IPO

Didi IPO would give Hong Kong its dream comeback

19 Jun 2024

Hong Kong listings have raised a paltry $1.5 bln this year. To restore animal spirits, the city needs a big offering from a well-known Chinese firm to showcase Beijing's support for offshore share sales and the end of tech crackdowns. Few tick as many boxes as the ride-hailer.

Online comics IPO will test latest K-wave export

17 Jun 2024

South Korea exported $13 bln of content in 2022. Webtoon’s US listing offers a way to tap into that global audience, but it’s double-edged: the digital comics firm is shrinking at home, despite a rich IP trove and growth elsewhere. Success hinges on whether that tide is receding.

Hyundai’s India IPO will have imitators

17 Jun 2024

Its business in the world's third-largest car market will fetch an eye-watering premium to the South Korean parent. If the $3 bln deal flies, other foreign companies eager to capture growth may follow. Possible candidates to tap India's asset arbitrage include Honda and Sumitomo.

Golden Goose IPO to test its Super-Star status

11 Jun 2024

The maker of pricey sneakers liked by Taylor Swift will list in Milan. But sales are slowing and keeping a 34% profit margin while investing in growth is hard. As a luxury boom flags, a relatively discounted IPO value of 2 bln euros including debt is appropriately conservative.

Bill Ackman hitches ride on meme-stock bandwagon

4 Jun 2024

The hedge fund boss has attracted 1.2 mln X followers to his political and investment agendas. He’s leveraging the social media clout by selling a $1.1 bln stake in his Pershing Square firm. A richer valuation multiple than Man Group or Blackstone emits an essence of GameStop.

A Shein London IPO would require careful stitching

3 Jun 2024

The fashion giant could file to go public in the city this week after its New York listing hit a snag, per Sky News. Its Plan B could yet unravel: UK lawmakers are seeking greater scrutiny of the China-founded firm, last valued at $66 bln. A Plan C may be necessary.

Precision-medicine IPO deserves Groupon discount

31 May 2024

Tempus helps tailor treatments with its library of DNA and other tests. In a market giddy about AI, it could be worth $6 bln. One hitch is that founder Eric Lefkofsky, who started the online coupon provider, will keep control. The marginal value of its data is also shrinking.

Covid buyout drama will unfold in tense third act

24 May 2024

Thoma Bravo’s 2020 takeover of software developer Instructure in many ways encapsulates the tech deal boom. A quick IPO capitalized on the era’s exuberance before debt and a slowdown took hold. The latest sale effort sets the stage for other uplifting or tragic denouements.

Hotpot IPO looks too mild without China spice

17 May 2024

Singapore-based Super Hi has distanced itself from its Chinese roots ahead of a $50 mln US offering. That's prudent, given scrutiny on companies like Shein and ByteDance. Yet without support from former parent Haidilao, the firm may struggle to stand apart from larger peers.

Geely’s $5 bln carve-out slows down to speed

13 May 2024

The automaker's electric-vehicle unit Zeekr rose 35% after pricing its IPO at less than half its 2023 valuation. That suggests group Chair Li Shufu has learned from his overpriced deals to take Lotus and Polestar public and found a way to coax investors wary of China risk.

Swiggy IPO serves next dish in Indian food wars

9 May 2024

The Prosus-backed delivery app is readying a $1 bln float after its private-market price tag hit $13 bln. Heady growth and its rival's rich valuation will help. But Zomato's stronger financial health ups pressure for unprofitable Swiggy to manage costs amid a looming price war.

Ship IPO puts wind back in Korea Inc’s sails

8 May 2024

KKR-backed HD Hyundai Marine Solution surged more than 40% in the largest float on the bourse in two years. The successful $540 mln listing will spur some IPO momentum, and might even help the $1.8 trln stock market catch up with regional peers.

Bain could be third time lucky in Japan

2 May 2024

It's pushing an IPO of Kioxia again after talks to merge the chipmaker collapsed last year. A deal would help pare a $6 bln company loan. Timing is on the sellers' side; demand for chips and Japanese stocks is robust. Rival buyout firms will cheer a successful selldown too.

CVC’s Darwinian pay policy puts rivals on the spot

26 Apr 2024

The buyout shop, which manages $200 bln, allocates 40% of fund profits to staff on a deal-by-deal basis, rather than pooling the spoils. Rivals say it hurts teamwork, but CVC’s returns suggest it works. If the newly public firm keeps out-raising peers, others may follow suit.

Cruise-ship IPO bets the rich will always float

23 Apr 2024

Viking is seeking an $11 bln valuation in its US listing — a premium price relative to the larger Carnival and Royal Caribbean. As ballast, it offers a focus on high-end customers and less debt than peers. Investors will be reliant on the whims of the few, in more ways than one.

CVC insiders’ delayed payday is still pretty sweet

22 Apr 2024

The soon-to-list buyout shop will bar employees from selling stakes for three years, and then only let them do so slowly. It helps get IPO investors on board, and suits bosses too. By the time they cash out, CVC should be worth a lot more than its 13 to 15 bln euro float price.

Walmart-backed IPO makes brick-and-mortar AI pitch

17 Apr 2024

Ibotta is chasing a $2.6 bln public valuation for one of marketing’s oldest tricks: rebates on in-store purchases. Its data-gathering is simple – customers scan receipts – yet solid and profitable. But efforts to cover the company in a high-tech sheen look like a stretch.

Microsoft-backed IPO breaks rule of 40 at bad time

16 Apr 2024

Cybersecurity firm Rubrik is going public despite failing the sector’s metric to judge success. Sure, the company backed by the $3 trln giant is starting to rely on stable subscriptions. But it’s burning cash. Based on others that flout the rule, a low valuation is in store.

CVC may leave some money on the table – for once

15 Apr 2024

Valued in line with private-market peers EQT and Blackstone, the group could be worth 20 bln euros. Yet its IPO is raising little new money, and selling shareholders will keep big stakes. That gives CVC a reason to play it safe, unlike when it’s selling portfolio companies.

Tech FOMO prices at a disturbingly high level

9 Apr 2024

Destiny Tech100, a newly listed fund with only $53 mln of stakes in private firms such as SpaceX and OpenAI, is now worth about $700 mln. Investors are clearly overeager to get in earlier on hot trends. A multiple of 13 times net asset value resets the Silicon Valley hype bar.