifetec Unit

German auto parts supplier ZF Friedrichshafen is planning an IPO for its ZF Lifetec unit, which specializes in passive safety systems such as seat belts and airbags. The company has chosen Goldman Sachs, BNP Paribas, and Citigroup as banks for the Frankfurt listing. The IPO could value ZF Lifetec between €3 billion ($3.2 billion) and €4 billion, including debt. The listing on the Frankfurt exchange is expected to take place as early as September or October. ZF Lifetec reported sales of €4.7 billion in 2023. (Source)

Coca-Cola Plans IPO for African Bottling Arm, Targeting Over $8 Billion Valuation

Coca-Cola is gearing up for an IPO of its African bottling arm, Coca-Cola Beverages Africa. The company is considering a dual listing in Johannesburg and Amsterdam, with a target valuation of over $8 billion. Coca-Cola holds a 66.5% stake in the unit, while Gutsche Family Investments owns the remaining 33.5%. The IPO plan, initially announced in 2021 and postponed in 2022, has now been reaffirmed. Coca-Cola Beverages Africa operates in 15 countries and employs over 18,000 people. Coca-Cola's stock has declined by 3% over the past year and currently trades at $61.75. The details of the IPO are subject to change as early-stage discussions are ongoing. (Source)

Haidilao's Subsidiary Super Hi International Plans US Listing Following Hong Kong IPO

Super Hi International, a subsidiary of Chinese hotpot chain Haidilao, is planning a U.S. listing following its 2022 Hong Kong IPO. The company aims to issue up to 123 million shares and trade under the ticker 'HDL'. The objective of the listing is to enhance the brand and expand its global restaurant network. Super Hi currently operates 115 Haidilao hotpot restaurants across 12 countries and regions, with its first restaurant opening in Singapore in 2012. The company turned a profit in 2022, with a net income of $25.7 million and a 23% increase in revenue to $686 million. Super Hi shares currently trade at HKD 14.12 ($1.8) on the Hong Kong Stock Exchange. (Source)

Impossible Foods CEO Targets Liquidity Event, Possibly an IPO, Within 2-3 Years

Impossible Foods CEO Peter McGuinness has announced that the company is targeting a liquidity event, possibly an IPO, within the next two to three years. The company is also considering a sale or capital raise within the same timeframe. Impossible Foods had previously prepared for an IPO that could have valued the company at over $10 billion. However, the company is currently facing consumer shifts towards cheaper food options amidst high inflation. To address this, Impossible Foods is expanding its retail presence, recently entering Whole Foods stores, and has revamped its branding and sharpened its nutritional claims. CEO McGuinness is focusing on product affordability over environmental messaging. (Source)

Norwegian Brand Developer Jordanes Plans IPO on Oslo Stock Exchange

Norwegian brand developer Jordanes is planning an IPO and listing on the Oslo Stock Exchange. The company owns and distributes Scandinavian brands in the food, dining, fitness, and beauty sectors. Its portfolio includes rights for international brands such as Starbucks and TGI Fridays. Jordanes employs over 2,700 people and operates nine production facilities across Scandinavia, with 80% of its revenue generated from Norway and the remainder from other Nordic countries. The company aims to raise approximately 1.5 billion Norwegian kroner ($135.9 million) through the issuance of new shares. The funds are intended to strengthen the company's balance sheet and boost strategic growth. (Source)

Saudi Manpower Solutions (SMASCO) Plans to Sell 30% Stake in Riyadh IPO

Saudi Manpower Solutions (SMASCO), a Saudi Arabian company, plans to sell a 30% stake through an IPO in Riyadh. The offering includes 120 million shares, with SNB Capital acting as the adviser and underwriter. The bookbuilding process for institutional investors is scheduled for May 8-14, while the retail offering for individual subscribers is set for May 26-27. Key selling shareholders include Al Holoul Al Mutakamela and Rafid Advanced Investments. The proceeds from the IPO will benefit the selling shareholders and not SMASCO directly. The shares will be listed on the Saudi Exchange, with foreign investment permitted via swap agreements. (Source)

Grocery Retailer Spinneys Upsizes Retail Portion of Dubai IPO to 63 Million Shares

Grocery retailer Spinneys has upsized the retail portion of its Dubai IPO to 63 million shares, up from the originally planned 45 million shares, due to strong demand. Consequently, the professional investors' tranche has been reduced to 837 million shares from 855 million shares. Spinneys aims to raise up to 1.37 billion dirhams ($373 million) from the IPO, with shares priced between 1.42 and 1.53 dirhams per share. The company is set to commence trading on the Dubai Financial Market on May 9. (Source)

Softbank-Backed FirstCry Parent Brainbees Solutions Refiles for IPO in India, Targeting $218M

Indian e-commerce startup and FirstCry parent company Brainbees Solutions has refiled for an IPO in India, targeting to raise 18.2 billion rupees ($218 million) through the issuance of new shares. Existing shareholders, including Softbank, will sell 54.4 million shares in the offering. The funds raised from the new shares will be used to finance new stores, a warehouse, and overseas expansion. The company may also consider a pre-IPO private placement of 3.6 billion rupees. The IPO is being managed by Kotak Mahindra Capital, Morgan Stanley India, and other investment banks. Brainbees Solutions initially filed for an IPO in December and withdrew plans for a $500 million offer. (Source)

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