The IPOX® Update 7/26/23

Flix to Go Public in First Half of 2024

The Munich-based bus and train operator, Flix, owner of brands such as Flixbus, Flixtrain, and Greyhound Buses, is planning to go public in the first half of 2024. Flix has chosen JPMorgan, Goldman Sachs, and BNP Paribas as its advisors for the Initial Public Offering (IPO). The company, which turned profitable last year following its acquisition of Greyhound, is currently estimated to be valued at around €4 billion. However, the exact timing of the IPO remains dependent on prevailing market conditions. Flix reached operating profit for the first time last year, suggesting the company has achieved a significant turnaround since its inception. (Source)

Australian Crypto Tech Firm DSS Turns to Nasdaq for IPO

Following its rejection by the Australian Stock Exchange (ASX), the Australian crypto tech firm, Distributed Storage Solutions (DSS), has turned to Nasdaq for its Initial Public Offering. DSS, a provider of storage for the Filecoin protocol and a competitor to storage services from Microsoft and Amazon, raised $1.5 million at a $40 million valuation to initiate the US IPO process. This development follows a trend of rejections from the ASX for blockchain and cryptocurrency firms. The ASX regulations currently only acknowledge Bitcoin and Ethereum as eligible cryptocurrencies, which has caused some companies to seek alternative listing options. (Source)

Pertamina Hulu Energi and PT Akseleran Usaha Indonesia Cancel IPO Plans

The Indonesian state-owned oil firm Pertamina Hulu Energi and fintech company PT Akseleran Usaha Indonesia have canceled their plans for Initial Public Offerings (IPOs) due to unfavorable market conditions and the absence of strategic investors. With an estimated market capitalization of $17-20 billion, Pertamina Hulu Energi's IPO could have been Indonesia's largest of the year. PT Akseleran has also postponed the acquisition of multifinance firm PT Pratama Interdana Finance, which was planned to be funded by its IPO. However, both companies have stated that they are open to reconsidering their IPO plans in the future when market conditions improve. (Source)

Italian Steelmaker Feralpi Aims for IPO in 2024

The Italian steelmaking company, Feralpi, has indicated its intention to launch an Initial Public Offering (IPO) in 2024, a move that has been delayed due to financial and economic conditions. The company's chairman, Giuseppe Pasini, confirmed that the US investment bank Lazard has been appointed as the advisor for the IPO process. Feralpi, headquartered in Northern Italy with operations spread across several countries, is also exploring the acquisition of a German metal waste recycling company. The company initially announced IPO plans in March. (Source)

Ant Group Plans Restructuring Ahead of Hong Kong IPO

The Chinese fintech giant, Ant Group, is planning a restructuring that will exclude non-core operations such as blockchain, database management, and international business. The restructuring is seen as a crucial step ahead of the company's planned Initial Public Offering (IPO) in Hong Kong. Ant Group also plans to secure a financial holding license in China before proceeding with the IPO. The company plans to buy back as much as 7.6% of its shares at a valuation of $79 billion, with some Chinese state-owned firms expected to participate in the share buyback. (Source)

Nissan commits to investment in Renault EV unit Ampere

French auto manufacturer Renault and Japanese carmaker Nissan, have agreed to collaborate on a series of joint electric vehicle (EV) projects, namely Renault EV unit, IPO candidate Ampere. Renault, being Nissan's largest shareholder, is taking the lead in rekindling the partnership. The move comes amid escalating pressure from competitors such as Tesla and various Chinese EV manufacturers. The collaborative initiatives follow a period of tension, including the arrest of the alliance's former chief, Carlos Ghosn, and his subsequent escape from Japan, which strained the relationship. Despite these challenges, the joint projects are moving forward, signifying a potential stabilisation of the partnership and mutual progress in the burgeoning EV market (Source).

Singaporean Biotech Firm Mirxes Applies for Hong Kong IPO

Singapore-based cancer diagnostics firm Mirxes has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange after securing $50 million in funding. Mirxes, which specializes in diagnostic tools for gastric cancer, could be the first company outside China/Hong Kong to list under the biotech provision. The company previously considered the Singapore Exchange, with an aim to raise between $100-$200 million. Hong Kong, however, is seen as potentially offering a higher valuation for the biotech firm, with estimates up to $1 billion. Mirxes aims to tap into the growing healthcare and biotech investor base in China, where half of the global gastric cancer cases are recorded (Source).

AI Tech Firm Haomo Zhixing Eyes Hong Kong IPO

Chinese AI technology firm Haomo Zhixing Technology, specializing in autonomous driving, is contemplating an IPO on the Hong Kong Stock Exchange. Backed by Great Wall Motor and controlled by its Chairman Wei Jianjun, the firm is looking to raise up to $400 million in the proposed IPO slated for next year. Haomo Zhixing is aiming to transform travel and logistics through its technology. It is currently in talks with potential financial advisors for the IPO. Great Wall Motor is a privately-owned automobile manufacturer based in China that sells vehicles under several brand names (Source).