The IPOX® Update 10/9/23
Schaeffler AG Proposes Bid to Acquire IPOX® holding Vitesco Technologies
German automotive and industrial supplier, Schaeffler AG, has offered €91 per share to acquire automotive powertrain tech firm, IPOX® 100 Europe (ETF: FPXE) holding Vitesco Technologies, valuing the latter at approximately €3.64 billion. This move initiates the first of a triad of steps aimed at a comprehensive business combination. A non-tender agreement has already been cemented with IHO Holding for a 49.9% stake in Vitesco. Post-acquisition, Schaeffler has expressed no intentions of delisting or executing a squeeze-out of the remaining Vitesco shareholders. Following the completion of the tender offer, Schaeffler plans to convert non-voting shares to common shares on a 1:1 ratio, projecting an annual revenue and cost synergy of €600 million, with the full run-rate to be achieved by 2029 (Source).
Birkenstock Leans Towards Upper-End IPO Pricing
German footwear manufacturer, Birkenstock, is speculated to price its IPO at the top of the indicated range, as it targets a valuation of $10 billion, according to sources cited by Reuters. The company is poised between pricing its IPO at $44 and $49 per share, with a decision expected by October 10 and the IPO set to debut on the New York Stock Exchange a day later. At high-end pricing, Birkenstock is positioned to secure a considerable $1.6 billion. While the company remains silent regarding IPO pricing details, the palpable investor demand could validate the pricing at the upper range (Source).
Barito Renewables Enjoys a 25% Surge in Jakarta Trading Debut
Indonesian geothermal power producer, Barito Renewables, witnessed a 25% surge during its trading debut in Jakarta, following a $200 million raise in its IPO, making it the fifth-largest in 2023. Owned by billionaire Prajogo Pangestu, the IPO, priced at 780 rupiah per share, was oversubscribed by an impressive 135 times, escalating to a high of 975 rupiah. The IPO proceeds are slated to partially offset debt to Bangkok Bank and to facilitate the acquisition of geothermal plants in Java. Furthermore, as Indonesia, a prominent thermal coal exporter, sets its sights on achieving net zero by 2060 through augmented renewable investments, CEO Hendra Soetjipto Tan anticipates this listing to establish a benchmark for local renewable energy firms (Source).
OMS Postpones its Anticipated $300m IPO Citing Unfavourable Market Conditions
OMS, a Malaysian telecom infrastructure group specializing in underwater cable installation, has delayed its $300 million IPO, which was potentially set to be Kuala Lumpur's largest since 2020. The company, which sought a valuation exceeding $1 billion, cites unfavorable market conditions as the rationale behind the postponement. Although OMS had mulled over various IPO venues, including Australia, Hong Kong, Malaysia, and Singapore, this IPO was expected to enhance first-time share sales in the Southeast Asian nation, especially against the backdrop of escalating digitalization and infrastructure demand evident in recent sub-sea cable projects across Asia (Source).
Cuscal Sets Sights on a Minimum A$367m Raise in Upcoming IPO
Australian payments and regulated data services provider, Cuscal, aims to raise a minimum of A$367m (USD235m) in its forthcoming IPO, with shares offered at A$2.50 each, while the upper price range remains to be confirmed. The implied market value is anticipated to be at least A$514m (USD329m) at the minimum share price. Institutional bookbuilding is scheduled for Nov. 2-3, followed by a retail offer period from Nov. 14-21. The expected listing date for Cuscal on the exchange is Nov. 23, with Merrill Lynch Equities (Australia) Ltd. designated as the lead manager for the IPO. However, there is no information provided regarding the utilization of the IPO proceeds (Source).
GameChange Solar Confidentially Files for 2024 IPO, Seeking Up to $3 Billion Valuation
Solar racking systems provider, GameChange Solar, backed by Koch Industries affiliate, Koch Strategic Platforms, through a $150M investment, has confidentially filed for a 2024 IPO, seeking a valuation of up to $3 billion. Established in 2012, GameChange Solar, whose systems have been deployed in projects aggregating over 29 gigawatts, is focused on amplifying its US manufacturing capacity by 50%, targeting 36 gigawatts by 2024. This move trails solar power equipment maker Nextracker Inc.’s recent IPO, which secured $734 million, presently valued over $5.4 billion, and precedes Blackstone-backed Esdec Solar Group’s impending IPO, which is targeting a valuation in excess of $5 billion (Source).
