The IPOX® Update 10/4/23
Renk Sets IPO Pricing Ahead of Tomorrow's Listing
German tank transmission manufacturer Renk set its initial public offering (IPO) pricing at €15 per share, sitting at the lower end of the anticipated €15-18 range. Backed by financial investor Triton, which aims to retain a minimum of 73% stake post-IPO, the deal is anticipated to yield under 400 million Euro. Last week's IPO of Schott Pharma, a pharmaceutical company, experiences a stock price slide toward its issuance price following an initial 16% uplift. (Source)
Doosan Robotics Aims High with South Korea's Largest IPO of the Year
Specializing in developing collaborative robots for varied industrial applications, South Korean robotics firm Doosan Robotics is launching the nation's most substantial IPO of the year, with ambitions of raising $310 million after sparking significant retail investor interest. CEO Ryu Junghoon accentuates the aspirations of leveraging IPO funds for strategic acquisitions and global expansions, potentially eyeing technologies that facilitate enhanced robotic mobility within warehouses and factories. The collaborative endeavor with tech giant Microsoft intends to amalgamate GPT-based control systems to bolster robotic functionality, resonating with the anticipated expansion of the global collaborative robot market from $1.2 billion to $6.8 billion by 2029. (Source)
Intel Announces Spin-Off of Programmable Solutions Group via Prospective IPO
Global chip manufacturer Intel, member of our M&A focused GINDEX® U.S. Index (GNDX) has unveiled plans to spin off its Programmable Solutions Group (PSG) through an IPO, operating PSG as a standalone unit from January 1 2024, with a listing eyed in the next 2-3 years. This strategic move propelled Intel shares (INTC) to rally 1.9% in premarket trading subsequent to the announcement. Sandra Rivera, presently spearheading Intel's data-center and AI group, is slated to lead PSG. When last reported as a separate entity in 2022, PSG’s revenue experienced a 4% uptick, reaching $1.9 billion. (Source)
