The IPOX® Update 10/17/23

IPOX® CEO on Anchor Investors' Role in IPO Outcomes

In a recent interview with Bloomberg, IPOX® CEO Josef Schuster highlighted the potential ramifications of anchor investors not committing to holding shares on IPO outcomes. Recently, German footwear brand Birkenstock faced one of the most challenging U.S. IPO debuts in over two years, seeing its shares drop by 12.6% on its first trading day. The brand, similar to other recent listings like Instacart, leaned on anchor investors for stability during its IPO process. However, questions about the effectiveness of this strategy arise as Instacart trades 15% below its IPO price. The approach, emphasizing long-only investors, might have limited the open market demand for Birkenstock's shares. Due to the prevailing market jitters, tech firm Rubrik and car-sharing platform Turo are reconsidering their IPO timelines. (Source)

European Buyout Firm CVC Capital Partners Preps for IPO

European buyout firm CVC Capital Partners is set to announce its IPO in Amsterdam, possibly within this week. The Luxembourg-based firm's trading may commence as early as November. Previously valued at around $15 billion in 2021, CVC's upcoming IPO could potentially be Europe's most substantial for the year, even as the listings market faces challenges exemplified by the Arm Holdings and Birkenstock IPOs. However, if market conditions continue to be unfavorable, CVC might postpone its listing. The firm had already delayed the IPO for its holding, DKV Mobility. As geopolitical tensions persist in the Middle East, global stocks are affected, adding to investor worries. Currently managing over €160 billion, CVC has recently diversified its investments into infrastructure and secondary markets. (Source)

Saudi Arabian Water Treatment Firm Miahona Ponders IPO

Saudi Arabian water treatment company, Miahona, a subsidiary of the holding company Vision Invest, is contemplating a domestic IPO potentially in the upcoming year. The firm discusses a deal that might raise several hundred million dollars. Advising Miahona on this share sale is Himmah Capital. After a slow beginning, the Saudi Arabian IPO market is experiencing a revival, withstanding some benchmark index fluctuations. IPOs in the Persian Gulf continue to show resilience despite tensions in the Middle East. Specializing in wastewater treatment, urban water management, and alternative water solutions, Miahona stands as a significant entity in the region. Vision Invest oversees over $50 billion in assets across diverse sectors such as power, water, and construction. (Source)

EQT-Backed Waystar Announces Nasdaq IPO Plans

U.S. healthcare payments software developer Waystar, backed by European private equity group EQT, has revealed plans for a Nasdaq IPO. Leading the offering are major banks JPMorgan Chase, Goldman Sachs Group, and Barclays. Specific details regarding the IPO size remain undisclosed. Following a rise in quarterly sales, Waystar Technologies unveiled its U.S. stock market flotation. The company, with its upcoming IPO, could potentially be valued at around $8 billion. Set to list on the Nasdaq under the ticker "WAY", specific details on pricing and shares offered are yet to be provided. Waystar's Q2 sales stood at $196 million, marking a modest increase from the prior year and showing a minor decrease in net loss. (Source)