The IPOX® Update 7/19/23
Beauty and Wellness Firm Oddity Tech Surpasses Expectations with $424M IPO
Israeli beauty and wellness company, Oddity Tech, has successfully completed its initial public offering, surpassing expectations with a $424M IPO. The IPO values the company at around $2B, with a fully diluted value estimated at $2.4B. Shareholders, including the private equity firm L Catterton, sold 12.1M shares for $35 each. Among Oddity's portfolio are makeup brand Il Makiage and the hair/skin products brand SpoiledChild. In 2022, the company reported a net income of $21.7M with revenues surpassing $324M. The shares will begin trading on the Nasdaq Global Market under the symbol "ODD". (Source)
Taiwanese Advanced Biomed Plans $112.5M IPO for Cancer Screening Device Development
Advanced Biomed, a biotech firm domiciled in Nevada and founded in Taiwan in 2014, is planning a $112.5M IPO and Nasdaq listing. The firm, specializing in the development of microfluidic biochips for detecting circulating tumor cells, aims to raise $105M in net proceeds post expenses. The raised funds are intended for clinical trials, research and development, and facilities expansion in the U.S. and Europe. While the company is still in the R&D phase and reported a net loss of $4M in 2022, it has completed 123 case studies showing high sensitivity and specificity rates for its immunoassays. (Source)
Morgan Stanley CEO Gorman Foresees Rebound in Deal-Making Post Fed Rate Hikes
Morgan Stanley's CEO, James Gorman, anticipates a revival in deal-making activities following future Federal Reserve rate hikes. His comments follow the bank's Q4 earnings which exceeded Wall Street expectations, resulting in a 6% increase in shares. Despite a decline in the investment banking sector due to a drop in IPOs and equity issuance, Gorman believes that deal activity will rebound once financial conditions become less rigid. He predicts the Fed's next move will involve a 0.25 percentage point rate hike. (Source)
Adtech Firm Aleph Group Inc Withdraws IPO Plans Amid Market Concerns
Aleph Group Inc, a digital advertising firm that connects large digital platforms with advertisers and customers, has withdrawn its IPO plans citing public interest and investor protection. The client base of the company includes industry giants such as Meta, Spotify, and LinkedIn. Founded in 2005, Aleph was valued at $2 billion in 2021 following an investment from CVC Capital Partners. The withdrawal comes amid a surge in U.S. initial public offerings and investor concerns about high interest rates and potential recession. (Source)
South Korean Firms Seek IPOs Ahead of Regulatory Changes
A recent amendment in IPO regulations has sparked an IPO surge among South Korean companies, including biotech company All Life Technology and AR solutions provider VIRNECT. The new regulation requires checks on institutional investors' ability to pay subscription funds. Additionally, semiconductor materials manufacturer Sigetronics has begun a book-building session for institutional investors, while Sensorview Co. and webtoon maker YLAB Corp. are set to join the Kosdaq market. This move aligns with the anticipation of the upcoming regulatory changes in the IPO process. (Source)
