Table of Contents
IPO News - North America + Latin America
IPO News - Europe, Middle East, Africa (EMEA)
IPO News - Asia Pacific
IPO News - North America + Latin America
Recently Completed IPOs
N/A
Filed + Scheduled IPOs
Bowhead Specialty (NYSE - BOW) - Specialty property and casualty insurer. Headquartered in New York, NY. 2023 revenue of $283m up 51% on prior year, EBITDA of $34m (12% margin). Raising approx. $100m at midpoint of price range of $14 - $16. Implied EV $310m. 2023 valuation multiples of 1.1x revenue and 9.1x EBITDA. Underwriters JP Morgan, Morgan Stanley and KBW. Existing shareholders include Gallatin Point Capital and American Family Insurance. (Prospectus, Roadshow Presentation)
Rapport Therapeutics (Nasdaq - RAPP) - Phase 2-ready biotech developing small molecule therapies for CNS disorders, primarily focal epilespy. Spun out of J&J venture arm. Headquartered in Boston. Raising approx. $100m. 2023 loss of $35. Investors include ARCH Venture, Comorant Asset Management, Fidelity and Third Rock Ventures. Company raised $150m in 2023, for a total of $250m since inception. Underwriters are Goldmans, Jefferies, TD Cowen and Stifel. (Prospectus, Reuters)
Grupo Aeromexico (NYSE - AERO) - Restructured Mexican airline, emerged from bankruptcy in 2022. Aeroméxico said it's "uniquely positioned" as the only full-service carrier based in Mexico and the only airline offering long-haul, widebody service connecting every major city in Mexico and 43 international cities in 22 countries. Headquartered in Mexico City. 2023 revenue of $4.9bn up 29% on prior year and EBIT of $716m (14% margin). Estimated deal size of $300m. Valuation has not been set. Underwriters include Barclays, Morgan Stanley and JP Morgan. Investors include Apollo Global and Delta Airlines. (Prospectus, Morningstar)
Telix Pharmaceuticals (Nasdaq - TLX) - Commercial-stage Australian biotech developing therapeutic and diagnostic radio-pharmaceuticals. Headquartered in Melbourne, Australia. Currently listed on the Australian stock exchange. 2023 revenue of $336m up 214% on prior year and EBITDA of $149m (44% margin). Current EV of $5.0bn. 2023 valuation multiples of 14.9x revenue and 33.6x EBITDA. Underwriters Jefferies, Morgan Stanley and Truist. (Prospectus)
Novelis (NYSE - NVL) - US-based aluminum roller and recycler owned by India's Hindalco. Headquartered in Atlanta, Georgia. For FY 2024 (Mar-YE) had $16.1bn in revenue, down 12% on prior year and EBIT of $820m (5% margin). Estimated raise of $1.3bn. Valuation has not been set. Underwriters include Morgan Stanley, Bank of America and Citi. (Prospectus)
Prospective IPOs (New Updates Only - See Table Below for Full List)
OneStream - KKR backed SaaS company. Office of the CFO software, an intelligent finance platform the simplifies and orchestrates financial operations. Valuation estimated at up to $6bn. Company ARR as at March 31 of $450m, up 34% on prior year. (Yahoo)
Chime - has launched an early age access product, called MyPay. Economics of the new product have not been disclosed but expect it to drive deeper engagement and product usage with existing customers, as well as drive new customer acquisition. With regards to IPO timing, CEO Chris Britt said "it's unlikely to be this year, but we are for the most part IPO-ready," he said. "This year is mostly heads down, continuing to get even more momentum with our suite of products.” (Reuters)
Circle Internet Financial - has announced plans to shift it’s legal base from Ireland to the U.S. Decision aligns with company’s step towards going public that it announced in January. (Cointelegraph)
Ingram Micro - moving ahead with plans to IPO. Ingram Micro offers technology, hardware and services, and its own digital platform, Ingram Micro Xvantage. With net sales of $48.1 billion in 2023, it has more than 161,000 customers in some 200 countries. Platinum Equity acquired the business in 2021 for approx. $7.2bn. Could seek $10bn valuation at IPO. (Bloomberg)
Waystar - healthcare revenue cycle management solution. Geadquartered in Louisville, Kentucky. Backed by EQT. Expects to IPO by early June. Likely to target valuation around $5-$6bn. (WSJ)
IPO News - EMEA
Recently Completed IPOs
N/A
Filed + Scheduled IPOs
N/A
Prospective IPOs (New Updates Only - See Table Below for Full List)
De Beers - Anglo American exploring an IPO of it’s diamond business De Beers. Anglo holds 85% of De Beers, while the government of Botswana, the location of its biggest mines, owns the remainder. Anglo is currently fighting off a $43bn takeover offer from BHP Group and looking to rationalize it’s asset base. (Reuters)
Raspberry Pi - UK-based manufacturer of affordable microcontrollers and single-board computers. A fundraising round in 2023 led by Arm valued the company at £44m. (The Verge, CNBC)
How much would you pay for a Pi? Raspberry Pi: a bit cool, a bit weird, but maybe not that cheap (FT)
Igdas - Instanbul gas grid to privatize in an IPO. Value estimated at $10bn. The government is aiming to reduce it’s stake from 90% now to less than 20% over time. The company had revenue of $1.1bn in 2022. (Bloomberg)
Shein - Shein has begun to switch focus to London, citing Shein founder Sky Xu’s “strong desire” for an IPO “as soon as possible”. (FT)
Epidemic Sound - Sweden-based licensor of music and sound effects to content creators and brands. Expected to appoint advisors in coming months ahead of an IPO as soon as next year. Valued at $1.4bn in 2021 funding round, Blackstone and EQT invested in the business. (Reuters)
IPO News - Asia Pacific
Recently Completed IPOs
N/A
Filed + Scheduled IPOs
N/A
Prospective IPOs (New Updates Only - See Table Below for Full List)
Everlife - Private-equity firm Everstone Capital is exploring an initial public offering of its Asian health services. (WSJ)
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The Team @ IPO Window
The content herein is purely informational and should not be relied upon as fact. Do your own diligence before making any investment decisions.