The IPOX® Update 10/2/23

Birkenstock Gears Up for Its Initial Public Offering

German footwear manufacturer Birkenstock has set the stage for its IPO, with an offering of 32.26 million shares priced between $44 to $49 per share, in a bid to raise up to $1.6 billion. Notable interest has been shown by LVMH Chairman Bernard Arnault's family holding, which may buy shares worth up to $325 million. Additionally, the Norwegian sovereign fund and Durable Capital Partners have expressed their intent in purchasing up to $300 million of stock. The IPO comprises 10.75 million new shares and 21.51 million shares from the selling shareholder. This move marks a significant stride in Birkenstock's expansion strategy. The proceeds from the IPO are targeted for debt repayment. The offering is tentatively priced for October 10, with trading set to commence on October 11. This IPO not only reflects a continued interest in established brands going public but also highlights the strategic financial maneuvers companies are employing to fuel their expansion. The IPO is arranged by notable financial institutions including Goldman Sachs, JPMorgan Chase, and Morgan Stanley and will be listed on NYSE under the ticker BIRK (Source)

French Enterprise Software Group Planisware Prices Paris IPO

French enterprise software group Planisware has announced the pricing for its Paris IPO at $270 million. The shares are expected to be priced between 16 and 18 euros each. The offering will include up to 15,085,000 shares with an over-allotment option of up to 2,262,750 shares provided. The IPO is set for October 10 and October 11 for French and International offerings, respectively, with settlement anticipated on October 13. Trading on Euronext Paris is expected to begin on October 16 under the ticker symbol PLNW. Planisware specializes in providing process automation and planning solutions for organizations, showcasing a blend of technology and strategic management aimed at optimizing operational efficiency. The IPO is seen as a strategic move to further establish its footprint in the enterprise software market (Source)

Indonesia's Geothermal Power Producer Barito Renewables Readies for IPO

Indonesian geothermal power producer Barito Renewables is set to raise $203 million in a Jakarta IPO, pricing its shares at 780 rupiah apiece, the top end of the marketed 670-780 rupiah range. This IPO comes as a part of Indonesia's burgeoning IPO scene, which has witnessed a whopping $3.2 billion raised since the onset of 2023. Following this announcement, shares of parent company Barito Pacific rose 3.5% in early trade. The proceeds from the IPO are aimed at debt repayment to Bangkok Bank and acquiring Java geothermal plants. The move positions Barito Renewables as Indonesia's largest and the world's third-largest geothermal producer by installed capacity. Trading is set to commence on Jakarta's exchange on October 9, underwritten by PT BNI Sekuritas and PT OCBC Sekuritas Indonesia (Source)

Japanese Startups Seek Nasdaq Listings Amidst Dwindling Chinese Listings

Following a record number of Japanese startups listing on Nasdaq since the start of 2023, the trend is expected to continue with seven more slated in the coming months. This shift defies Japan's traditionally conservative investment culture, and is seen as a move towards global market engagement. U.S. investors and bankers are now eyeing Japanese IPOs as geopolitical tensions stifle Chinese counterparts. Notably, real estate and crowdfunding service provider Syla Technologies achieved higher valuation in the U.S., listing on Nasdaq. Additionally, boutique California bank Boustead Securities is accruing Japanese clients, further underscoring this growing IPO trend. Despite some failures, more firms like translation device maker Pocketalk Corp. are eyeing a Nasdaq debut, indicating a significant shift in Japanese firms' approach towards global market engagement (Source)

Doosan Robotics Anticipates Successful Stock Market Debut

South Korea's top collaborative robot supplier, Doosan Robotics, is set to go public locally on Thursday, with its IPO priced at the high-end 26,000 won (US$19) due to strong institutional demand. A record 33 trillion won was garnered from retail investors during a two-day IPO subscription period. The IPO aims to raise 421 billion won, marking the year's record IPO, with a debut market cap hitting 1.69 trillion won. Established in 2015, Doosan Robotics, known for its 13 collaborative robot lineups, largely deployed in unmanned cafes, is looking to bolster its financials and further its collaborative robotics ventures in the food and beverage sector despite the operating loss of 13.2 billion won on 44.9 billion won sales in 2022. The robust interest in the IPO suggests a promising market debut that could potentially advance Doosan's financial health and its ventures (Source)

Vuori Inc. in Preliminary Talks for IPO by Mid-2024

SoftBank-backed activewear brand, Vuori Inc., is eyeing an IPO by mid-2024 and is in talks with investment banks. The brand is aiming to surpass a $4 billion valuation from its 2021 funding round led by SoftBank's Vision Fund 2. The advisory team for the IPO could be selected within weeks, although plans remain tentative. Founded in San Diego, Vuori has expanded to the East Coast and internationally to the UK and China. It gained a $400 million investment from SoftBank Vision Fund 2 in 2021, with Norwest Venture Partners also being a stakeholder. This potential IPO follows a trend of activewear brands capitalizing on the global casual fashion shift, as the casual activewear market continues to sustain its post-pandemic popularity. The IPO is seen as a strategic move to capitalize on the growing casual activewear market, riding on the coattails of rivals like Lululemon whose shares surged 20% this year (Source)

Middle East Enters 'Golden Era' with Increasing IPO Activity: JPMorgan’s EMEA CEO

According to JPMorgan's EMEA CEO, Raghavan, the Middle East is entering a 'Golden Era' with business activity picking up across all geographies, and a notable increase in IPOs. The region is experiencing significant business momentum amid geopolitical shifts, with liquidity migrating to the Middle East due to geopolitical tensions. Countries like Saudi Arabia, UAE, and Qatar are emerging as attractive destinations for money managers and hedge funds. Domestic economies in Middle East nations are becoming mainstream, indicating strong regional growth. This positive outlook is seen as a reflection of heightened attention and inward investment into the Middle East, providing a favorable environment for Middle Eastern companies to attract both attention and investment (Source)