The IPOX® Update 9/21/24

U.S.

Carlyle Group Revives IPO Plans for Nouryon

Private equity firm Carlyle Group has revived plans to list specialty chemicals company Nouryon on the New York Stock Exchange, targeting an IPO in early 2025. The IPO is expected to value the Dutch company at up to €13 billion ($13.9 billion). Nouryon, formerly part of AkzoNobel, focuses on specialty chemicals used in industries such as agriculture and cleaning. Carlyle Group has selected Barclays and Goldman Sachs to manage the IPO. (Source)

Colombian Startup Rappi Targets New York IPO

Colombian delivery and fintech startup Rappi is preparing for an IPO on the New York Stock Exchange within the next 12 months. The company is valued at over $5 billion and operates across nine Latin American countries, including markets such as Mexico, Brazil, and Chile. Rappi’s cofounder, Simon Borrero, said the company will be IPO-ready after completing its audit processes and financial projections. Backed by Japan’s SoftBank, Rappi reported improved earnings in the past year. In addition to its delivery services, the company has expanded into digital banking and financial services across Latin America. (Source)

Europe

BASF Plans IPO for Agricultural Chemicals Business

BASF is preparing its Agricultural Solutions unit for an initial public offering within the next few years. The German chemical giant’s new CEO, Markus Kamieth, is expected to outline a broader restructuring plan, which could include divesting parts of the company’s coatings business or forming partnerships. These actions aim to strengthen BASF's balance sheet, with proceeds from potential asset sales expected to support this goal. Last year, the company’s Agricultural Solutions division generated $11.12 billion in sales. In addition, BASF is slowing its investments in battery materials due to challenges in the electric vehicle market. The company is also investing $11 billion in a new chemical complex in China to capture growth in the Asian market. (Source)

Axel Springer to Split Operations Ahead of IPO

German media group Axel Springer will undergo a structural split between its CEO Mathias Doepfner and private equity firm KKR. KKR and CPP Investments will gain majority control over Axel Springer’s classifieds business, valued at $11 billion, while the overall company is estimated to be worth $15 billion. The agreement is expected to be finalized within a few months, with the deal closing by the second quarter of 2025. Following the split, Doepfner and the Springer family will retain control of the company’s media assets, including Bild and Politico. KKR and CPP Investments are planning an IPO for the classifieds unit in the second half of 2025, with Stepstone and Aviv named as potential candidates. (Source)

Asia-Pacific

China Halts Bubble Tea Chain IPOs Amid Poor Performance

Chinese regulators have suspended approval of IPOs for several bubble tea chains following weak market performances by their peers. Companies affected include Mixue Bingcheng, which aimed to raise $1 billion, Guming Holdings, and Auntea Jenny, all of which sought to list in Hong Kong. This decision follows the performance of bubble tea company Chabaidao, whose stock has dropped by 70% since its April debut, after listing at HKD 17.5 per share. Chinese companies have raised $2.56 billion through Hong Kong IPOs in 2023, down from $22.1 billion in 2021. (Source)

Tokyo Metro and Rigaku Plan Major IPOs in October

Tokyo Metro and Rigaku are preparing for significant IPOs in Japan this October, which will double the country’s total IPO value for 2024. Tokyo Metro, set to list on October 23, aims to raise $2.23 billion in Japan’s largest IPO in six years. Post-IPO, the subway operator will be valued at approximately $4.44 billion, with the Japanese government selling half of its shares to repay 2011 earthquake reconstruction bonds. Rigaku, a company backed by Carlyle Group, will raise $876 million in its IPO on October 25. The IPO will reduce Carlyle’s stake to 40.7%, with Rigaku’s market value expected to reach $1.98 billion. (Source)

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