The IPOX® Update 6/22/23

First Milling and DOF Group ASA Begin Trading Post-IPO, Increased M&A Activity Offers High Premiums.

First Milling, a Saudi flour milling company, and DOF Group ASA, a Norwegian oil field services company, have successfully begun trading with substantial growth. First Milling rose 21.17% while DOF Group ASA posted an impressive 35.30% increase. Meanwhile, U.S. IPOs from Gen Restaurant Group and China-domiciled workspace firm AgiiPlus Inc are expected soon. More firms are going private than public, offering opportunities on M&A premiums and higher quality IPOs. Major take-private deals include Qualtrics International and Syneos Health. (Source)

Schott AG Plans September IPO for Schott Pharma Division

Schott AG, a German specialty glassware maker, plans a September IPO for its medical glassware division, Schott Pharma. The company, known for manufacturing vials for mRNA vaccines including BioNTech and Moderna, targets a lower valuation of about $4 billion. (Source)

Adnoc and G42 Group Consider IPO for AIQ

The Abu Dhabi National Oil Co. (Adnoc) and the G42 Group are considering an IPO for their tech joint venture, AIQ, which applies AI and machine learning to optimize processes in the oil and gas industry. The ownership split sees Adnoc holding 60% and G42 controlling 40%. (Source)

Anticipated Surge in Saudi IPO Activity

The Saudi Arabian market anticipates increased IPO activity following approvals for Ades Holding, an oil and gas driller, and SAL Saudi Logistics, an air cargo business. Ades Holding's IPO could raise about $1 billion, marking it as one of the largest Saudi offerings this year. (Source)

Thailand Tightens Listing Rules Amid Market Instability

Thailand is set to tighten listing rules in response to accounting scandals and share volatility. The revamp includes a higher profitability threshold and stricter equity requirements. The regulatory overhaul is part of SET's three-year strategic plan and could be implemented by year-end. (Source)