The IPOX® Update 11/29/23
Lineage Logistics LLC Eyes Over $30 Billion Valuation in U.S. IPO
Michigan-based Lineage Logistics LLC, a leader in temperature-controlled storage facilities, is targeting a valuation exceeding $30 billion for its upcoming U.S. IPO, potentially scheduled for the first half of 2024. While the final decisions on IPO size and timing are still pending, the company has engaged Goldman Sachs and Morgan Stanley as lead banks for the offering. Lineage operates over 400 facilities globally, competing directly with firms such as Americold Realty Trust Inc., another key player in this sector. This IPO is part of a surge in high-profile companies planning their market debuts in 2024, e.g. Reddit, Skims, Shein, indicating a robust pipeline for new listings. (Source)
UL Solutions Inc. Targets $5 Billion Valuation in 2024 IPO
UL Solutions Inc., a company specializing in safety testing, inspection, and certification, is eyeing a $5 billion valuation for its postponed IPO, now scheduled for 2024. The company paused plans due to unstable market conditions and is now collaborating with JPMorgan Chase & Co. and Goldman Sachs Group Inc. on the IPO. The precise size and timing of the listing remain under discussion.(Source)
ZKH Group Ltd. Plans U.S. IPO with $100-150 Million Target
Chinese maintenance and procurement service provider ZKH Group Ltd. is planning a U.S. IPO, aiming to raise between $100 million and $150 million. The company plans to start gauging investor interest from tomorrow, with a targeted listing date set for December 15, although this may change. The IPO, managed by Deutsche Bank, China Renaissance, and CICC, could be the largest Chinese listing in the U.S. since Hesai Group's $192 million offering in February. This move by ZKH Group highlights the continued interest of Chinese companies in accessing U.S. capital markets, despite geopolitical tensions and regulatory challenges. (Source)
Air Astana Plans Dual IPO in London and Kazakhstan for Early 2024
Kazakhstan's national airline, Air Astana, is gearing up for a dual IPO in London and Kazakhstan in early 2024. The airline, which reported a net income of $82 million in 2022, is working with advisors including Citigroup, Jefferies, Wood & Co., and local Kazakh firms. Major stakeholders, such as BAE Systems and Samruk-Kazyna, plan to reduce their ownership to around 50%, while ensuring control remains with Kazakh citizens or entities. With a preliminary valuation estimated at around $1 billion, Air Astana's IPO is set to be the first state-run Kazakh company in London since Kazatomprom's 2018 IPO. (Source)
Hong Kong Targets Middle East, Southeast Asia for IPO Expansion
Amid a decline in Chinese listings, a Hong Kong task force is pivoting its focus towards the Middle East and Southeast Asia to boost IPO activity. The recommendations suggest greater outreach to issuers and investors in these targeted regions, aligning with the Hong Kong Exchange's (HKEX) efforts to diversify its global presence, including new offices in New York and London. This strategic shift is aimed at reducing reliance on mainland capital markets and addressing trading activity shortfalls. This move could significantly enhance trading volumes and reinforce Hong Kong's status as a key global financial center. (Source)
