The IPOX® Update 7/10/23
Intilion Postpones Planned IPO Amid Current Market Conditions
Energy storage company Intilion, a firm based in Germany, has decided to delay its planned initial public offering (IPO) due to current market conditions that it finds unsatisfactory. This decision was made jointly with Hoppecke Rail Systems, the company's sole shareholder. Despite this, the firm has stated that it will resume IPO preparations once the capital market conditions become more favorable. The company aims to leverage the growing demand for energy storage solutions in the renewable energy sector, a plan which triggered the IPO preparations a year ago amid considerable investor interest in the energy transition. This is similar to other German companies, like Thyssenkrupp’s hydrogen unit Nucera, who launched their IPO last week. (Source)
Apogee Therapeutics Aims for Valuation Up to $774.5m in Upcoming IPO
Based in Massachusetts, biotech firm Apogee Therapeutics has revealed the terms for its forthcoming initial public offering (IPO), targeting a valuation up to $774.5 million. The company seeks to raise $265.6 million, offering 15.625 million shares priced between $15-$17. The stock is expected to trade on the Nasdaq under the ticker symbol "APGE". Jefferies, TD Cowen, Stifel and Guggenheim Securities are leading the IPO underwriting. Apogee, which specializes in the development of treatments for chronic obstructive pulmonary disease (COPD), reported a net loss of $12.53 million with no revenue in the first quarter. (Source)
Bayer's Shares Rise on Potential Spinoff News of Agricultural Chemicals Business
Shares of German pharmaceutical giant Bayer have increased by 3.2% following news of a potential spinoff of its agricultural chemicals business. The company is not considering selling the business to a buyout firm or a strategic investor, instead preferring a stock exchange listing. The process of realization for the spinoff is expected to take three to four months. This business sector accounts for approximately 50% of Bayer's sales and 49% of EBITDA. The spinoff would offer investors direct exposure to agricultural companies, similar to competitor Corteva. Bayer's CEO previously noted that all options regarding the group structure would be evaluated. (Source)
WuXi XDC Cayman Files for Hong Kong IPO
Unit of the biologics company WuXi Biologics, WuXi XDC Cayman, has filed for an initial public offering (IPO) in Hong Kong. WuXi AppTec owns 40% of WuXi XDC Cayman, with the rest being owned by the parent company. Joint sponsors of the IPO are Morgan Stanley, Goldman Sachs, and JPMorgan. The proposed spin-off aims to allow the Cayman unit to focus on the conjugate drugs market. WuXi Biologics has received approval for the spin-off and separate listing of its Cayman subsidiary, which will remain a subsidiary post spin-off. (Source)
Autozi Internet Technology Files for $29 Million US IPO
Chinese car and auto part retailer Autozi Internet Technology has filed for a $29 million initial public offering (IPO) in the US. Autozi specializes in selling parallel import cars and auto parts, operating both online and offline in China. Founded in 2010 and based in Beijing, the firm generated $108 million in sales for the year ending March 2023. Autozi's business model also encompasses auto accessories sales, primarily lubricating oil, and automotive insurance services. The company plans to list on the Nasdaq under the symbol AZI, having initially filed confidentially in January 2023. Global online brokerage firm, Tiger Brokers, is the sole bookrunner on the IPO, with pricing terms currently undisclosed. (Source)
