The IPOX® Update 12/13/23

General Atlantic Confidentially Files for IPO

General Atlantic, a private equity investor in companies like Facebook and Airbnb, has confidentially filed for an IPO, potentially launching in 2023 depending on market conditions. The filing's details remain private. This move is significant in gauging investor interest in alternative asset managers amidst a shifting debt landscape. In a challenging year for IPOs, where global fundraising dropped by 30% to $139 billion, General Atlantic's filing is yet another indication that the market for new listings is set to see an uptick in 2024, as other large firms have indicated plans to go public (e.g. Reddit, Shein etc.). (Source)

Walgreens Boots Alliance Considers London IPO for Boots

Walgreens Boots Alliance is contemplating a London IPO for its UK subsidiary, Boots, valued at approximately £7 billion ($8.8 billion). This decision comes 18 months after a previous sale process was halted. A successful IPO could provide a substantial boost to the declining UK IPO activity. Despite a fluctuating stock performance, Walgreens has strategically offloaded Boots' pension risks to Legal & General Group, potentially easing the divestiture process. Notably, prior acquisition bids from companies like Reliance Industries and Apollo Global Management did not materialize in 2022. The deliberations over the IPO's specifics are ongoing, with transaction details yet to be finalized. (Source)

Apex Fintech Solutions Files Confidentially for IPO

Apex Fintech Solutions, a Dallas-based firm providing digital asset custody and other financial services, has confidentially filed for an IPO with the SEC. While details such as share quantity and price range are yet to be disclosed, the IPO depends upon market conditions and the completion of the SEC review process. Apex, which manages over $115 billion in assets for clients like eToro and SoFi, previously attempted a public listing through a SPAC merger in 2021. The company is owned by Chicago-based Peak6 Investments. (Source)

Carlyle Group Explores Exit for Acrotec, Valued Up to $4.6 Billion

The Carlyle Group is exploring an exit for Acrotec, a Swiss luxury-watch part maker, which could be through a sale or an IPO. Rothschild & Co. has been selected to prepare for the potential IPO. The exit process might commence next year, although the plans are still tentative. Acrotec, which also serves in the medical-tech, automotive, electronics, and aerospace sectors, was acquired by Carlyle in 2020 from Castik Capital. This move comes as private equity firms increasingly seek disposals amidst easing interest rates. (Source)

Danish Fintech Firm Pleo Appoints New CFO Ahead of IPO

Danish fintech company Pleo, which specialises in business solution for company expense tracking, has appointed Søren Lonning as its new Chief Financial Officer (CFO), signaling strong intentions towards an IPO. Lonning, with over 20 years of experience in financial services, is expected to guide Pleo towards profitability and maturity, especially under current challenging market conditions. Valued at $4.7 billion, the company competes with firms such as SAP's Concur and U.S.-based Brex. Recently, Pleo has expanded its services by exploring credit offerings, including the launch of overdrafts for its customers. Having raised over $434 million, the company is backed by investors like Coatue, Bain Capital Ventures, and others. (Source)

MENA Firms MBC Group and PureHealth Attract Massive Demand in IPOs

In a recent display of robust investor appetite, two MENA companies, MBC Group and PureHealth Holding, have drawn significant interest in their IPOs. MBC Group, a major Saudi broadcaster, attracted $14.5 billion in institutional orders for its $222 million Riyadh IPO, while PureHealth Holding, backed by Abu Dhabi's wealth fund, saw over $72 billion in demand for its $986 million UAE listing. The PureHealth IPO experienced a 54x subscription from professional investors and an astounding 483x from retail buyers. Middle Eastern IPOs have been outperforming, with an average 38% post-debut rally, surpassing markets in the US, Europe, and Asia. In 2023, $9.3 billion was raised through Middle Eastern IPOs, accounting for 40% of EMEA volumes. Both MBC and PureHealth offered only 10% of their companies in the IPOs, intensifying the demand. (Source)