The IPOX® Update 11/2/23

Investcorp Capital Set to Raise $403 Million in Abu Dhabi IPO

Investment firm Investcorp Capital, headquartered in Bahrain, has targeted an impressive $403 million for its Abu Dhabi IPO, with a share price range established between 1.90 to 2.30 dirhams. This move will offer a 29.3% stake in their combined shares. Intriguingly, cornerstone investor IVC Strategic Investment Co. has already purchased over 60% of the IPO. The listing is scheduled for November 17, amidst prevailing Middle East tensions. With ambitions to expand their capital financing services, Investcorp plans to utilize the IPO proceeds and has also committed to an 8% annual dividend on net assets. This global expansion follows their 2021 delisting from Bahrain. Currently, Investcorp manages a substantial $50 billion in assets. (Source)

Financial Investor CVC Delays IPO Amid Market Conditions

CVC Capital Partners, a private equity investor, has decided to postpone its IPO plans for the year, pointing to unfavorable market conditions as the cause. The firm had previously aimed for a significant Amsterdam listing in October. This move would have positioned it among the major IPOs in Europe this year. Competitors like Swedish EQT and British Bridgepoint were on CVC's radar, however the wobbly stock performance of EQT has raised eyebrows and cast doubts on CVC's listing plans. This delay underscores the current cautious sentiment towards new market issuances. (Source)

Hamilton Insurance Group Targets $270 Million in US IPO

Hamilton Insurance Group, a specialty insurance provider domiciled in Bermuda, has set its sights on a commendable $270 million through its upcoming US IPO. The share price range stands between $16 to $18, potentially valuing the firm at an impressive $2 billion. Such a valuation would mark a crucial test in this year's challenging IPO landscape, punctuated by uncertain debuts like tech firm Arm Holdings. Interestingly, amidst the ongoing market sentiment, European private equity giant CVC Capital Partners has also postponed its Amsterdam IPO. Barclays and Morgan Stanley, among other prominent banks, are leading Hamilton's IPO efforts. (Source)

India Witnesses Record 184 IPOs in 2023, Topping Global Markets

2023 emerges as a record-breaking year for India as it listed 184 IPOs, the highest ever. October alone saw 30 firms going public, surpassing major markets like the US, China, and Hong Kong. Despite grappling with high interest rates, Indian equity benchmarks touched unprecedented levels this year. This surge in IPOs has been attributed to the upcoming general elections and vigorous economic activities. However, a note of caution comes from analysts warning of political uncertainties that could impact stocks and subsequent IPOs. Notably, the year, despite its record IPO count, experienced a 15% YoY drop in proceeds, summing up to $4.9 billion. The Indian IPO landscape portrays a mixed picture with Honasa Consumer Ltd. / Mamaearth, a personal-care brand, scaling down its IPO size, while Cello World Ltd., known for housewares and furniture, witnessed its IPO being oversubscribed 39 times. (Source)

Spinneys Dubai Considers Potential IPO

Spinneys Dubai, a leading supermarket chain operating over 65 stores across the UAE, is contemplating an initial public offering in Dubai. The company has its sights set on enlisting top-tier banks including Bank of America Corp., Emirates NBD Capital, and HSBC Holdings Plc for the IPO. There's a possibility that the Dubai IPO might take flight as early as next year. However, the final roster of banks associated with the IPO is yet to be finalized. Adding to the cadre of experts, financial advisory titan Rothschild & Co. is also guiding Spinneys through the IPO journey. While the detailed dynamics of the IPO remain under wraps, the involved parties maintain a discreet stance, with official representatives withholding comments. (Source)

IPOX Holdings in Focus after Q3 Earnings Reports

DoorDash Inc., the U.S.-based food and retail delivery giant, witnessed an impressive 17% surge after posting record customer orders for Q3. Their grocery delivery doubled, further cementing their dominance over rivals like Uber Technologies and Just Eat Takeaway.com's Grubhub. U.S. firm Palantir Technologies saw an 18% ascent, reporting a shift from previous losses to a $71.5 million profit. Italian gambling firm Lottomatica Group experienced a share price increase of 4.7% following its announcement to acquire the Italian operator SKS365, solidifying its market leader position in the country. Meanwhile, U.K.-based telecommunications company Airtel Africa reported a significant share surge, touching their highest since October 2022, even with the challenges posed by the Nigerian naira's devaluation. U.S. online lodging platform Airbnb projected a slight slowdown for Q4, but celebrated an 18% YoY Q3 revenue rise, highlighting the shift from rural to urban areas and an uptick in international bookings. Conversely, U.S. data streaming platform Confluent saw its stock drop after revising its full-year sales projection, with analysts expressing concerns about its long-term market expansion potential.