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These weeks, the scene has seen a notable shift, with Türkiye emerging as a focal point with seven prominent while the US and European markets have remained relatively subdued. However, the upcoming pipeline in both Europe and the US holds promise, hinting at the anticipation of new major listings in the months to come.



OBA Makarna, Klarna, Etihad Airways, Springer Nature, Webull, eToro

IPO digest | February 12 - March 13 | 2024 These weeks, the IPO scene has seen a notable shift, with Türkiye emerging as a focal point with seven prominent IPOs while the US and European markets have remained relatively subdued. However, the upcoming pipeline in ...

Welcome to the 2024 , where we observe the start of a new year filled with promising opportunities. As the curtains rise on this year's landscape, we find ourselves pleasantly surprised by the flurry of activity that has already unfolded. While many anticipated the revival of known and long-awaited names, 2024 began with deals by the companies that kept their cards close to the chest until very recently. With expectations of rate cuts on the horizon, investors are brimming with hope for a resurgence in IPO activity. January and the beginning of February witnessed a surge in the sector, underscoring the backlog of companies eager to reward investors with returns at the later stages of clinical trials. Several sizable European commenced trading simultaneously for the first time in a few years, in particular, in air travel and military equipment sectors.


Saudi Stock Exchange (Tadawul), Euronext, MicroSalt, Air Astana, Kaspi.kz

IPO digest | Weeks 1-6 | 2024 Welcome to the 2024 IPO Digest, where we observe the start of a new year filled with promising opportunities. As the curtains rise on this year's IPO landscape, we find ourselves pleasantly surprised by the flurry of act...

With the start of 2024, the market is getting ready for a comeback after a two-year break. Many companies, eagerly awaiting at the doors of major stock exchanges, are getting ready to enter the market this year. The uncertainties that hung over the IPO scene in recent years are fading away, showing positive signs for the new offerings. The year 2023 saw a significant slowdown in activity, creating a shallow starting point, and paving the way for an IPO boost in 2024. While things look promising, whether this positive trend will last depends on the changing global economic situation.
While main regions have experienced an IPO slowdown in recent years, the Middle East has bucked the trend, gaining momentum and culminating in a series of successful deals by the end of 2023. Recognizing this positive trend, we find it worthwhile to feature the top exchanges in the region in our for the year 2024.
As the IPO activity slowed down in the US market, European listings gained more attention in December 2023, with a notable IPO in Warsaw - the first in two years.



Kaspi.kz, Panera Bread, Apex Fintech Solutions, Pleo, Golden Goose, OakNorth Bank, Fractyl Health, BolognaFiere, Cloudia research, Lemon Sistemi

IPO digest | December 2023 Download pdf version of the digest

AdAstra's founder and managing partner Yulia Kim was recently nominated by Forbes to the prestigious Forbes Cyprus Women in Tech award. The award brought to light a constellation of incredible women running successful businesses and possessing outstanding professional qualities, yet so fragile and feminine, as was beautifully evident at the awards ceremony. Congratulations to all the winners and nominees and best of luck in your professional journeys!

Nominee 5️⃣ — Yulia Kim: Capital Markets Catalyst

Yulia Kim, a seasoned corporate finance professional, excels in developing Cyprus' capital markets. With over two decades of investment banking experience, she has a notable track record in IPOs, M&A, and capital raising.

In 2023, new hotspot markets outperformed traditional ones, despite an overall decline of approximately one-third in IPO proceeds compared to the lukewarm pace of 2022. While many governments globally implement measures to stimulate , high-growth economies stole the spotlight, exemplified by , , and , all surpassing their 5-year average IPO activity in volume and proceeds.
• Indonesia's thriving IPO expansion, fueled by global demand for its mineral resources, a large population, fast-growing unicorns, and strategic privatisation, was notable.
• Turkey's IPO market surged as companies sought fresh financing opportunities, capitalising on retail investors' interest.
• India, Saudi Arabia, and Thailand recorded more IPOs compared to their 5-year averages, with India maintaining robust momentum despite smaller deal sizes affecting proceeds.
• Turkey, UAE, and India boast the peak post-IPO performance in 2023 with 100%, 80%, and 75% of newly public companies showing positive return.

Key Takeaways from EY Global IPO Trends 2023 In 2023, new hotspot IPO markets outperformed traditional ones, despite an overall decline of approximately one-third in IPO proceeds compared to the lukewarm pace of 2022. While many governments globally implement measu...

Finding the wheat in a lot of chaff. Looking through the overall gloomy (and frankly boring) arrays of data from the recent PitchBook report Emerging Tech Indicator for 3Q23, it is possible to make several interesting observations nevertheless. While in general, the deal activity in the tracked universe continued to deteriorate, reflecting the cautious attitude across the VC space, the relative strength of the AI & ML segment is noticeable. In theory, VC investors' appetite for everything AI may by extension be projected into the now-frozen space.

When remains an open question, however, the last several weeks have seen a clear shift in expectations of the Fed monetary policy with futures now pricing 130 bp of cuts already in 2024 (according to Reuters). Relaxation of the draconian interest rate policy should ease pressure on valuations and remove the key hurdle to the IPO activity for growth stories, specifically in the tech area. With investors' interest being apparent, whether there are any players ready and able to go public, remains to be seen.

AI Brings Natural VC Interest, Implication for IPOs Alex Kantarovich, CFA

The recent discussions on interest rates and SHEIN's upcoming public market debut have rekindled enthusiasm for . Nevertheless, in November, four out of six major IPOs in the USA were priced below their anticipated ranges, which to us suggests the lack of conviction. The others in the queue to the newly opened window should feel headwinds. While the market tends to be accessible to high-quality companies experiencing profitable growth, businesses considering entering the public markets must temper their valuation expectations. As the festive season approaches, a few preparing companies are deciding to postpone their IPOs to the next year hoping for a more IPO-friendly environment.



Fortegra, Air Astana, Klarna, Reddit, SBE - Varvit, Norconsult

IPO digest | November 2023 The recent discussions on interest rates and Shein's upcoming public market debut have rekindled enthusiasm for IPOs. Nevertheless, in November, four out of six major IPOs in the USA were priced below their anticipated r...

The long-rumored of Shein is set to become a reality in 2024, as reported by both the Wall Street Journal and CNBC earlier this week. Shein has confidentially filed to go public in the US and has hired Goldman Sachs, JPMorgan Chase & Co., and Morgan Stanley as lead underwriters for the offering.
Due to challenging macroeconomic conditions, Shein experienced a significant drop in its valuation from $100 bn in 2Q22 to $60 bn in a 2Q23 fundraising round. However, it aims to seek a valuation of up to $90 bn in its IPO, as per Bloomberg reports.
Accusations of forced labor employment in China have drawn increased scrutiny from the SEC, becoming a significant challenge to the company's success. Shein, responding to critics, asserts a zero-tolerance policy for forced labor and mandates its contract manufacturers to source cotton only from approved regions. In 2022, Shein relocated its headquarters to Singapore and initiated the expansion of its manufacturing facilities, aiming to diversify beyond its Chinese manufacturing base.
As the dominant player in fast-fashion retail, Shein commands an 18% share of the global market as per Reuters data and is indicating a continuous increase in its market share. The company's direct shipping strategy has proven instrumental in preventing unsold inventory from accumulating in warehouses and circumventing import taxes in the US, one of its largest markets.

The tech IPO events are so few and far between. The occurrence of Tech IPOs through the last couple of years has been rare. Contemplating the conclusion of the ongoing public capital-raising drought requires a stretch of imagination. Indeed, whether through cognitive biases or generational phenomenon, collective investors often succumb to short-termism. It could be argued, that the impediments to companies going public primarily stem from 1) the heightened sensitivity of growth companies' fundamentals and valuations to interest rates, with 2) pressure from the surges of recent years; exacerbated by 3) the uncertainties regarding further policy responses from the key central banks, something that the markets abhor. Whether we are near the inflection point remains uncertain, the environment could progressively ease in 2024. Investors and companies in search of IPOs would be well-advised to look at the other side of the proverbial valley.

After looking at data from a recent report of CB Insights, we highlight that demand for capital appears robust, with over 250 VC-backed names that look likely to tap the public capital markets in the next 12-18 months. The shortlisting of these involved assessing their capital needs within the context of each company stage of development and life cycle. A closer look at the list reveals several interesting aspects which we highlight here.

Tech IPOs in 2024: Take a Look at the Other Side of the Valley Alex Kantarovich, CFA

A heartfelt thank you to all the organisers and participants for making LSE 2023 a valuable and enriching experience!

Key Takeaways from LSE IPO Forum 2023 The AdAstra team is thrilled to have been a part of the LSE IPO Forum 2023, joining over 300 participants from around the world. Here are some key takeaways from this enriching event.

𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐟𝐮𝐧𝐝𝐢𝐧𝐠 𝐭𝐫𝐞𝐧𝐝𝐬 in 3Q23
Today we want to share the key takeaways from the just-released CB Insights 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐓𝐫𝐞𝐧𝐝𝐬 𝐑𝐞𝐩𝐨𝐫𝐭. The quarterly general funding is staying low and slow, not surprisingly, given the punishing interest rates and geopolitical environment.
Global funding showed $30.5 bn in 9M23, down 61% from 2022 with 2849 deals recorded, less than half of the 2022 full-year number. In 2Q and 3Q23 the number of deals fell steadily by roughly a fifth in each, as per CB Insights statistics.
Across the 𝐫𝐞𝐠𝐢𝐨𝐧𝐬, the US led the pack with $3.5 bn total check and 310 deals followed by Asia with $2 bn and 167 deals and Europe with $1.3 bn and 181 deals. Notably, the US has gained the deal share by 5pp to 41% at the expense of its peers.
Turning to the 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐨𝐟 𝐟𝐮𝐧𝐝𝐢𝐧𝐠, VCs continued to claim the largest share at 28% of the total in 3Q23, roughly in line with the 5Y 31% average.
Looking at the 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐮𝐬𝐚𝐠𝐞 𝐨𝐟 𝐟𝐮𝐧𝐝𝐢𝐧𝐠, Digital Lending attracted $1.7 bn with Insurtech and Payments as distant seconds ($1.1 bn), the rest being split between Capital Markets Techs, Banking, and Wealth Tech.
We highlight here the median deal size hovering in the $3-5 m range in 2019-24, while the averages ranged $14-29 m, indicating large outliers originating on the Private Equity side, particularly on mega-round funding in the US (7 deals) and Asia (5 deals).
: nothing to write home about as the birth rate remains slow. The quarter saw just 2 names entering the club in 3Q23 in the US (BitGo and Kin Insurance) compared to 1 in Asia (Micro Connect) and yawning zeros elsewhere in the world.
Looking at the 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐞𝐯𝐞𝐧𝐭𝐬, we notice 135 M&A exits against 144 in 2Q23 and 178 in 1Q23, while and **Cs showed a sharp pick up in activity in percentage terms, albeit from a very low base with 9 and 3 events respectively. The US led the global exit share with 36% of the total roughly in line with the last 4 years' quarterly average. In the IPO space, we highlight 4Paradigm (China) raising $3.8 bn followed by CAB Payments (the UK) with $927 m, and Yondervision (China) raising $87 m. The S**C events included Better ($7.7 bn) and Roadzen ($967 m), both in the US.

The robust IPO momentum seen in September faded in October with the high-profile Birkenstock IPO falling short of expectations despite significant cornerstone investments. The majority of the new issues from September IPOs have struggled, with the grocery retailer Maison Solutions along with the earlier food industry entrant Cava being the exceptions. This has added to the growing belief that the IPO window may remain closed for most companies until 2024, exemplified by the recent delay of CVC Capital Partners' IPO targeting a valuation of over $12 bn.
Pitchbook data indicates a backlog of approximately 75 companies waiting for a more favorable economic environment before going public. All things considered, we anticipate that profitable companies with stakeholders willing to offload shares will be the first to make their moves, while growth-oriented firms may postpone their offerings until better conditions with lower interest rates emerge.

IPO digest | October 2023 The robust IPO momentum seen in September faded in October with the high-profile Birkenstock IPO falling short of expectations despite significant cornerstone investments. The majority of the new issues from September IP...

The ongoing drought in the space may extend but eventually it should prove to be a temporary phenomenon. We believe that in 6-9 months as the tightening cycle nears its end, the IPO space will witness an uptick in activity. Investors will examine qualities such as , growth prospects, and profitability when considering investments in the sector. Investors’ preferences may first be contained to the safer zones, Financial Software, Payments/Wallets and Insurance, before spreading into the rate-sensitive segments.

FinTech and Capital Raising A Bird's Eye View

As we reported in our August , Europe's biggest private equity firm, CVC Capital Partners is preparing for an , despite recent concerns in the equity markets. Having €161 bn of assets under management, CVC is considering announcing its intention to float on Amsterdam in the coming days, with no exact timeline set. CVC may begin trading this November, and it was valued at around $15 bn when it sold a minority stake to Blue Owl Capital Inc. in 2021.
This IPO, if it proceeds, would be one of the largest in Europe this year and among the biggest ever by a buyout firm in the region. CVC's preparations come at a time when the listings market is facing uncertainty, partly due to the performance of recent and geopolitical events.
Among 120+ CVC portfolio companies worldwide, at least 2 announced their this year.
German perfume and cosmetics retailer Douglas, primarily owned by CVC Capital Partners, has selected Goldman Sachs, Citi, Deutsche Bank, UniCredit, and UBS as global coordinators for its planned IPO. This move follows previous reports in August that CVC Capital Partners, along with advisors at Rothschild & Co, were preparing for the IPO, which could potentially take place in the coming year. The IPO has the potential to value Douglas at up to €7 bn, according to sources familiar with the matter. The listing is likely to take place on the Frankfurt Stock Exchange ( ). Douglas, with over 1,800 stores across Europe, generated approximately €3.7 bn in revenue in the previous year and has been investing in retail stores and online offerings.
Last week, another CVC portfolio company, Germany's DKV Mobility postponed its planned IPO until next year due to an uncertain market environment. The IPO, initially scheduled for this month, could have valued the company at over €4 bn. DKV Mobility had aimed to raise €750 m for its shareholders, with CVC being a minority one. DKV Mobility is recognized for its fuel payment cards used by truck drivers to pay for fuel and tolls, and it handled transaction volumes of €17 bn last year.

Has the drought in the for techs come to an end? For the tech segment, IPO volumes have endured six consecutive quarters of market decline. Yet, in recent weeks we have registered an uptick in activity.

Tech IPO Hurdles Technicals, the Economy, and the Fed

Over the past few weeks, Arm, Instacart, and Klaviyo have priced their , the first significant offerings within the technology sector in the last 18 months. Increased capital costs, volatility in the private financing sector, and a reduced willingness among investors to take on risk have collectively incentivized companies to implement cost-saving strategies and emphasize profitability. While the newly public companies encountered their share of trading fluctuations, Arm and Klaviyo notably managed to secure prices at levels exceeding the upper limits of their initial price ranges. Additionally, the recent wave of pharmaceutical IPOs in both Europe and the US serves as a promising indicator of sector momentum, underlining the diverse opportunities that await businesses looking to go public.

NEW IPOs

ARM | $50+ bn MCAP | $4.9 bn raised | NASDAQ
Long awaited Arm IPO took place on September 13 and went successfully. We have written a lot about the planned offering in the August issues. Arm’s IPO was purely secondary and allowed its sole shareholder, SoftBank, to sell 10% of its shares. Although SoftBank remained subject to a 180-day lock-up with respect to other equity, the IPOed asset gives SoftBank a leveraged purchasing power on the venture market.

SCHOTT Pharma | €4.1 bn MCAP | €935 m raised | FWB
On September 27, parent company Schott AG offered a 23% stake in the largest Germany's IPO on Deutsche Börse so far this year. Qatar Investment Authority became a cornerstone investor having agreed to buy €200 m worth of shares sold in the offering.
Schott Pharma focuses on the growing market for injectable drugs. The portfolio comprises drug containment solutions and delivery systems for injectable drugs ranging from prefillable glass and polymer syringes to cartridges, vials, and ampoules. It generated €670 m in sales and €187 m in EBITDA in the first 9 months of 2023. Vial manufacturers profited during the COVID-19 pandemic when vaccine makers scrambled for equipment as governments worldwide sought to inoculate citizens against the coronavirus.
The company operates 16 manufacturing sites in Europe, Americas, and Asia. With over 1,000 patents and technologies developed in-house, and a state-of-the-art R&D center in Switzerland, the company is focused on developing innovations for the future.

INSTACART | $8+ bn MCAP | $660 m raised | NASDAQ
Online grocery Instacart (Maplebear Inc.) priced its IPO at the top of its price range to raise $660 m on September 18. PepsiCo agreed to purchase $175 m of Instacart’s Series A preferred stock in a private placement concurrent with Instacart’s IPO, which notably is senior to its common stock upon liquidation and incorporates a minimum 5% return that compounds annually.
Worth mentioning is that Instacart would be using the main part of the proceeds from its IPO to settle costs associated with restricted stock units (RSU) vesting offered to employees, according to FT. Instacart’s lock-up allows current employees to sell up to 35% of their stock as early as November, so long as the stock is trading up at least 20% from the IPO price.

KLAVIYO | $7.6 bn MCAP | $576 m raised | NYSE
Klaviyo priced its IPO above the high end of the price range and raised $576 m on September 19. Klaviyo is a digital marketing software platform known for automating marketing campaigns. Klaviyo's software utilizes proprietary data and AI to optimize marketing messages across various channels, such as email, SMS, and push notifications.
Klaviyo is going to use up to 10% of the proceeds of its IPO to settle outstanding RSUs. Klaviyo’s lock-up structure allows current employees, former employees, and certain non-affiliate stockholders to sell up to 20% of their stock as early as November, so long as the stock is up at least 30% from the IPO price.

COTY | €10 bn MCAP | €339 m raised | Dual Listing Euronext
On September 28, Coty, one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, skin, and body care, completed its listing on Euronext Paris. The company is among the top 3 globally for both fragrance and color cosmetics. Listed on the NYSE in 2013, the business quickly expanded to become a leading player in the global beauty industry. Having delivered three years of growth ahead of expectations, Coty dual-listed in Europe. It is claimed to be the first US company to successfully raise capital via a simultaneous EUR and USD offering on the occasion of a European listing.

Rayze Bio | $940 m MCAP | $311 m raised | NASDAQ
On September 14, RayzeBio priced its 20% upsized IPO at the top of its price range to raise $311 m. RayzeBio is a Phase 3 biotech specializing in radiopharmaceutical therapies for cancer. Its leading candidate uses a potent alpha particle radioisotope to target tumors with high expression of certain genes. This radiopharmaceutical therapeutic aims to provide greater efficacy compared to existing beta particle therapies.

Neumora Therapeutics | $2.6 bn MCAP | $250 m raised | NASDAQ
On September 14, Neumora Therapeutics priced its IPO at the mid-point of its price range and raised $250 m. Biopharmaceutical company's lead drug candidate, navacaprant, is a potential oral treatment for major depressive disorder, and the company expects results from the first of its late-stage trials in 2H 2024.

ADLAI NORTYE | $760 m MCAP | $57.5 m raised | NASDAQ
US-China Biotech incorporated in the Cayman Islands, Adlai Nortye priced its IPO of ADS on September 28. Adlai Nortye is a global clinical-stage biotechnology company focused on the discovery and development of innovative cancer therapies for patients across the spectrum of tumor types. A pipeline of seven drug candidates is currently undergoing clinical trials, and in many cases, in collaboration with multinational pharmaceutical companies to fully realize their commercialization potential on a global scale.

IPOs of companies with a market capitalization of less than $100 m or those raised less than $10 m.
VS MEDIA a Hong Kong-based marketing services provider managing a global network of digital Creators, raised $10m
A Singaporean developer of a proprietary ecosystem solution that automates workflow and the workforce in areas such as building maintenance, security surveillance, and janitorial services, SIMPPLE raised $8.4 m.
Chinese investor-focused, versatile securities brokerage company in Hong Kong, Solowin Holdings raised $8 m.
Japanese developer of luxury residential properties Lead Real Estate Co. raised $8m
Gamer Pakistan, creating and promoting college, inter-university, and professional e-sports events for men’s and women’s teams in Pakistan, raised $6.8.
Nature Wood Group, a global vertically integrated forestry company headquartered in Macau, raised $6.8 m.
Syra Health, a US-based healthcare services company, raised $6 m.
Spanish developer of AI-powered equipment for the generation, management, and storage of photovoltaic energy Turbo Energy raised $5 m.
Singaporean agricultural commodity trading company specializing in trading sugar, rice, and oil and fat products, Davis Commodities raised $4.4 m.

Growth Milan saw four IPOs:
Construction company Edil San Felice SpA SB raised €11 m.
ELSA Solutions, focused on motion control and special purpose batteries raised €4.2 m.
Emma Villas Tour Operator leading Italian operator in the tourist rental of villas and prestigious residences raised €3.2 m.
Marketing technology company with a focus on the tourism and food and wine segments, Valica Group raised €1.8 m.

Tribe Technology, a disruptive developer and manufacturer of autonomous mining equipment, raised £4.4 m on AIM ( ).

The September 14th event at the HUB, with participation of the London Stock Exchange, concluded successfully! We had an opportunity to host Axel Kalinowski, one of the leaders of the LSE, who shared insights on the diverse infrastructure of the LSE, accommodating both start-ups and well-established international companies.
The discussion on whether a startup could potentially raise 4 million euros through the LSE's infrastructure was a focal point, providing attendees with tangible insights.
Yulia Kim, CEO of AdAstra, presented on the importance of capital markets and the prospects for Cyprus to serve as a significant financial hub in the MENA region. She also gave her perspective on guiding businesses to international exchanges through IPOs.
We appreciated the presence of partners from prominent consulting firms in Cyprus, leaders of business associations, and representatives from the large public corporations, and various investment funds.
The evening facilitated meaningful discussions, idea sharing, and networking opportunities. We're grateful to everyone who participated and contributed. Looking forward to our next gathering!

| Week 35 | 28-3 September 2023

According to PitchBook data, the landscape of has experienced significant fluctuations in metrics over the past few years. In 2019, VC-backed companies entering the boasted an enterprise value of approximately 5 times their revenue. However, by the midpoint of 2021, this metric had surged to an astonishing 22x, only to retreat to around 5x in recent quarters. The implications for forthcoming IPOs are profound, as they serve as a pivotal price discovery mechanism. To enhance their chances of success, these companies are strategically courting substantial investors well in advance and opting to offer a modest portion of the company, typically not exceeding 10%, to the public.

NEW IPOs

On August 29, Inspire Veterinary Partners, a US veterinary hospitals network, priced at the low end of the price range and raised $6.4 mn on NASDAQ.
As last week, there is much more in the pipeline to watch.

NEW FILINGS AND DISCLOSURES

Arm | $50+ bn MCAP | $5+ bn raising | NASDAQ
While Arm is preparing the deal on September 13, the expected price range would translate into a valuation for Arm of roughly between $50 bn and $54 bn, and an offering of $5 bn to $5.4 bn which represents a climb-down from the $64 bn valuation at which SoftBank acquired the 25% stake in the company last month. The valuation is not final yet and strong demand on the upcoming roadshow can push the price higher. Arm has already signed up many of its major clients as investors in its IPO: Apple, Nvidia, Alphabet, Advanced Micro Devices, Intel, Samsung Electronics, Cadence Design Systems, and Synopsys. These strategic investors have agreed to invest between $25 mn and $100 mn each according to Reuters. Arm and SoftBank have set aside 10% of the shares to be sold in the IPO for its clients.

RICHTECH ROBOTICS | $326 mn MCAP | $15 mn raising | NASDAQ
On September 1, Richtech Robotics set terms for a $15 mn IPO. The IPO float is planned for just 4.6% of the basic shares outstanding. Richtech Robotics designs, manufactures, and sells Autonomous Mobile Robots for the hospitality sector, and its current customer base includes hotels, restaurants, senior care facilities, and casino management companies. Richtech envisions becoming the first robotics "Super-operator" where thousands of its robots are deployed out in the field and managed by Richtech's AI Cloud Platform.

TURBO ENERGY | $286 mn MCAP | $5.5 mn raising | NASDAQ
On August 28, Turbo Energy filed an F-1/A in which it named Titan Partners as a joint book-runner to work with Boustead Securities. Turbo Energy is issuing ADS to raise $5.5 mn. Spanish developer of AI-powered equipment for the generation, management, and storage of photovoltaic energy considers reducing electricity bills and protecting the installation from power outages as its key advantages.

LINKAGE GLOBAL | $108 mn MCAP| $7.5 mn raising | NASDAQ
On September 1, Linkage Global, a Japanese online retailer and provider of cross-border e-commerce services, filed an F-1 and set terms for a US IPO. Its customers are mainly comprised of sellers on various e-commerce platforms, such as Amazon, Lazada, Shopee, Wish, Coupang, Yahoo, and others.

Singaporean Ryde Group filed its F-1 without disclosing the price. It is expected to raise $17 mn on NYSE. Ryde operates a ride-hailing app and aims to become a “Super mobility app” where multiple mobility tools can be accessed and function seamlessly. Its core businesses are carpooling, ride-hailing, and parcel delivery services.

Global Engine Group Holding, a Hong Kong-based information communication technologies provider, increased its IPO size by 50% to raise $13.5 mn on NASDAQ.

Listed on the Australian Securities Exchange, CardieX disclosed terms for its NASDAQ uplisting in which it plans to raise $10 mn through the offering of ADS. CardieX is a commercial-stage digital healthcare company developing medical devices to redefine the way hypertension and major vascular diseases are clinically diagnosed and managed.

OTC-traded US healthcare clinic operator Mitesco has withdrawn its $22 mn NASDAQ uplisting.

AND RUMORS

The CEO of French automaker Renault announced on Monday that the company is planning to conduct an IPO of its electric vehicle subsidiary, Ampere, in the spring of 2024. De Meo revealed that Renault's goal is to complete the separation of the unit from the rest of the company by November 1 of this year, as part of the preliminary preparations for the IPO. Ampere division could get a valuation of up to €10 bn.

Cloud and data security startup Rubrik, backed by Microsoft, is planning to launch its IPO later this year, with the investor roadshow potentially commencing as early as October. The IPO is expected to raise between $500 mn and $700 mn, although these figures may change depending on market conditions, and the IPO timeline could extend into the next year. Rubrik recently held a meeting with research analysts to provide insights into its operations and growth prospects. Microsoft invested in Rubrik in 2021, valuing the company at $4 bn.

Zilch, a fintech company based in London, is considering the possibility of an IPO in either the UK or the US. Belamant emphasized the importance of making the best decision for Zilch's stakeholders, weighing the advantages of listing in the US versus the UK. Zilch, which also operates in the US market with a Miami-based headquarters, has been on a path towards profitability due to its favorable unit economics and substantial gross profit margins. While initially categorized as "BNPL 2.0" for its no-interest, no-late-fee approach and cashback rewards, Zilch now identifies itself as an "ad-subsidized payments platform." Zilch has achieved over 3.5 mn registered customers since its launch in 2020.