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EMEA IPO Pipeline

IssuerExchange Expected Deal SizeBanks
COMPLETED DEALS
Dubai Electricity and Water AuthorityDubaiThe Dubai government floated a 6.5% stake, equating 3.25bn shares. It achieved a valuation of $33.8bn, and was the largest ever IPO in Dubai. Shares were priced at the top of the range and began trading on April 12. $6.1bnCiti, Emirates NBD, HSBC (gcs), Goldman, CS, EFG Hermes, FAB (bks)
Al NadhiRiyadh Largest flotation on the Tadawul since the $29.44bn IPO of Saudi Aramco in December 2019.  Sedco Holding, the investment company of the Saudi billionaire Bin Mahfouz family, is selling a 30% stake. Due to be priced at Sr131, the top of the initial price range, valuing the company at Sr17bn ($4.54bn).Sr5.1bn ($1.36bn)HSBC, SNB Capital 
Vår EnergiOsloA Norwegian oil and gas company floated by its majority shareholder, the Italian energy group Eni. Shares were priced at Nkr28, the bottom end of the range, with an implied valuation of Nkr78.6bn (€7.83bn). They traded down 3.5% on their debut on February 16, although high demand had caused the issuer to increase the deal size. It was the largest European IPO of the year at this point.Nkr7.7bn (€763m)JPM, DNB, MS, Sparebank (gcs), ABG, BofA, Carnegie, Jefferies, Pareto (bks)
TechnoprobeMilanThe Italian semiconductor company popped 18% on the first day of trading on February 15. Shares were initially offered at €5.70, in the bottom half of the price range, with an implied market cap of €3.4bn.€644mMediobanca, Intesa Sanpaolo
CivitanaviMilanAn Italian manufacturer of navigation systems mainly used in military and mining vehicles. Was priced at €4 per share on Feburary 14, the bottom end of the range, with an implied valuation of €123m.€31mBerenberg, Intermonte
Haffner EnergyParisFirst French IPO of 2022 priced on February 14 at €8 per share, the bottom of the range. The green hydrogen company began trading with an implied market cap of €360m.€71.2mBarclays, Natixis, Portsamparc
AD Ports GroupAbu Dhabi The UAE ports and free trade zone operator was priced at Dh3.20 per share on February 7, at the top of the price range, with an implied market cap of $4.4bn. It listed through a private placement.Dh4bn ($1.1bn)
Genflow BiosciencesLondonThe first longevity firm to list in Europe completed its IPO on January 17 with an implied valuation of €32m. The shares were priced at £0.08. £3.8mClear Capital Markets
IPOs in BOOKBUILD
IPOs in INVESTOR EDUCATION 
IPOs IN PREPARATION
AccelleronZurich Swiss company ABB could float its e-mobility business before summer 2022. $750mMS, UBS (gcs), DB, CS, BNPP (bks)
PlenitudeMilanEni is looking to spin off its renevables division, potentially in summer 2022. 
Icade SanteParisThe French healthcare-focused real estate investment trust cancelled its €800m IPO in September 2021. Markets expect the company to re-consider a flotation following the French presidential election 2022. 
Virgin Atlantic LondonFirst reported in 2021, Virgin Atlantic is seeking to list in London at some point in 2022. The airline will benefit from a recovery in passenger numbers on its key routes as countries end Covid-19 restrictions. Unlikely to launch before May or June due to the ongoing war in Ukraine. Owned by Delta Airlines and Richard Branson, the airline has never been listed before in its history.Citi, Barclays (gc)
Brewdog LondonBrewdog has long been touted as an IPO candidate for years. Co-founder James Watt said in January 2022 that Brewdog is actively working on a stockmarket listing. The craft brewer has thousands of retail shareholders, plus a minority private equity investor, who want the opportunity to realise the value of their investments in Brewdog.
Galderma Zurich EQT wants to list Galderma, Nestle's former skincare business, which it acquired in 2019. The IPO is going ahead this year, according to market sources. GIC and Abu Dhabi Investment Authority are minority shareholders. Expected pre-summer 2022. 
Revolut London The UK's most valuble fintech company, Revolut has raised vast amounts of private capital. It was valued at $33bn as of July 2021. Equity capital markets bankers have touted Revolut at a prime candidate for a direct listing similar to Wise's stockmarket debut in 2021, or a full blown IPO.
OttobockFrankfurt Likely to be one of the largest European IPOs in 2022, Ottoblock has delayed its flotation until after the summer, due to global market volatility. The German artificial limb maker counts EQT as a minority investor. DB, Goldman, BNPP (gc)
Monzo London Monzo is the third most valuble European challenger bank behind Revolut and N26. The company has long been expected to go public. As of its last funding round in December 2021, Monzo was valued at $4.5bn. 
Starling Bank LondonDigital lender is another big UK IPO candidate. CEO Anne Boden said in November 2021 she expects Starling Bank to go public by 2023. Valued at £1.1bn pre-money following a fundraising in March 2021 led by Fidelity Investments, the Qatari Invesment Authority and RPMI Railpen.
N26 London German digital bank backed by Peter Thiel is expected to be in a position to go public by the end of 2022, according to its co-CEO Maximilian Tayenthal. Valued at $9bn in last funding round in October 2021.
Burger King UKLondon Owned by Bridgepoint, Burger King UK is on track to go public this year, once there is a suitable window. The IPO has been delayed until the summer, due to the volatility caused by the war in Ukraine, according to a source close to the deal.Investec 
Lotus LondonLotus announced in February it was preparing to go public to finance its expansion. Owned by China's Geely.
Porsche Frankfurt Volkswagen announced the spinoff of Posche in February 2022. An IPO may happen before the end of the year, depending on market conditions. 
Pure Gym London Pure Gym said in the summer in 2021 it was exploring an IPO as part of a range of fundraising options. A stockmarket listing is understood to be on hold after KKR invested £300m in the business in December 2021. The low cost gym operator originally tried to go public in 2016, but pulled the deal. It was acquired by Leonard Green & Partners the following year. Morgan Stanley, Barclays 
Wintershall DEA Frankfurt BASF, the majority owner, said on February 25 that it was willing to push through the IPO of Wintershall DEA, despite opposition from LetterOne, the minority shareholder, which publicly voiced its opposition to going public in January. LetterOne was controlled by Russian oligarch Mikhail Fridman, who has been sanctioned by the EU, following Russia's invasion of Ukraine. He no longer has any control over LetterOne as a result of the freezing of his assets. 
POSTPONED/PULLED IPOs
IbercajaMadrid The Spanish bank postponed its deal on February 1 due to market volatility despite the outperformance of the bank sector. It will likely return later this year under the pressure of Spanish regulators.
TBDJPM, MS (gcs), BofA, UBS (bks)
CheplapharmFrankfurtThe deal of the German drugs distributor was pulled on January 28 in volatile markets. It was touted to value the company at up to €9bn. €750mDB, JPM, CS (gcs), Barclays, Citi (bks)
WeTransferAmsterdam The Dutch file sharing company kicked off a series of IPO cancellations in Europe when it postponed its deal on January 27. It had sought a valuation of up to €656m, but was thrown off by a violent rotation away from tech stocks. €252mMS, BofA (gcs), ABN Amro, Barclays (bks)