The IPOX® Update 10/27/23

Sanofi Announces Consumer Health Unit Spin-out Amidst Profit Warning

French pharmaceutical giant Sanofi has unveiled plans to spin out its consumer health unit by the end of 2024, to better concentrate on Research & Development. This strategic move follows the unit's robust Q3 sales, which touched €1.2 billion, marking a 4.6% YoY rise. Their portfolio boasts products like the Icy Hot muscle pain relief, Allegra hayfever pill, Dulcolax laxative, among other over-the-counter solutions. CEO Paul Hudson emphasized that consumer business skills remain unique from pharmaceuticals, making the spin-off a fitting choice. Furthermore, the decision is set to reward patient and longstanding shareholders with the expected proceeds. Despite its forward-focused approach on innovation, Sanofi's shares witnessed a decline of 17% in Paris trading Friday. (Source)

Chongho Bridge Contemplates $500m Hong Kong IPO

Chinese rural lender Chongho Bridge, renowned for offering microcredit to smaller enterprises, is contemplating a Hong Kong IPO potentially valued between $300m and $500m. This Ant Group-endorsed firm, initially established as a World Bank microcredit pilot in 1996 aimed at poverty alleviation, has engaged with China International Capital Corp. and UBS Group AG for its listing endeavors. Founded in 2008, Chongho Bridge currently operates across 20 Chinese provinces, primarily catering to farmers, who make up 89% of its clientele. In a notable 2021 fundraising round spearheaded by the Ontario Teachers’ Pension Plan Board, the firm secured a substantial 1 billion yuan ($137 million). (Source)

Bentley Innomed Gains New Investors, Eyes 2024 IPO

German medical device enterprise Bentley Innomed has successfully onboarded three significant investors, laying the groundwork for a potential IPO in 2024. Keensight Capital, specialized in medical tech and software, has joined the ranks of new stakeholders. Furthermore, the major shareholder of Maersk, A.P. Moller, and the Leksell family's Bonit have also acquired stakes in Bentley Innomed. The company, valued in the "3-figure-million" range, is considering a Nasdaq Nordic listing in 2024, subject to favorable market dynamics. These recent investments collectively amount to nearly 20% of the company's stake. Bentley Innomed, established in 2009, specializes in creating implants that treat vascular diseases and prevent thromboses, with its 2022 revenue nearing EUR 70m. (Source)

SCG Decor Aims for Thailand's Leading 2023 IPO

A subsidiary of Siam Cement, SCG Decor, is targeting an impressive 6.59 billion baht ($182 million) in what is expected to be Thailand's premier IPO for 2023. The firm, which specializes in bathrooms, flooring, and tiles, has opened its share booking window for institutional investors from Dec. 8 to Dec. 13. Bualuang Securities has been entrusted to manage the share sale. The final IPO price range is slated for an announcement in November 2023, with possible adjustments during the book building process. (Source: Bloomberg)