The IPOX® Update 11/21/23
Euronext Anticipates Surge in European Tech IPOs in 2024
Euronext's CEO, Stephane Boujnah, forecasts a significant influx of IPOs from European technology firms in 2024. The CEO said that Euronext, a pan-European stock exchange with headquarters in Amsterdam, boasts a substantial liquidity pool, positioning it as a preferred platform for these potential listings. Boujnah’s prediction is grounded in a current trend where capital is moving between fixed income and equities markets. Furthermore, he advocates for a unified European financial supervision system to streamline and strengthen the region's financial markets, akin to a "European SEC." This proposal aligns with the initiative of ECB president Christine Lagarde, who seeks to expand the current financial watchdog's authority, enhancing regulatory oversight across Europe. The establishment of a unified regulatory body could bolster investor confidence and pave the way for a thriving IPO market. Euronext's role in this development is crucial, offering a robust platform for European tech firms aiming to go public. (Source)
Fintech Firm Figure Technologies Prepares for LendCo Division IPO in H1 2024
U.S. fintech company Figure Technologies is planning an IPO for its LendCo division, targeting the first half of 2024. The IPO, involving top financial institutions Goldman Sachs, JPMorgan, and Jefferies, estimates a valuation between $2 billion to $3 billion. The company, founded in 2018 and valued at $3.2 billion in a 2021 funding round, is part of a broader wave of tech-related companies considering public listings in 2024. The IPO details, including timing and valuation, are still tentative and subject to market conditions. Figure's digital asset arm, seeking a separate $50 million funding, is not included in this IPO. CEO Mike Cagney, who will continue leading the digital asset division, is considering appointing a separate CEO for LendCo. This IPO marks a significant milestone for Figure Technologies, highlighting its growth and the burgeoning interest in fintech IPOs. (Source)
Honor, Leading Chinese Smartphone Vendor, Gears Up for Potential IPO
Honor, a leading smartphone vendor in China and a spin-off from Huawei, is preparing for a potential IPO. Honor, now independent and unaffected by U.S. sanctions on Huawei, holds an 18% share in China's smartphone market. The company is bolstered by its international expansion, particularly in Europe, the Middle East, and Latin America. The expected appointment of Wu Hui, former chairman of Shenzhen Water and Environment Group, as Honor's new chairman, brings valuable experience from the state-owned enterprise and political sectors. Under Wu’s leadership, Honor plans to diversify its capital and focus on expanding its product portfolio and retail presence. The IPO aims to support Honor's growth trajectory, reinforcing its position as a major market player in the smartphone industry and signaling confidence in the global tech sector. (Source)
Dubai Taxi Co.'s IPO Fully Subscribed Within an Hour
The IPO of Dubai Taxi Co., involving a 25% stake sale valued at up to 1.16 billion dirhams ($315 million), was fully subscribed within an hour of opening. This rapid subscription rate highlights strong investor interest, marking the Dubai government's first privatization effort in over a year. Investors have until November 29 to place orders, with the final price set to be announced on November 30. Trading of shares is expected to commence on December 7. Dubai Taxi, which holds a 44% market share in Dubai's taxi services, is capitalizing on the city's post-Covid economic growth. The company has announced plans to pay substantial dividends, starting with 71 million dirhams ($19 million) in April 2024. This IPO not only represents a significant move in Dubai's privatization efforts but also reflects the robust health of the region's economic and financial markets. (Source)
PureHealth Holding PJSC Plans Listing on Abu Dhabi's Capital Market
PureHealth Holding PJSC, Abu Dhabi's largest health-care platform, is planning a listing on the UAE capital market, with trading expected to begin in December, pending regulatory approvals. Owned by ADQ and International Holding Co., which are linked to the UAE royal family, PureHealth was formed by merging several companies. It operates over 25 hospitals and 100 clinics, reflecting its significant presence in the healthcare sector, evidenced by its recent expansions, including a $1.2 billion acquisition of a UK hospital. The company is part of Abu Dhabi's strategy to create "national champions" in various sectors. The planned listing is part of a wave of Gulf IPOs, joining companies like Phoenix Group Plc and Dubai Taxi Co. This move signifies the growing momentum in the Gulf region's IPO market and underscores the UAE's strategy to strengthen key national industries through public listings. (Source)
