The IPOX® Update 12/4/23
IPOX® 100 U.S. Top Index Holding UBER surges on S&P 500 Inclusion
U.S. ride sharing app Uber Technologies surged 5% on Monday after news that it would be added to the S&P 500 Index from December 18th. As the largest holding in our IPOX® 100 US. Index (ETF: FPX), making up about 10% of the portfolio, our innovation benchmark gained +0.5% relative to the S&P 500 in early Monday trading. (Source)
Aspen Announces $4 Billion IPO in New York for 2024
Bermuda-based insurer Aspen, owned by Apollo Global Management, is planning an IPO in New York, slated for the first half of next year and valued at approximately $4 billion. The company's decision to opt for a U.S. listing over London was influenced by factors including valuation potential and technical listing requirements. Aspen, a prominent player in the insurance sector, has not yet made official comments on its IPO plans. (Source)
Singapore's First SPAC Merger: VTAC and 17LIVE Inc.
Singapore witnesses its first blank-check firm merger with Vertex Technology Acquisition Corp (VTAC), backed by Temasek unit, acquiring Taiwanese live streaming app 17LIVE Inc. at $693 million. This merger, a landmark in Singapore's SPAC market, propels the city-state ahead of Hong Kong in the SPAC race. The combined entity is set to begin trading on December 8. VTAC's acquisition focuses on key sectors including cybersecurity, AI, consumer internet, and technology. This development is indicative of Singapore's growing prominence in the SPAC landscape, bolstered by a regulatory framework perceived as less stringent than that of Hong Kong. However, it's noteworthy that global interest in SPACs has seen a decline, with the US index down 41% from its 2021 peak. Despite these market conditions, the VTAC and 17LIVE Inc. merger stands out, highlighting Singapore's potential as a burgeoning hub for SPAC activities. (Source)
UK Bookstore Leader Waterstones Contemplates IPO
UK's largest bookseller, Waterstones, is considering an IPO under the stewardship of managing director James Daunt. Waterstones, which operates nearly 1,000 stores is part of the same group as the larger US chain Barnes & Noble. Both companies are owned by Elliott Management. Waterstones anticipates earnings of £50-60 million on sales of £350 million this year, growing at a steady 2-3% annually. (Source)
Phoenix Group Set for IPO in Abu Dhabi
Phoenix Group, a crypto mining and blockchain technology firm, announces its upcoming IPO on the Abu Dhabi Securities Exchange, scheduled for December 5, 2023. This event marks the first public listing of a Middle East crypto mining and blockchain technology company, with an estimated post-IPO valuation of $2.47 billion. The IPO has attracted massive oversubscription, indicating a high level of investor interest. Phoenix Group's initiatives include a significant joint venture with the Abu Dhabi government and the development of the world's largest hydropower bitcoin mining farm in the region. (Source)
