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EMEA IPO Pipeline

IssuerExchange Expected Deal SizeBanks
COMPLETED DEALS
MajorelAmsterdamThe Luxembours-headquartered call centre operator priced at €33 per share on September 24, valuing the company at €3.3bn. The price range was adjusted from €32-€39 to €33-35. Within the first few hours of trading, it went down 8%. €759m JPM, BNPP, Citi (gcws), BofA, GS (bks)
Peel HuntLondonThe UK mid and small-cap specialist investment bank priced at £2.28 on 24 September, implying a market cap of £280m. It floated again after a 21 year absence from the stock market.£112mKeefe, Peel Hunt (bks)
Exclusive NetworksParisThe French cybersecurity company Exclusive Networks has made its debut on the Paris stockmarket, after pricing its IPO at €20 a share, the bottom of the initial €20-€24 price range, valuing the company at €1.83bn. The deal was initially covered within a day. This investor appetite stands out next to other midcap IPOs that have been struggling to excite investors lately. It traded down 11% on the first day on September 23, and then recovered to just below IPO price.€421mJPM, MS (gcs), BNPP, Citi, SocGen (bks)
Antin Infrastructure PartnersParisShares in Antin Infrastructure Partners, the French private equity group focused on infrastructure assets, leapt by more than 25% on September 24 morning after the company began trading in Paris following its €632m initial public offering. The final offer price, at the top of the initial range, gave the company an initial market capitalisation of €4.2bn on Euronext Paris. €632mJPM, MS (gcs), BofA, BNPP, Citi (bks)
AzelisBrusselsA Belgian chemicals company. The IPO was priced at €26 a share, the top of the initial range, and the book building process was accelerated due to the strength of the demand from investors. Azelis achieved an initial post-money market capitalisation of €6.08bn. It traded up in the aftermarket on the first day on September 17.€1.54bnJPM, GS (gcs), Barclays, BNPP, HSBC, ING (bks)
BelieveParisCovered on the full deal size Believe, the French music streaming and distribution company, is looking to grab investors in what is becoming an exceedingly binary IPO market as it launches in Paris. Range set in early June at €19.50 to €22.50, implying a post-money market capitalisation of €1.87bn to €2.11bn. The IPO consists entirely of €300m new shares sold by Believe - a smaller deal size than initial €500m outlined in Believe’s document de base last month. Traded down 15% on its first day. €300mCiti, JPM, SG (gcs) BNP Paribas, GS, HSBC, UBS (bks)
AlphawaveLondonAlphawave, the Canadian company that develops technology for the semiconductor industry, achieved a £3.2bn valuation but traded down more than 20% on its debut on May 13.£856mJPM, Barclays(gcs) BMO Capital Markets (bk)
About You HoldingFrankfurtGerman e-commerce platform. About You was trading at around €26 a share, 13.5% above its €23 offer price, on Wednesday morning in Frankfurt. Given a final deal size of €842m, including the greenshoe, that translated to gains of almost €114m for IPO investors in a single morning.
Up to €941mDB, GS, JPM (gcs) Numis, SG, UBS (bks)
MadeLondonMade, the UK furniture e-commerce company, completed its £223m IPO on June 16 too. The stock was trading at £1.82 on Wednesday morning, 9% below its £2 a share IPO price, translating to first day losses of around £20m for investors. The stock had recovered to £1.98 on June 17£100m+MS, JPM
ÍslandsbankiHelsinkiÍslandsbanki, the Icelandic bank nationalised during the financial crisis, was finishing its flotation on the Nasdaq Iceland on a strong note on Monday, pricing the IPO at the top of the price range. The IPO will be sold at Isk79 ($0.65) a share, valuing Íslandsbanki at around $1.3bn equivalent. The final IPO will be sized at around $457m-equivalent.$457m Citi, JPM, Íslandsbanki (gcs) Barclays, HSBC, Fossar Markaðir, Landsbankinn (bks)
RevolutionRaceSwedenSwedish online fashion e-retailer RevolutionRace was also trading up on its first morning. The deal was smaller than About You at around Skr2.8bn (€280m), including the greenshoe. But the stock was trading up strongly at Skr83.46 on June 16, up around 11% from its Skr75 a share offer price. The gains in trading translate to just under €31m of gains for investors. ABG Sundal Collier, Carnegie (gcs) Nordea (bks)
ViaminStockholmPet health company listing  ordinary shares on Nasdaq first north growth market. The IPO attracted strong cornerstone demand from investors such as BlackRock and Swedbank. Priced on June 18 and traded up in the aftermarket. €714mCarnegie, Citi, ABG Sundal Collier
Bike 24 FrankfurtBike 24, the German online cycling shop, has set the price range for its IPO on the Frankfurt Stock Exchange, offering a hefty discount to online fashion retailer Zalando amid intense competition for the attention of investors in a crowded market for new listings in Europe. Bike 24 has set the price of its shares at €15.00 to €19.00, implying a post-money market capitalisation of €662m to €812m. Priced on June 22 at €15, bottom of the initial range. €280mBerenberg, JPM 
CherryFrankfurtBooks are covered on the full deal. Cherry which primarily makes components for the video gaming industry, particularly switches for gaming keyboards is seeking to list in Frankfurt. The company has strong growth ambitions and wants to deliver organic revenue growth of between 30-40% in 2021 and “strong double-digit organic growth rate in the mid-term according to tis CFO Bernd Wagner in its IPO filing. Priced on June 23 at €32 a share. €361mHauck & Aufhäuser (gc) ABN Amro, M.M Warburg (bks)
Acciona Energia SpainSpanish renewable energy company launched its IPO in H1 2021. The Spanish company  priced its IPO at €26.73 a share, the bottom of the initial range, valuing Acciona Energy at €8.8bn when it began trading on the Spanish Stock Exchanges on Thursday, July 1, an earnings multiple of 10.6 times its 2022 projected Ebitda. Final deal size was €1.32bn, smaller than originally hoped, due to tough IPO market backdrop. €1.32bnBestinver, Citi, GS, JPM, MS (gcs) BoA, Berenberg, CACIB, CS, HSBC, Santander, SG (bks)
Baltics Classified GroupLondonBaltic Classifieds Group, an online classifieds business in the Baltics, priced its IPO on June 30, raising £330m. Apax Partners sold most of the shares in the IPO.£330mBofA (gc) BNPP (bk)
Mister Spex Frankfurt Started trading on July 2. The IPO was priced at the midpoint of the initial €23 to €27 range, valuing Mister Spex, a German eyewear retailer, at €829m.€326mBarclays, Berenberg, Jefferies (gc)
Bike 24 FrankfurtBike 24, the German online cycling shop, has set the price range for its IPO on the Frankfurt Stock Exchange, offering a hefty discount to online fashion retailer Zalando amid intense competition for the attention of investors in a crowded market for new listings in Europe. Bike 24 has set the price of its shares at €15.00 to €19.00, implying a post-money market capitalisation of €662m to €812m.tbcBerenberg, JPM 
Elopak OsloNordic packaging company hoping for strong local demand and comparisons to SIG Combibloc to get it across the finish line. Price range is €24-€30. The base deal plus the greenshoe could be as large as €316m at the top of the range. Final offer price of The final price for the shares in the offering was Nkr28, corresponding to market capitalization for Elopak of Nkr7.5 bn. Elopak’s former sole owner Ferd intends to remain an active and committed shareholder.Nkr7.5bnGS, SEB
Victorian PlumbingLondon UK online bathroom retailer seeking to list on the London Stock Exchange AIM market. GlobalCapital understands that there was huge interest in the deal from long-only investors. The stock surged on the first day of trading in mid-July. £850mBarclays, Numis (gcs)
AramisParisIPO to price at €23 a share, multiple times oversubscribed at that leve. Aramis is a French website specialising in the sale of second hand cars. Range set on June 8. In Aramis, banks are selling shares between €23.00 - €28.00 each. There will be around €250m of primary proceeds, as well as a secondary sell-down. The total IPO could be as large as €481m including the greenshoe.
Up to €481mSG, MS (gcs) BNPP, Citi, CACIB (bks)
Green Hydrogen SystemsCopenhagenDanish green hydrogen fuel technology company. The IPO consists of around €170m of new shares..tbcABG Sundal Collier, Carnegie, JPM
YahsatAbu Dhabi Mubadala sold 40% stake, the maximum possible, following strong demand from investors. The company priced the listing at Dh2.75 ($0.75) a share, around the middle of its initial Dh2.55-Dh3.05 a share price range. The IPO was the largest in the UAE for several years and is the first in what is expected to be a wave of state owned assets floated by Abu Dhabi. $730mBank of America, First Abu Dhabi Bank, Morgan Stanley (gc)
GreenvoltLisbon Biomass energy operator, diversifying into wind and solar power. Priced on July 13.€150mBNPP, CaixaBank (gc)
Bridgepoint London

One of the most successful IPOs in London this year. The stock traded up 30% on the first day. The final offer price in Bridgepoint valued it at 21.7 times 2022 estimated earnings, which was a 54% discount to Swedish PE firm EQT, a 36% discount to Partners Group, a 15% discount to Blackstone, and a 6% discount to ICG.

 

£907mJPM, MS (gc)
EMC (United Medical Group)Moscow Shareholders in the Russian private hospitals group listed GDRs in Moscow, raising $500m. EMC had to sell GDRs, because as it is incorporated in Cyprus it could not do a straight share sale in Moscow. Igor Shilov, Egor Kulkov and Roman Abramovich own the company. The IPO priced on July 15, valuing the company at $1.13bn.
$500mCiti, JPM, VTB (gc)
IPOs in BOOKBUILD
Petershill PartnersLondonThe alternative assets investment vehicle of Goldman Sachs covered the books in one day. The price range has been fixed at at £3.20-£3.80 a share, implying a market capitalisation of £3.7bn – £4.3bn. Petershill is selling £549m of new shares in the IPO, while the LPs which own the vehicle are selling £390m to £540m of existing shares. There is a  £141m-£163m greenshoe. c.$1.3bn – c.$1.5bnJPM, BofA, GS (gcs), BNPP, UBS (bks)
AfyrenParis ITF on August 25. A French producer of environmentally friendly chemicals. Covered on the full deal size.€63.3m - €76.7mBerenberg, BNPP (gc)
IPOs in INVESTOR EDUCATION 
Arabian Internet and Communications Services Co. (solutions by stc)Saudi Arabiasolutions by stc plans to float 20% of its share capital (24m shares)
IPOs IN PREPARATION
Olam Food IngredientsLondon Olam Food Ingredients, a division of Olam International, will likely be one of the biggest UK IPOs in 2021. It will later be dual-listed in Singapore in early 2022. 
Daimler TruckFrankfurtA spin-off of the carmaker Daimler planned for the end of 2021 that was announced in June
Vitesco TechnologiesFrankfurtContinental has been planning to spin off the powertrain division Vitesco Technologies since 2019, but postponed the public offering due to the pandemic. Now the company is on track for an IPO in the second half of 2021.
CheplapharmFrankfurtAn IPO of the pharma group Cheplapharm is talked about for September or October, and could value the drug manufacturer at €10-12bn. According to company reports, revenue increased by 32% to €680m in 2020. 
BMZ GroupFrankfurtLithium-ion-battery expert BMZ Group benefitted from the e-bike boom during the pandemic, reporting sales of €400m in 2020. The IPO could value the company at €2bn. BMZ declined to comment after several sources suggested the initial listing could happen as early as September. €500m
WeclappFrankfurtWeclapp, a cloud ERP system provider, is eyeing an October IPO to finance global expansion and a new artificial intelligence service, as CEO Ertan Özdil announced in March. From 2019 to 2020, the company reported revenues grew by 57.6% to €7.3m.
OttobockFrankfurtThe family-owned artificial limb maker Ottobock is preparing for a new chapter in its history spanning more than 100 years. The company could value at more than €5bn in an IPO and has mandated banks to prepare the offering for 2022
Thyssenkrupp Uhde Chlorine EngineersFrankfurtIn May, Thyssenkrupp CEO Martina Merz confirmed that the company is considering going public with its hydrogen segment Thyssenkrupp Uhde Chlorine Engineers (TKUCE). According to a Credit Suisse note, TKUCE is worth €2.8bn. The alternative would be a SPAC deal. 
N26FrankfurtGermany’s most valuable FinTech N26 has taken steps towards an IPO by applying for a Financial Holding Company this year. However, founder and CEO Valentin Stalf said he does not plan to go public before 2023. N26 is currently in discussions for a last financing round in which the company could be valued at around €8.5bn. The bank recently made headlines for being involved in a large share of money laundry suspicion reports in Germany. 
OVHcloudParisExpected to go public in 2021. The French cloud computing company has appointed banks to lead its IPO as of May. OVHcloud is owned by its founder, KKR and TowerBrook Capital Partners. Likely to be one of the biggest IPOs in France this year.BNPP, JPM, Citi (gc), CS, KKR Capital Markets (bk)
GreenYellowParisCasino is preparing to spinoff its renewables unit GreenYellow via an IPO in autumn 2021. Natixis (gc)
Icade SantéParisIcade is going to list Icade Santé, the unit that manages its healthcare properties, on Euronext Paris. A syndicate of banks was appointed in May to lead the IPO.BNPP, CACIB, SocGen, JPM (gc)
Adnoc Drilling Abu Dhabi Adnoc is planning a spinoff of its drilling unit, as part of an affort by the government of Abu Dhabi to boost the liquidity of the Emirate's exchange. Adnoc has already floated its retail fuel business Adnoc Distribution in 2018.
Fertiglobe Abu Dhabi Adnoc's fertiliser unit, which is run as a joint venture with OCI, is also going to be spunoff via an IPO, according to sources. 
Emirates Global Aluminum Abu Dhabi Paert of the looming UAE IPO wave. Emirates Global Aluminium, the Abu Dhabi-based aluminium smelting company, has been touted as a possible IPO candidate. Mubadala and the Investment Corporation of Dubai are the company’s joint owners.
ACWA PowerRiyadh The Saudi Capital Markets Authority has approved an application by ACWA Power, the water and power company, to go public. The Public Investment Fund is a major shareholder in the company.
Solutions by STCRiyadh Saudi Telecom is preparing to separately list its internet services business on the Tadawul, having received approval from regulators. The IPO is expected to launch at some point in the fourth quarter.
EG GroupOwner and operator of petrol forecourts expected in 2021
IVC EvidensiaEuropean vetenary company expected to list in 2021
Klarna LondonEurope's most valuble tech unicorn worth $45.6bn. The company is considering an IPO or a direct listing, with London being touted as the most likely location. 
Revolut LondonRevolut is one of London's most coveted IPO candidates, and is seen as an issuer that could replicate the direct listing that Wise successfully pulled off in July. Revolut raised capital privately the same month at a $33bn valuation. 
Siberian Ural oil and Gas company

Unlikely before 2021 according to sources. It was reported that the company had filed for an IPO on June 25 2018, and will consider London listing. Sibur's CFO Alexander Petrov told GlobalCapital iin 2020 that IPO plans are not set in stone and talk of one was "premature." Sibur’s largest shareholder is Leonid Mikhelson, Russia’s richest man, according to Forbes, who owns 48.5% of the company. Businessman Gennady Timchenko, and Kirill Shamalov, Russian president Vladimir Putin’s former son-in-law, also have stakes in Sibur.

$2bn-$3bn
Dangote Cement LondonAliko Dangote, the richest African man, said in November 2018 that his cement company is planning to sell shares on the London Stock Exchange in around September 2020. The IPO did not materialise then. JPM, Gazprom Bank
KazmunaigasLondonThe jewel in the crown of Kazakhstan's privatisation drive, likely delayedBAML, Standard Chartered (gc)
Air AstanaAstana/LondonKazakh state owned airline. Likely to float in Astana and probably London.
KazakhtelecomAstana/LondonTelecom company, part of the Kazakh privatisation drive.
POSTPONED/PULLED IPOs
BabbelFrankfurtITF on September 6. German language learning app is seeking to list on the Frankfurt Stock Exchange. Pulled after a slow bookbuild in a highly selective market. €312mMS, BNPP (gc), Berenberg, Citi (bk)
Nord Gold LondonITF on June 3. Russian gold miner is seeking to re-IPO on the London Stock Exchange after delisting in 2017. The flotation will consist entirely of existing stock sold by owner Alexey Mordashov and family. Pulled due to a lack of demand. tbcCiti, JPM, BMO (gc)
Primafrio Madrid ITF on June 1. Spanish freigh logistics company is seeking to list on the Spanish Stock Exchanges. The IPO will be all-secondary. Pulled after the company struggled to gain traction with investors amid a highly selective market.tbcJPM, MS (gc) Berenberg, Satander, SG, CaixaBank (bk) 
MarexLondonMarex, the commodities dealer, launched a London IPO hoping cash in from the increasing demand for commodities exposure. Bankers on the deal said they kneww that they are launching into a tough IPO market but were hopeful that a small deal size and strong sectoral trends will support the transaction. Range set at £3.45 to £3.85, Marex would have been valued at £405m to £460m. Pulled in early June due to a lack of demand. c.£125mGS,JPM (gcs) Barclays (bk)
PHEParisParts Holding Europe, the French auto components distributor owned by Bain Capital, attempted an IPO in Paris in May. The company, also known as Autodis, previously tried to list in 2018. This time, the company was seeking to raise €450m through a sale of new shares, which it will use to repay debt. There will also be a secondary component sold by existing shareholders. Pulled in early June, due to a lack of demand. €450m+BNPP, GS, Barclays (gcs) Citi, Crédit Agricole CIB, HSBC,  SG (bks)
GV GoldMoscowGV Gold, the Russian gold miner, has launched an IPO on the Moscow stock exchange with sources close to the deal saying that 2021 is an opportune time for the miner to go public. A source with knowledge of the deal said the company is likely to get a valuation of around $1.5bn equivalent at IPO; the deal size is expected to be close to around $500m. The IPO will be an all secondary offering with existing shares sold by GV Gold chairman Sergey Dokuchaev as well as board directors Natalia Opaleva, Valerian Tikhonov and former CEO Sergey Vasilyev. BlackRock will also sell shares in the listing.$500m - $600mGS, Sberbank, UBS , VTB Capital (gcs). RBI, Sova Capital (bks)
Club Brugge BrusselsClub Brugge, the Belgian football club, has postponed its IPO on the Brussels stock exchange base deal up to €73m
TristarDubaiTristar, the Dubai-based liquid logistics solutions provider catering to the downstream petroleum and chemical industries, has postponed an IPO over valuation.
OpdenergySpainIPO postponed on May 5€400m+Santander, Citi (gcs) Berenberg, BofA, Alantra, RBC (bks)
TrustlyStockholmTrustly’s IPO was put on hold after Sweden’s Financial Supervisory Authority criticised it for a lack of knowledge over some of the customers using its services to make payments. Trustly said it has been subject to a supervisory review by the SFSA since October.It said in a press release this week that it had “just received SFSA’s observations and preliminary assessments... One of SFSA’s preliminary views is that Trustly should perform customer due diligence on some consumers using Trustly’s payment initiation service to make payments to merchants.”A source close to the deal confirmed that this new development was the factor that drove the company to postpone the IPO. However, investors were already wary of Trustly because of the valuation that it was asking for.$934m+Carnegie, GS, JPM (gcs) BofA, BNPP, Citi, DB, SEB, Swedbank with Kepler, Rabobank (bks)
Canal+ PolskaWarsawIPO postponed on May 7tbcBofA, JPM (gcs) Santander, Erste Group Bank (bks)
MeinautoFrankfurtGerman online car marketplace postponed its IPO on the Frankfurt stock exchange on May 11.
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