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IPOs
SpaceX IPO: timing, valuation, and how to get in early
While SpaceX has not officially announced a definitive date for it’s much talked about initial public offering (IPO), multiple media reports - which founder and owner Elon Musk incidentally confirmed 2 February - point to a public listing somewhere between mid to late 2026. A merger had been rumoured since SpaceX invested US$2 billion (A$2.86 billion) in xAI in the northern summer. While there’s some talk that Musk may schedule the public launch to coincide with his 55th birthday on 26 June, others are speculating that the world’s richest person will synchronise the event along with the rare planetary alignment between Jupiter and Venus on 8-9 June 2026. Wouldn’t that be a Musk thing to do? While the actual timing will clearly keep the market guessing, the magnitude of this IPO, whenever it occurs, will have universal appeal. Like the IPO date, the final pricing also remains unconfirmed. However, SpaceX recently set a secondary share sale price at around $420 a share. This suggests a private valuation - up from an estimated valuation of around $46 billion in 2020 - north of $800 billion – cementing its perch as the world’s largest private company.Valuation could exceed $1.5 trillionGiven that the IPO could
IPOs
IPOs set to rise in 2026 while ASX value shrinks
Due to attractive private credit markets – discouraging private companies from going public to raise money – and a surge in high-value mega-mergers and takeovers that are removing blue-chip companies from the exchange faster than new listings can replace them, the value of the ASX is expected to shrink in 2026 for the first time in two decades. It’s a phenomenon analysts refer to as de-equitisation, which occurs when the total value of shares delisted through these transactions exceeds the capital raised from new initial public offerings (IPOs) and secondary offerings. Admittedly, there’s no shortage of stocks queuing up to list on the ASX this year. Trouble is, while many of the new companies entering ASX will be micro-caps, they’re replacing large caps that are progressively being taken out by global suitors.Big pharma, healthcare and resourcesWhile stock-specific takeover hotspots this year include big pharma and healthcare, along with critical minerals and resources, the following eight potential takeover targets alone would wipe over A$30 billion worth of value off the ASX: Ramsay Healthcare (ASX: RHC) Orora (ASX: ORA) Domino Pizza (ASX: DMP) IDP Education (ASX: IEL ) IPH (ASX: IPH) Inghams (ASX: ING) Relia
IPOs
Digital bank company chimes in with another hot IPO
Demand for initial public offers (IPO) in the United States continues to remain strong with shares in ﬁnancial technology company Chime Financial soaring when they made their sharemarket debut on Thursday (Friday AEST). Chime (NASDAQ: CHYM) shares surged 59% from their IPO price when they began trading on the Nasdaq exchange at $43, valuing the digital bank at US$18.4 billion (A$28.2 billion) and extending the pattern of new listings being well sought after. The shares traded between $36.19 and $44.19 and closed at $37.11 as 35.8 million changed hands. Chime sold 25.9 million new shares and existing stockholders sold 6.1 million shares at $27 per share in the IPO. “This is an amazing day for Chime. It’s an amazing day for our nearly 1500 Chimers (employees) but more importantly, this is an amazing day for our members,” Chief Financial Officer Matt Newcomb said in an interview with Yahoo Finance. Although the price jumped on listing, Chime’s market capitalisation is below the $25 billion valuation implied by its last funding round in August 2021. “You can control what you can control. Markets come and markets go. What we can control is being focused on our mission and building our business,” Newcomb said. Digit
IPOs
ASIC v super funds: tug-of-war for private assets
In a manoeuvre that signals a clear ‘hands off’ broadside to super funds, the share markets' regulator, ASIC, is trying to simplify IPO rules to attract privately owned companies to transition to the main board of ASX. In attempt to stanch the worst IPO drought since the global financial crisis (GFC), ASIC hopes that by streamlining the IPO process, more companies will want to join the ranks of the country's listed stocks.ASX is falling in volume and valueIn the year to May, the number of companies on the ASX has fallen from 2,113 to 2,078, while the market cap is down from $3,129,246 to $3,107,859. However, ASIC is by no means the only game in town, with private companies and assets being the fertile hunting ground of super funds. While super fund interest in private assets is nothing new, it recently reached new heights. Based on Rainmaker Information’s analysis of APRA data, super funds had $400 billion invested in private market assets – up 34% - in the two years to June 2024. What appears to be underscoring super fund interest in private real assets is their ability to generate strong returns. Better investment opportunities than the ASXThe Institutional Roundup Report reveals that in the last two years private
IPOs
A look at upcoming, most expensive pre-IPOs
The world of finance is buzzing with anticipation as several high-profile companies gear up for their Initial Public Offerings (IPOs) in the coming months. Here's a snapshot of the most expensive pre-IPOs, the most successful IPOs between 2023-2024, upcoming Australian IPOs, and some recent unsuccessful IPOs.Top 10 Most Expensive Pre-IPOsStripe - Valuation: $65 billion to $70 billion Swiggy - Valuation: $28 billion Cerebras Systems - Valuation: $7-$8 billion Reddit Inc. - Valuation: $6.5 billion Tempus AI Inc. - Valuation: $6.4 billion Astera Labs Inc. - Valuation: $5.5 billion Lineage Inc. - Valuation: $18 billion Ibotta Inc. - Valuation: $2.7 billion StubHub - Valuation: $16.5 billion Ola Electric - Valuation: $1.25 billionMost Successful IPOs (2023-2024)Arm Holdings - Raised $4.87 billion Zomato - Significant market outperformance FirstCry - Strong debut and market performance Hindustan Aeronautics - Consistent performance Indian Railway Finance Corp - Positive returns Sona BLW Precision Forgings - Exceeded market expectationsUpcoming Australian IPOsKali Metals - Lithium stock expected to soar TOK Tolu Minerals - Anticipated strong debut Great Divide Mining - High potential in