The IPOX® Update 11/7/23

Shein Eyes $90 Billion Valuation in Potential U.S. IPO

Chinese-founded fast fashion e-commerce platform Shein is targeting a $90 billion valuation for a potential U.S. IPO, marking an increase from its $64 billion valuation earlier this year. Amid increasing competition and criticism, Shein leverages data analytics to predict demand and minimize inventory costs. The company is recognized for its innovative light-asset model in the fashion industry. Shein's IPO aspirations come amid legal challenges and the emergence of competing platforms such as Temu, launched by China's PDD. (Source)

Ecopro Materials Adjusts IPO Terms, Raising $319.2 Million

South Korean EV battery materials supplier Ecopro Materials has scaled down its initial public offering, raising $319.2 million by pricing its shares at 36,200 won ($27.7) each. This adjustment reflects a cautious investor sentiment in the EV sector. The company, a subsidiary of Ecopro Co., which owns 54% of Ecopro Materials, is slated to list on the KOSPI on November 17. Retail subscription for the IPO is set for November 8-9. (Source)

GoZero Seeks Capital Raise Ahead of Possible IPO

Australian electric vehicle bus manufacturer GoZero is actively exploring capital raising avenues to secure approximately $64 million USD, potentially before the end of the year. This fundraising is not confined to an IPO, with the company considering various financing options to support its expansion and manufacturing capabilities. GoZero, which has diversified its operations to include charter buses, is working to bridge the cost gap between electric and traditional diesel or hydrogen buses. (Source)

Bergé May Delay Astara Unit IPO Amid Market Volatility

Spanish logistics giant Bergé is considering postponing the IPO of its automotive unit, Astara, due to current market uncertainties. Bergé, which may sell up to 49% of Astara to support growth, boasts a significant turnover from Astara's operations. With a commitment to carbon neutrality and electrification of its fleet, Astara's growth and diversified revenue streams position it strongly for a future public offering, once market conditions are favorable. (Source)

CARGO Therapeutics Targets $300M Nasdaq IPO

Biotechnology firm CARGO Therapeutics, specializing in blood cancer therapies, is planning a major IPO on Nasdaq, targeting $300 million. The company intends to offer 18.75 million shares, with an additional 2.8 million shares available in an upsell option, hoping to fund its operations through 2025. CARGO's research origins trace back to the National Cancer Institute and Stanford, emphasizing its strong scientific foundation. (Source)

WuXi Biologics' WuXi XDC Targets $520 Million in Hong Kong IPO

WuXi Biologics, a global contract research organization, is spinning off its antibody conjugate drug unit WuXi XDC in a Hong Kong IPO aimed at raising up to $520 million. The company, domiciled in China, is a joint venture specializing in bio-conjugated antibody drugs and commands a significant 9.8% share of the global market by value in 2022. WuXi XDC manages a robust pipeline of 30 antibody drug candidates and is recognized for leading in volume for antibody drug conjugate development. (Source)

Hilton Grand Vacations Announces $1.5 Billion Acquisition of Bluegreen Vacations

U.S. holidays company Hilton Grand Vacations (HGV) has entered into an agreement to acquire Bluegreen Vacations, a vacation ownership company, for $1.5 billion. The acquisition, which offers Bluegreen Vacations' shareholders $75 per share in an all-cash merger deal, is expected to be completed in the first half of 2024, pending stockholder and regulatory approvals. This merger is set to notably expand HGV's membership base to over 740,000 and its resort count to nearly 200 properties. Additionally, HGV plans to retain the current management team of Bluegreen Vacations to ensure continuity. Notably, Bluegreen Vacations is a member of our IPO M&A-focused GINDEX® Growth Infusion U.S. Index, and Bluegreen's share price has more than doubled since the announcement. (Source)