The IPOX® Update 7/17/23
Oddity Tech Eyes $357 Million IPO After Raising Price Range
Israeli company Oddity Tech, owner of the IL MAKIAGE makeup brand, is aiming for a $357 million IPO, with trading commencing this Wednesday. The company has raised the IPO price range to $32 to $34 a share from $27 to $30 previously. Oddity Tech is only offering 1.75 million shares, with the remaining shares being offered by selling stockholders. The company has made significant inroads in the beauty industry through the use of a disruptive technology platform, artificial intelligence, and data utilization. Other brands under Oddity Tech, like Spoiled Child, focus on beauty and wellness. The company further expanded its portfolio by acquiring AI-based biotech firm Revela in April 2023. (Source)
PT Nusantara Sejahtera Raya Raises $150 Million in IPO
Indonesia's largest cinema chain operator, PT Nusantara Sejahtera Raya, successfully raised $150 million in its initial public offering (IPO). Cinema XXI, a key brand owned by Nusantara, has sold approximately 8.335 billion shares at 270 rupiah each. The first day of trading is scheduled for August 2 on the Jakarta Stock Exchange. A significant driver of the company’s bottom line is Cinema XXI's food and beverage business. The majority of the IPO proceeds will be used to expand Cinema XXI’s network, with 20% earmarked for early debt repayment. This IPO marks the end of a streak of high-priced IPOs in Jakarta. (Source)
PalmCo and Pertamina Hulu Energi Gear Up for IPOs
Indonesian state palm oil planter PalmCo and oil & gas firm Pertamina Hulu Energi (PHE) are preparing for their initial public offerings. PalmCo, controlling the world's largest palm plantation area, plans to register for the IPO in September or October, aiming to raise productivity and expand refining capacity. The IPO proceeds are expected to increase palm-based fuel production. PHE, operating 27 oil & gas blocks, plans its IPO for August or September, with the aim of financing Pertamina’s upstream production. The IPO proceeds will further assist Pertamina's shift towards cleaner energy. (Source)
MoonLake Immunotherapeutics Explores Sale
MoonLake Immunotherapeutics, an inflammation-focused pharmaceutical firm, is reportedly exploring a sale. The company is a member of the IPOX® Europe Index (ETF: FPXE). It is currently in early-stage discussions with potential acquirers, but a deal is not guaranteed. The news of the potential sale resulted in a surge of up to 16.7% in the company's shares. Recent clinical trial data demonstrated positive results for their leading drug, Sonelokimab. MoonLake Immunotherapeutics is targeting a market currently dominated by larger peers such as Novartis AG and AbbVie Inc. (Source)
