The IPOX® Update 8/24/23

Waystar Technologies Preps for IPO

Health care payment technology provider Waystar Technologies, backed by European investment company EQT AB and the Canada Pension Plan, has confidentially filed a draft registration with the SEC for its initial public offering. The U.S.-based firm, potentially valued at $8 billion, anticipates using the funds raised from the offering predominantly for general corporate objectives, which may encompass the repayment of existing debts. Details concerning the quantity of shares to be presented and the price range for the proposed offering are yet to be disclosed. (Source)

VNG Ltd. Sets Sights on Nasdaq Listing

Tencent-supported Vietnamese internet startup VNG has filed for a Nasdaq IPO, marking the first U.S. tech listing emerging from Vietnam. Founded in 2004, the internet gaming and services firm has plans to offer 22 million shares, with comprehensive pricing details anticipated in a forthcoming filing updates. Targeting a significant $150 million from the IPO possibly next month, the company's messaging application, Zalo, has impressively overtaken Facebook Messenger in Vietnam with 75 million active users. VNG is plotting a global expansion with a focus on gaming, artificial intelligence, and cloud computing. (Source)

Istanbul's IPO Wave Outpaces European Counterparts

2023 has witnessed Istanbul outshine major European financial hubs, including London, Frankfurt, and Milan in terms of initial public offerings, largely driven by a retail share trading upsurge. The Borsa Istanbul recorded an impressive 30 IPOs this year, aggregating to a total raise of $1.9 billion. The soaring interest of Turkish equities investors, which escalated to 5.1 million since the commencement of 2019, now own 38% of the local stock market. Notably, kebab chain Baydöner and Turkish ceramic tile producer Kaleseramik recently raised $14 million and $101 million in their respective IPOs. Concerns remain over potential low-quality companies and limited public influence over corporate management in Turkey's market. (Source)

Mortgage Firm Better Joins Public Market via SPAC

Amidst the backdrop of escalating mortgage rates, mortgage origination company Better has ventured into the public market via a merger with SPAC entity Aurora Acquisition Corp. Following the deal, shares have started trading under the ticker "BETR". Despite only reporting a revenue of $383 million and an $889 million loss over the past fiscal year, investors have placed a confident valuation on Better at $14 billion. (Source)