The IPOX® Update 9/26/23
Alibaba's Cainiao Smart Logistics Preps for Hong Kong IPO
Chinese e-commerce titan Alibaba has filed for a spin-off of its Cainiao Smart Logistics unit in a move towards a Hong Kong IPO. This decision follows Alibaba's significant structural reorganization earlier in the year. Potential funds raised from the Cainiao IPO could surpass $1 billion. Established by Alibaba in 2013, Cainiao quickly became the primary logistics provider for Alibaba's online sales within China. The logistics firm operates on an international scale, assisting merchants from platforms like AliExpress and Lazada in Southeast Asia. Cainiao has built a reputation for efficient deliveries, promising 24-hour service in China and a 72-hour window globally, supported by over 300 routes and 3,000 logistics partners. Leading banks, including Citic Securities, global bank Citigroup, and JPMorgan Chase, have been tasked with overseeing the deal. (Source)
Swedish Retailer Rusta Targets IPO on Nasdaq Stockholm
Operating within the Nordic non-food low-price market, Swedish discount retailer Rusta has unveiled plans for an IPO on Nasdaq Stockholm. Rusta boasts a presence across the region with 202 stores spread over Sweden, Norway, Finland, and Germany. The company's recent net turnover has been recorded at SEK 10.2 billion (approximately $928.2 million USD for 2022/23). Rusta's ambition is to be recognized as Europe's foremost and most trusted discount retailer. The listing committee of Nasdaq Stockholm has confirmed that Rusta satisfies the necessary listing prerequisites. After further assessments, the final nod for share trading will be given, with the listing expected in towards the end of 2023. (Source)
Line Man Wongnai Eyes $300 Million IPO in Bangkok
On-demand delivery application Line Man Wongnai is making preparations for a prospective $300 million IPO in Bangkok. Local advisory firms Kasikorn Securities and Kiatnakin Phatra Securities have partnered with the startup for this potential share offering. Singapore's sovereign wealth fund, GIC Pte, has shown its support, and several international banks are currently in talks regarding the IPO arrangement. The listing could materialize as soon as the upcoming year. Founded in 2010, Line Man Wongnai operates in the food delivery space, holding its own against rivals like Grab Holdings and SCB X Pcl. In recent times, the startup secured $265 million in funds, reaching a valuation over $1 billion, backed by various investors. (Source)
Korea's IPO Market Sees Renewed Vigor with Millie's Upcoming Listing
Korea's IPO climate is undergoing a change, as evidenced by the renewed momentum in the market. Korean e-book service platform Millie is gearing up for a debut on Kosdaq after a failed attempt in the previous November. The platform previously managed to attract a staggering 1.93 trillion won ($1.43 billion) from retail investors. Millie seeks an appealing valuation, given its dominant 62.9% market share. The performance of Millie's stock is anticipated to shape market sentiments for forthcoming IPOs like Doosan Robotics and EcoPro Materials. Notably, Doosan Robotics, a firm specializing in collaborative robots, recorded a historic 33.1 trillion won in deposits for its IPO, placing it ninth in Korea's all-time rankings. Analysts are optimistic about the company's stock performance post its KOSPI debut slated for October 5th. New regulations might now permit IPO stock prices to soar by up to 400%, breathing life into a previously stagnant IPO market. (Source)
