The IPOX® Update 10/18/23
Singapore's Insurtech Bolttech Prepares for $300M US IPO
Backed by Hong Kong billionaire Richard Li, Singapore-based insurtech Bolttech is reportedly considering a U.S. IPO potentially slated for next year. The company, which enables the trading of insurance products across over 30 global markets, was founded in 2020 and has since garnered significant attention. With a valuation of $1.6 billion from its last funding round, Bolttech aims to raise between $250-$300 million. The company's recent Series B fundraising round attracted $246 million with notable contributors including LeapFrog, Tokio Marine, and Metlife. In a strategic move, Bolttech recently acquired Digital Care, which caters to mobile device requirements across Europe, Asia, and Africa. Former Australian PM Malcolm Turnbull serves on its board as a non-executive director. (Source)
Swiss Firm ABB Considers IPO for EV Charging Business in 2024
Swiss electrical engineering firm ABB is contemplating an IPO for its EV charging station segment, with the potential of going public in 2024. A challenging financial landscape is cited by CEO Björn Rosengren as a significant factor in delaying the listing. Emphasizing the need for optimal business development until it demonstrates satisfactory performance, Rosengren also stated that timing of the IPO is contingent on favorable market conditions. However, should there be an improvement in investor sentiment, the IPO could be realized in 2024. This move is in line with the increasing global demand for sustainable transportation solutions and the anticipated growth of electric vehicles. (Source)
IPO Filings Surge Ahead of Potential US Government Shutdown
In light of an impending U.S. government shutdown, there has been a notable rush in IPO filings. This preemptive surge aims to tackle possible administrative disruptions. Health-care payments software company, Waystar Holding Corp., and insurance provider, Hamilton Insurance Group Ltd., are among the entities that have submitted IPO filings. The process involves an initiation of a 15-day waiting period post-filing, followed by typically week-long roadshows to promote the deal. Despite the fervent activity, several recent major US IPOs have exhibited suboptimal year-end performances, underscoring the unpredictable nature of the IPO landscape amidst current global financial conditions. (Source)
IPOX® Health Innovation Index Member Olink Surges On Acquisition by Thermo Fisher
Following the announcement of its acquisition plans, shares of Swedish biotech firm, Olink - Member of the IPOX® Health Innovation Index - have risen by 67% as U.S. scientific instrument manufacturer, Thermo Fisher, has agreed to buy the firm at $26 per share, totaling the deal at approximately $3.1 billion. Olink, renowned for its leadership in the burgeoning multiplex proteomics field, offers significant future M&A potential for Thermo Fisher. The purchase, which presents around a 74% premium to Olink's closing NASDAQ price as of Oct. 16, is expected to conclude by mid-2024. Thermo Fisher anticipates leveraging both cash on hand and debt for financing the acquisition. JP Morgan Securities is serving as the chief financial adviser for Olink during this transaction. (Source)
Socionext Stocks Soar Following Collaboration with ARM and TSMC
After unveiling its collaboration with processor architecture firm Arm and chip manufacturer TSMC, shares of the IPOX® International Index member, Socionext, witnessed a significant surge. The collaboration focuses on the development of a 2nm multi-core CPU chiplet. Engineering samples of this innovative product are expected to be available in the first half of 2025. Following this announcement, Socionext shares in Tokyo climbed as much as 16%, marking its most substantial increase since its listing in October 2022. This partnership further emphasizes the growing importance of advanced chip technologies in the contemporary tech landscape. (Source)
