The IPOX® Update 11/30/2024

U.S.

ServiceTitan Files for IPO Amidst Financial Pressures From Series H Terms

ServiceTitan, a U.S.-based home services software platform, has filed for an IPO before the end of 2024. The company’s IPO comes under the shadow of its 2022 Series H funding round, which included a “compounding IPO ratchet structure.” Under this structure, investors are guaranteed additional shares if the IPO price falls below $84.57, the price set during the Series H round. The ratchet compounds quarterly, adding further pressure to secure a higher IPO price and avoid additional dilution of shares. Analysts estimate that ServiceTitan's financials support a valuation closer to $72 per share, falling short of the Series H pricing. Delaying the IPO could lead to increased dilution risks, forcing major investors to accept smaller stakes. The IPO reflects the challenges faced by startups that raised funds under complex financing terms during the market downturn of 2022. (Source)

CoreWeave Plans 2025 IPO Aiming for $35 Billion Valuation

New Jersey-based CoreWeave, an AI-focused cloud infrastructure company, is preparing for a 2025 IPO with plans to raise over $3 billion. The company, which has raised $12.7 billion in equity and debt financing over the past year, aims for a valuation exceeding $35 billion. A recent secondary share sale placed CoreWeave’s valuation at approximately $23 billion. Major investors include Jane Street, Magnetar, Fidelity Management, and Macquarie Capital. CoreWeave's IPO comes as market interest in AI and cloud technologies surges, positioning the company to capitalize on favorable conditions. (Source)

Odyssey Therapeutics and Aktis Oncology Plan IPOs Despite Sector Uncertainty

Odyssey Therapeutics and Aktis Oncology have announced plans to go public by Q1 2025, despite challenges facing the biotech sector. Odyssey focuses on immunotherapy for Crohn's disease, while Aktis develops radiopharmaceutical cancer treatments. Both companies have confidentially filed with the SEC and are in discussions with potential investors. The biotech sector has raised $4.3 billion from 26 IPOs this year, a significant decline from pandemic-era highs. Recent political developments, including the nomination of Robert Kennedy Jr. as U.S. health secretary, have unsettled valuations in the industry. However, interest rate trends are seen as a larger determinant of market sentiment. (Source)

Australian Cardiac Device Maker Anteris Technologies Files for $75M U.S. IPO

Australian medical device maker Anteris Technologies has filed for a $75 million IPO on Nasdaq under the symbol "AVR." The company specializes in cardiac devices, with its flagship product, the DurAVR transcatheter heart valve system, aimed at treating aortic stenosis. Anteris plans to launch a pivotal FDA clinical trial in early 2025, following the filing of an Investigational Device Exemption. Already listed on the Australian Securities Exchange, Anteris intends to use the IPO to enhance access to U.S. capital markets and support growth initiatives. TD Cowen, Barclays, and Cantor are acting as bookrunners for the offering. (Source)

Europe

Swedish Online Pharmacy Apotea Valued at $549.8 Million Ahead of Stockholm IPO

Swedish online pharmacy Apotea is preparing for its initial public offering on the Stockholm stock exchange, with a valuation of $549.8 million. The IPO includes 28.2 million shares priced at 58 SEK ($5.49 USD) each, representing 27.4% of the company’s ordinary shares. The offering could increase to 31.1% if the overallotment option is exercised, with a maximum offer size of $148.88 million. Current shareholders are selling shares, and Apotea will not retain any proceeds from the offering. Trading is set to begin on December 6, 2024. Apotea leverages Sweden's growing e-commerce market to deliver online pharmacy services. (Source)

Thyssenkrupp’s Marine Systems Division Prepares for IPO With Leadership Restructuring

German industrial conglomerate Thyssenkrupp has announced plans to spin off its Marine Systems division, preparing it for a standalone public listing. Oliver Burkhard, currently Thyssenkrupp's Chief Human Resources Officer and board member, will step down from these roles on January 31, 2025, to focus exclusively on leading Marine Systems through the IPO process. The division specializes in submarines and naval ships, making it a significant player in the global defense industry. Thyssenkrupp sees the spin-off as a critical step in its broader restructuring strategy aimed at streamlining operations and enhancing shareholder value. (Source)

Dutch Telecom Company Odido Aims for $7.3 Billion Valuation in 2024 IPO

Odido, formerly known as T-Mobile Netherlands, is planning to go public on the Amsterdam stock exchange in 2024 with an estimated valuation of €7 billion ($7.3 billion). The company’s private equity owners, Warburg Pincus and Apax Partners, are currently consulting with advisers regarding the offering. Odido provides mobile and broadband services to both consumer and business markets and was last valued at €5.1 billion during its 2021 acquisition. While the IPO is the primary focus, a direct sale of the business remains an alternative strategy. (Source)

Spanish Gambling Operator Cirsa to Launch IPO in Madrid by Early 2025

Spanish gambling operator Cirsa, owned by private equity firm Blackstone, plans to go public on the Madrid stock exchange in early 2025. The IPO aims to raise between $732 million and $1.1 billion by offering 20%-25% of the company’s shares. Cirsa operates casinos and betting shops across Spain and Latin America and was acquired by Blackstone in 2018. The offering, managed by Barclays, Deutsche Bank, and Morgan Stanley, could value Cirsa at approximately $3.4 billion. Cirsa’s strategic growth and geographic presence make it a key player in the gambling industry. (Source)

Asia-Pacific

Chinese Camera Maker Insta360 Reportedly Considering Hong Kong IPO

Chinese action camera company Insta360 is reportedly exploring an IPO on the Hong Kong Stock Exchange, though specific details on the date or size of the fundraising are yet to be disclosed. Insta360, known for its advanced 360-degree imaging technology, competes with market leader GoPro and caters to both consumer and professional markets. Analysts estimate the company’s valuation could reach $2.1 billion. The potential IPO reflects growing investor interest in innovative hardware companies with global reach. (Source)

Indonesian Arm of Mr DIY Plans $297 Million IPO in December

Daya Intiguna Yasa, the Indonesian subsidiary of Malaysian home improvement retailer Mr DIY, is set to raise $297 million in its upcoming IPO. The company plans to list 10% of its equity, equivalent to 2.52 billion shares priced between $0.10 and $0.12 each. The IPO, scheduled for December 19, will be the largest in Indonesia since Amman Mineral’s 2023 listing. Proceeds will be allocated to debt repayment, new store openings, and working capital. Underwriters for the IPO include CIMB Niaga Sekuritas and Mandiri Sekuritas. Mr DIY has been operating in Indonesia since 2017 and has established a presence across most provinces. (Source)

MENA

Talabat Set to Become UAE’s Largest IPO of 2024, Raising Up to $2 Billion

Talabat, a food delivery platform owned by Delivery Hero, is on track to become the UAE’s largest IPO of 2024. The company has increased the offer size to 20% of its shares, citing strong investor demand, with shares priced between 1.5 and 1.6 dirhams ($0.41–$0.44). The IPO, set to take place on the Dubai Financial Market, could raise up to $2 billion at the top of the price range. Founded in Kuwait in 2004, Talabat operates in seven Middle Eastern and North African countries, serving over six million active customers as of September 2024. This IPO highlights the growing interest in regional tech-driven businesses amidst robust market conditions. (Source)

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