The IPOX® Update 9/20/23

Marketing Firm Klaviyo Debuts on NYSE

Marketing and data automation provider Klaviyo, based in Boston, has raised a significant $576 million in its initial public offering. The company priced its shares at $30 each, a confident move above the initially anticipated range of $27-$29. This bold pricing strategy values Klaviyo at approximately $9 billion post-IPO. Major financial players, namely BlackRock and AllianceBernstein, have showcased their interest in the shares of Klaviyo's IPO. The firm has now started its trading under the ticker KVYO, marking the third notable IPO within a week. Other significant listings include online grocery platform Instacart and semiconductor giant Arm. (Source)

CVC Capital Partners Gears Up for European Listing

The private equity firm CVC Capital Partners is in the advanced stages of preparing for its potential IPO in November. Currently contemplating Amsterdam as its preferred listing location, this move by CVC symbolizes a rejuvenated interest in European IPOs. After selling a minority stake to asset manager Blue Owl Capital in 2021, CVC's valuation stands at an estimated $15 billion. Furthermore, in Europe, businesses such as fleet service provider DKV Mobility and perfume seller Douglas — both backed by CVC — are among the top IPO contenders. (Source)

Saudi PIF-Backed Ades Prices Largest 2023 IPO on Saudi Exchange

Saudi drilling services provider, Ades, has announced its IPO price at 13.50 riyals per share, targeting a fundraising goal of $1.22 billion, making it the largest Saudi listing this year. Once listed, the company's valuation is projected to hit a staggering 15.24 billion riyals (approximately $4 billion). Notably, the drilling firm has secured the backing of the influential Saudi Arabia's Public Investment Fund. With a substantial inflow of orders from institutional investors, amounting to an impressive $76.5 billion, the market's response to Ades's IPO seems overwhelmingly positive. (Source)

Hyundai Global Service Targets 2024 Seoul IPO

The marine services arm of shipbuilder Hyundai Heavy Industries Holdings, known as Hyundai Global Service, is setting its sights on a 2024 IPO in Seoul. With the backing of private equity giant KKR, the company is aspiring to raise up to $1 billion. In its endeavor to go public, Hyundai Global Service has enlisted the expertise of financial institutions such as JPMorgan, UBS, and KB Securities for the offering. Although specific details about the IPO remain under wraps, the company is believed to be targeting a valuation in the ballpark of $3 billion to $4 billion. (Source)