The IPOX® Update 11/16/2024

U.S.

Klarna confidentially files for IPO with SEC, valuation targeted around $20 billion

Swedish fintech company Klarna, known for its 'buy now, pay later' services, has confidentially filed for an IPO with the SEC. The company reported an adjusted profit of 673 million SEK for the first half of 2024, reversing a 456 million SEK loss from the prior year. Revenue reached 13.3 billion SEK, marking a 27% year-over-year increase, with 38% growth in the U.S. market. Although Klarna was previously valued at $46 billion in 2021, its valuation is now targeted at $20 billion. Goldman Sachs is reportedly in talks to lead the IPO. (Source)

Chinese self-driving firm Pony AI targets up to $4.48 billion valuation with its U.S. IPO on Nasdaq under "PONY"

Chinese autonomous vehicle developer Pony AI plans to go public in the U.S. on Nasdaq, targeting a valuation of up to $4.48 billion. The company seeks to raise $195 million through the sale of 15 million American Depositary Shares (ADS) priced between $11 and $13 each. An additional $153.4 million will be secured via private placements, with $74.9 million committed by Chinese automaker BAIC. Pony AI, which operates 250 robotaxis and 190 robotrucks, has seen its valuation decline from $8.5 billion in 2022. The IPO follows a similar move by rival self-driving firm WeRide in October. Backers include Toyota, HongShan, and Saudi Arabia’s NEOM. Safety concerns, regulation, and profitability remain critical challenges for the industry. (Source)

LNG producer Venture Global LNG plans to go public in New York, raising approximately $3 billion

U.S. liquefied natural gas (LNG) producer Venture Global LNG, headquartered in Arlington, Virginia, is set to raise $3 billion through its New York IPO. The company recently received regulatory approval for its Plaquemines, Louisiana export facility, which will position it as the second-largest LNG exporter in the U.S. upon commencement of operations. The IPO is projected to be one of the largest global listings of 2024. Leading underwriters for the offering include Goldman Sachs and JPMorgan Chase. Venture Global LNG has emerged as a key player in the energy sector amidst increasing global demand for LNG. (Source)

Dutch telecom group VEON considering IPO for Kyivstar, potentially on Nasdaq next year, specifics TBD

Telecom operator VEON is exploring the possibility of listing its Ukrainian subsidiary Kyivstar on Nasdaq in 2024. Kyivstar is a leading provider of mobile and fixed-line telecommunications services in Ukraine. VEON has announced a $1 billion investment in Ukraine's digital infrastructure by 2027. If successful, Kyivstar could become the first Ukrainian company listed on a U.S. exchange. However, legal complications, including frozen shares linked to sanctioned individuals, pose challenges. Meanwhile, VEON is relocating its headquarters to Dubai and preparing to delist from Amsterdam on November 25, 2023. (Source)

Chicago-based NielsenIQ plans to go public in 2025, potentially valued at approximately $10 billion

Consumer analytics firm NielsenIQ, based in Chicago, has announced plans for a 2025 IPO with a potential valuation of $10 billion. Specializing in analytics for the retail and consumer packaged goods sectors, the company aims to leverage renewed investor interest in consumer-facing technology firms. Despite a sluggish U.S. IPO market in 2024, analysts view NielsenIQ's public debut as a possible bellwether for improved investor confidence. Specific details on the offering have not yet been disclosed. (Source)

Maspv China files to go public on Nasdaq, raising between $25 million and $50 million through an IPO of its ADS

Spanish solar energy firm Maspv has filed for a U.S. IPO of its Chinese subsidiary, aiming to raise $25-$50 million through American Depositary Shares (ADS). Maspv China focuses on developing and optimizing solar energy projects, intending to secure funding for a $500 million investment strategy over the next five years. The IPO will offer 10%-20% of Maspv China's share capital, with an estimated valuation of $250 million. Legal and financial advisers include KPMG and E.F. Hutton. (Source)

Europe

Carlyle plans $4b exit IPO for German automotive Flender amid favorable market conditions

The Carlyle Group is reportedly exploring strategic options, including a $4 billion IPO or sale of Flender, its German subsidiary specializing in mechanical drive systems and gear technologies. Flender's timeline for a public listing remains under consideration as Carlyle evaluates favorable market conditions. Further financial details about the offering have not been disclosed, as the company continues to assess its strategic direction. (Source)

Partners Group to list largest holding Ammega; specific date and target valuation undisclosed

Swiss investment firm Partners Group is preparing to publicly list Ammega, its Dutch subsidiary specializing in high-performance conveyor belts. Ammega serves a range of industrial applications globally. The IPO process, expected to occur on the Zurich Stock Exchange, is being facilitated by major banks including UBS and BofA. Details about the offering size and valuation have not been disclosed. (Source)

Asia-Pacific

Malaysian transportation firm HI Mobility plans to go public in early 2025, raising up to US$40 million

Malaysian transportation holding company HI Mobility, primarily operating through its subsidiary Handal Indah, is planning an IPO in early 2025 to raise up to $40 million. The offering includes 95 million primary shares, representing 19% of the company’s expanded share capital, and 35 million secondary shares, representing 7%. Controlling shareholder Lim Han Weng will act as a vendor for the secondary offering. For the quarter ending April 2024, HI Mobility reported a 46% increase in revenue to MYR 62.2 million and a net profit surge of 212% to MYR 11.5 million. Maybank has been appointed as the principal adviser and sole placement agent for the IPO. (Source)

Mokingran Jewellery starts premarketing Hong Kong IPO, raising up to US$70 million

Chinese gold jewelry company Mokingran Jewellery has initiated premarketing for its Hong Kong IPO to raise up to $70 million. The company operates more than 2,800 franchise stores and 36 self-owned outlets, as of June 2024. Mokingran reported a profit of RMB 52 million ($7.2 million) for the first half of 2024, marking a 51% decline from the prior year. The IPO, sponsored by Citic Securities, is expected to support growth initiatives. (Source)

Dmall plans to go public on the Hong Kong Stock Exchange, raising approximately US$100 million

Chinese retail digital solutions provider Dmall, controlled by Wumart Group, is planning an IPO in Hong Kong to raise approximately $100 million. The proceeds will fund application development (42%), business expansion (30%), and general corporate purposes. Despite reporting a net loss of RMB 249 million ($35 million) for the first half of 2024, the company maintains a competitive 6.5% market share in its sector. Joint sponsors for the IPO include UBS, CMB International, and China Merchants Securities. (Source)

Philippines Maynilad Water Services plans $1 billion IPO targeted for April or July 2025

Filipino water concessionaire Maynilad Water Services, which serves Metro Manila's West Zone and Cavite, plans a $1 billion IPO by mid-2025. The company will file its application in Q1 2025 and has engaged HSBC, Morgan Stanley, and UBS as advisors. Proceeds aim to attract foreign and local investment while meeting regulatory requirements to offer at least 30% of its outstanding capital stock. Major stakeholders include Metro Pacific Investments Corp. (53%), DMCI Holdings (25%), and Marubeni Corp. (20%). (Source)

Adaro Energy to raise $291.6 million by listing coal unit PT Adaro Andalan in Indonesia

Indonesian coal producer Adaro Energy plans to raise $291.6 million by listing its subsidiary PT Adaro Andalan (AAI) on the Indonesia Stock Exchange. The IPO will offer 778.7 million shares, representing 10% of AAI, priced between 4,590 and 5,900 rupiah each. AAI is valued at up to $2.92 billion, an increase from its October valuation of $2.45 billion. Funds from the IPO will support Adaro's green energy projects and net-zero emission goals. (Source)

MENA

United International Holding Company (UIHC) plans to go public on November 19, 2024, raising approximately USD 264 million through its IPO

Saudi Arabian financial services provider United International Holding Company (UIHC) is set to debut on November 19, 2024, with an IPO raising USD 264 million. The offering was priced at SAR 132 per share, generating SAR 131 billion (USD 35 billion) in orders, representing 132 times oversubscription. The IPO gives UIHC a market capitalization of SAR 3.3 billion (USD 880 million). Key investors include Zamil Group and Al Muhaidib Group. Trading on the Saudi Exchange will begin post-regulatory approvals. (Source)

Tamkeen Human Resources successfully completed its IPO, raising approximately USD 105.8 million

Saudi-based recruitment firm Tamkeen Human Resources has completed its IPO, raising approximately USD 105.8 million. The offering consisted of 7.95 million shares, representing a 30% free float, priced at the upper range of SAR 46-SAR 50 per share. Demand for the IPO reached SR 1.15 billion, with retail subscriptions oversubscribed 14.4 times. Institutional demand covered the offering 13.8 times. A specific trading date on the Tadawul exchange has yet to be announced. (Source)

Talabat Holding plans to sell 3.49 billion shares, a 15% stake, in its Dubai IPO

Middle Eastern food delivery platform Talabat Holding plans to sell 3.49 billion shares, representing a 15% stake, in its upcoming Dubai IPO. The offering runs from November 19-27 for retail investors and concludes on November 28 for professionals, with listing expected on December 10. The IPO, supported by Emirates NBD Capital, J.P. Morgan, and Morgan Stanley, could raise over $1 billion. Majority owner Delivery Hero will retain control. Founded in Kuwait, Talabat operates in seven Middle Eastern countries, serving 6 million users. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.