2020 IPO Pipeline The Top Deals Expected in Asia and Worldwide in 2020 - HubSpot
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2020 IPO Pipeline The Top Deals Expected in Asia and Worldwide in 2020
Research
Reinvented
Top IPO Coverage on
Smartkarma Continues
in 2020
In 2019, Smartkarma built on a solid base of IPO coverage, improving and refining
our curation of truly independent, differentiated research. Smartkarma’s coverage
of IPOs around the world grew by 21 percent year-on-year, with a five-year CAGR of
121 percent. At the same time, we expanded our coverage from Asia to include key
global markets.
This gave our subscribers a holistic view into some of 2019’s key deals and offered
visibility into listings that have seen scant coverage elsewhere.
In Asia, Starbucks challenger Luckin Coffee went public in China, Alibaba finally
listed its shares in Hong Kong, and Thailand saw its largest IPO at the time with
the listing of Charoen Sirivadhanabhakdi’s Asset World Management.
In the US and Europe, we had long-awaited, high-profile tech IPOs like Uber and
Lyft, while hopefuls such as Crowdstrike, Teamviewer, and Peloton also hit the public
markets. And let’s not forget Slack’s direct listing, the latest tech firm to walk down
the increasingly popular trail that Spotify blazed - set to severely impact the IPO
landscape in the months and years to come.
Of course, any mention of 2019 as far as public listings are concerned would just
be incomplete without a mention of The We Company. Anyone who was on the
ground for this entire debacle is still cringing at the sheer improbability of the entire
situation. It’s not every day that you see a “unicorn” valued north of US$40 billion
plummet to a valuation of less than US$5 billion and a brush with bankruptcy - and
Smartkarma Insight Providers made that very call months ahead of the event itself.
Our platform featured extensive coverage on all those deals and more. Now, as
2020 rolls along, it’s time to focus on the year ahead for some of the most important
listings investors can look forward to.
In the following pages, you can find a detailed breakdown of top IPOs expected this
Smartkarma is a global year, in Asia as well as global markets. From the US to Malaysia, from Airbnb to Thai
investment research network Beverage, these are the deals you will want to keep an eye on - and what better way
that brings together to do that than being on Smartkarma?
independent Insight Providers,
institutional investors, and
corporate investor relations
professionals and management. Cover Image by Gerd Altmann from Pixabay
2
Table of Contents
1. Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead .......................................................................................... 4
2. 2020 IPOs Pipeline Worldwide (Top 100 Companies)...................................................................................... 15
3. 2020 Major IPOs Pipeline in Korea .................................................................................................................... 31
4. IPO Analytics: Corporate Governance - Alpha Generator, Shortlist of Bookrunners to Avoid/Keep Happy ..40
5. IPO Analytics: Cut Your Losses and Let Your Profits Run, Holds True for IPOs..............................................70
3
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Alibaba Group | Equity Capital Markets
Aequitas 2020 Asia
IPO Pipeline -
Busy Year Ahead
Zhen Zhou, Toh
By Zhen Zhou, Toh | 17 Jan 2020
APAC IPOs & Placements
E X E C U T I V E S U M M A RY
In this note, we aim to highlight the Asia Pacific IPO pipeline for 2020.
This list has been compiled on a best effort basis from tracking the company
filings and through various media and other sources.
For those not familiar with our coverage, we aim to cover all IPOs and
placements with a minimum deal size of US$100m across Asia-Pacific (ex-
Korea and A-shares), including China ADRs. Hence, our pipeline will only
include companies that fit these criterion.
Feel free to drop us a message for additional information (bookrunners
and coverage) on these IPOs
D E TA I L
Hong Kong
The market with the most number of deals continues to be Hong Kong. We
are tracking 35 companies likely to come to market in 2020. We ranked the
deals based on the potential deal size and attached the estimated listing date
and industry. We will go over the brief details of the larger and notable deals
after the table.
Zhen Zhou, Toh 4
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Secondary listings - Baidu (BIDU US) , NetEase Inc (NTES US) ,
Trip.com (TCOM US) , and Yum China Holdings, Inc (YUMC US) were
the companies that were said to be working with banks to consider listing
in Hong Kong. This was probably on the back of the strong performance of
Alibaba’s listing despite its extraordinary deal size. Since its only mid-Jan
2020, we expect this list of likely dual listings to continue to grow over the
rest of the year
Bytedance (>US$10bn) - The company most known for its short video
platform, TikTok, that took the world by storm, was previously considering
listing in Hong Kong. The company is one of the few Chinese companies that
has achieved international success and it was valued at US$75bn in a pre-
IPO round in October 2018. We have already analyzed the company since last
year in:
• ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a
Bigger Empire (Part 1)
• ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good
Reason (Part 2)
• ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?
• ByteDance: Video Apps Leading the Market & Threatening Internet
Giants
Zhen Zhou, Toh 5
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
• ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About
TikTok
Ant Financial (>US$10n) - The largest fintech company in the world, was
last reported going through a restructuring in September. The company
mentioned there is no timetable for IPO, the strong markets but was earlier
said to be in touch with investment banks. The pre-IPO round of fundraising
could value the company at USD150 billion. As of last night, the company
was said to be working with banks to revive IPO plans,
• Ant Financial IPO Early Thought: Understand the Fintech Empire,
Growth and Risk Factors
Nongfu Spring (US$1bn) - One of the largest bottled water and beverage
companies in China. It abandoned its plan to list on the A-share market
and started planning for a Hong Kong listing.
Jiangxiaobai (US$1bn) - Producer of Chinese hard liquor that targets
younger drinkers. Products are sold in more than 20 countries including
China, India, Germany and the UK. Hillhouse Capital, IDG Capital, Tiantu
Capital and BA Capital are among its investors.
Erdenes Tavan Tolgoi (US$1bn) - Company owns the massive Tavan Tolgoi
Mongolian coal mine. It was last said to be aiming to file a listing application
in 1H 2020.
Global Switch (US$1bn) - UK-based data centre operator owns and operates
11 data centres centrally located in tier one cities across Europe and Asia-
Pacific, offering a total of 340,000 square metres of floor space. It was
stipulated to list in 2019 but delayed it to 2020 citing unfavorable market
conditions.
FWD (US$1bn) - The company, is the insurance arm of Pacific Century
Group, was said to be aiming for 2H 2020 listing after US$3 billion purchase
of Siam Commercial Bank's life insurance unit in Thailand, just days after
agreeing to buy the Hong Kong operations of MetLife.
Hangzhou Tigermed Consulting (US$700m) - Shenzhen-listed Chinese
clinical research service provider (300347 CH) was considering a share sale
in Hong Kong as of October 2019. It had earlier spun off Frontage in 2019 via
a Hong Kong listing.
Property Management Services companies - Shimao Property Services
(US$600m), CR Land Property Services (US$500m), and Zhenro Services
(US$150m) - Following the wave of the Chinese property management
services companies recently and their respective good performance, other
large and small property management services companies are trying to get
listed as well.
Zhen Zhou, Toh 6
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Megvii (US$500m) - China AI facial recognition company blacklisted by
US, sentiment soured after initial hype. The company has recently gotten
clearance from HKEX and will be looking to file its approved documents after
Chinese New Year.
• Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1)
• Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue
Drivers and Growth Potential
• Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile
and Talent
• Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis
• Megvii (旷视) Pre-IPO - Initial Thoughts on Valuation
Tasly Biopharma (US$500m) - Tasly is the subsidiary of A-share listed
Tasly Pharma with a focus on biotech. It has delayed its listing as of October
last year. The company demonstrated its capability of completing R&D and
commercializing a product and has good investors backing.
• Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug
but Lacks Blockbusters
Blue-Moon (US$400m) - Hillhouse-backed liquid detergent maker Blue
Moon is considering a Hong Kong listing in 2020. The company commands
the biggest liquid detergent market share in China.
India
India will likely see many more deals this year versus a subdued 2019.
Similarly, we ranked the IPOs based on the potential deal size. We will go
over the brief details of the larger and notable deals after the table. Note that
in this table it does not include companies that have lapsed.
Zhen Zhou, Toh 7
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
NSE (US$1.5bn) - NSE approached Sebi for IPO and was hoping to launch
by September this year. The company had previously filed in 2017 so it will
be required to refile. However, plans were quickly thrown into doubt when
Sebi was said to be investigating an alleged leak of the exchange’s internal
documents to brokers and market players.
• NSE Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for
Some
HDB Financial (US$1.4bn) - The company, a non-banking financial
company, was said to be aiming for an IPO in 2020. As of June 2019, it has
1,350 branches in 981 cities and towns in India. So far, it has yet to file its
draft prospectus.
Power Grid InvIt (US$1.4bn) - It was reported State-owned Power Grid
Corporation of India aims to file the draft prospectus for an infrastructure
investment trust IPO in Q1 2020. The IPO would be the first InvIT from a
state-owned company.
SBI Cards (US$1.3bn) - IPO will be a mix of primary and secondary shares
in its Indian IPO. It is a subsidiary of State Bank Of India, India’s largest
commercial bank and has the second-largest credit card issuer in India.
• SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes
• SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single
Growth Driver
Zhen Zhou, Toh 8
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Gland Pharma (US$750m) - subsidiary of China’s Fosun Pharma, plans to
launch IPO in 1H 2020. It is expected to file its draft prospectus in March.
The company manufactures injectable drugs and makes most of its revenues
in Europe and the US.
UTI AMC (US$559m) - Largest asset management company (AMC) in India
by total AUM. Despite its long history and strong shareholding, its financial
performance has been lacklustre with earnings lagging AUM growth.
• UTI Asset Management Company Pre-IPO - Well past Its Remote Glory
Days
Burger King India (US$150m) - BKI is the national master franchisee of
the Burger King brand in India. As of Oct 2019, it operated 224 restaurants,
including 8 sub-franchised restaurants, across 47 cities in India.
• Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow
Even Faster
• Burger King India Pre-IPO - Peer Comparison Yields Interesting
Nuggets on Profitability and Cape
The table below are the India IPOs that have lapsed but will likely file again.
China ADRs
China ADRs IPO pipeline is looking interesting as well. There were said to be
a large numbers of potential listings that are coming this year and with the
strong performance of Luckin this year, it would most certainly pay off for
investors to keep track of upcoming IPOs here.
Royole (US$1bn) - Shenzhen-based company produces flexible displays for
smart devices. It counts IDG Capital Partners, Poly Capital and Citic Capital
as investors.
Zhen Zhou, Toh 9
Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Full Truck Alliance (US$1bn) - China’s Uber-for-trucks startup. The
company was weighing an IPO after breaking even from May 2019. It is
backed by Softbank and Tencent.
Ximalaya FM (US$1bn) - China’s largest online audio platform with about
470m users. The company was initially considering between Hong Kong and
the US but has preliminarily decided to go for a US listing. Investors include
Xiaomi, JD Finance, China Literature and Goldman Sachs.
Dada-JD Daojia (US$800m) - Chinese online grocery and delivery firm
backed by JD.com and Walmart. It was reported that the company has filed
confidentially with the SEC.
Chinadata Group (US$600m) - Bain-backed data centre company valued
US$3-4bn. The company was the result of Chinadata and Bridge Data
Centres' merger.
Southeast-Asia markets
Southeast Asia’s pipeline is looking good as well, led by Thailand and
Singapore. Most of the pipeline IPOs in Thailand were filed earlier last year.
Singapore’s market will finally get a breath of diversity, aside from REIT
listings, as Thai Beverage announced earlier that it was looking to spin off its
brewery unit. The other markets are also looking interesting but it will,
again, depend on investors’ sentiment and the macro condition.
Zhen Zhou, Toh 10Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Thailand
PTT Oil and Retail (US$2bn) - Retail unit of Thai state oil giant PTT. PTT
earlier indicated that it, along with other government agencies, will own no
less than 45% of the retail subsidiary after the listing.
Central Retail (US$1.5bn) - The company plans to open books for an IPO of
around US$1.5bn early next week. The company operates department stores
under the Central, Central Embassy, Zen and Robinson names in Thailand. It
also owns department stores in Italy, Denmark, Germany and Vietnam.
SCG Packaging (US$1bn) - Subsidiary of Thailand's Siam Cement has filed
its prospectus. Siam Cement will hold at least 70% of the company after the
IPO.
Singapore
Thai Beverage Brewery (US$2bn) - Thai beverage is spinning off its
regional brewery business. The company has 18 distilleries, three breweries,
and 11 non-alcoholic beverage production facilities in Thailand alone.
Dalian Wanda Retail REIT (US$500m) - Dalian Wanda was reportedly
planning to list a real estate business in Singapore that could value a
portfolio of properties at over $1 billion.
Zhen Zhou, Toh 11Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Aztech (US$300m) - Considering a listing of its technology unit that could
raise as much as US$300m. Aztech Group was founded in 1986 and runs
businesses spanning from electronics manufacturing and building material
supply to marine services and restaurants.
Philippines
Philippines REITs - SM Land REIT (US$500m), Ayala Land REIT
(US$300m), DoubleDragon Properties (US$300m) - Philippines’ SEC
put out a draft amendment proposes to reduce the public ownership
requirement for REITs to a 33% minimum public float from the current 40%
on the first year which may propel REITs to list.
Philippines AirAsia (US$200m) - The unit has been looking to list since
2015 and was reported last year that it was postponing IPO to 2020/2021.
It is currently focused on corporate reorganization and seeking funds from
existing shareholders, its chairman said on Wednesday.
Indonesia
Lion Air (US$1bn) - The company was last said to try to list in Q3 2019
awaiting investigators’ final report on the crash of one of its Boeing 737
MAX.
Softex (US$500m) - The company’s products include feminine, adult and
baby hygiene products under the brand names Softex, Sweety, Confidence
and Happy Nappy. It is backed by CVC Capital Partners.
Zhen Zhou, Toh 12Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Malaysia
Mr DIY (US$500m) - Backed by Creador. The company has more than 500
stores in Malaysia. It is the largest home improvement retailer in Malaysia
with a market share of about 25.4% in 2018 based on revenue.
• Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia
Australia
Summary
Asia IPO pipeline is looking strong as of now. If you have any
questions on bookrunners and other details that you would like
to ask, feel free to drop us a message.
Zhen Zhou, Toh 13Aequitas 2020 Asia IPO Pipeline - Busy Year Ahead
Disclosure & Certification
• I/We have no position(s) in the any of securities referenced in this insight
• Views expressed in this insight accurately reflects my/our personal opinion(s) about the referenced securities and issuers and/or
other subject matter as appropriate.
• This insight does not contain and is not based on any non-public, material information.
• To the best of my/our knowledge, the views expressed in this insight comply with Singapore law as well as applicable law in the
country from which it is posted
• I/We have not been commissioned to write this insight or hold any specific opinion on the securities referenced therein
• I/We have signed the Insight Provider Agreement and this insight does not violate any of the terms specified therein.
— Zhen Zhou, Toh (17 Jan 2020)
Zhen Zhou, Toh 142020 IPOs Pipeline Worldwide (Top 100 Companies)
Airbnb Inc | Equity Capital Markets
2020 IPOs Pipeline
Worldwide (Top 100
Companies)
Douglas Kim
By Douglas Kim | 27 Dec 2019
Korea, Global Tech,
IPOs, Event-Driven E X E C U T I V E S U M M A RY
Following some solid clients' interests in our previous report 2020
Major IPOs Pipeline in Korea, we have decided to write another
report but this time, it will focus on the most anticipated IPOs on a
world-wide basis in 2020. We have expanded the number of
companies in this list and have included the top 100 list of
potential global IPOs in 2020.
Among the 100 potential IPOs, they are from more than 12
countries, including the US, India, China, UK, Thailand, and
Malaysia. Most of the major tech IPOs such as Stripe, Airbnb, and
Palantir are based in the US. In addition, there are many excellent
IPOs in India coming off a solid year of IPOs in 2019. There are also
numerous interesting IPOs in the UK, as these UK based companies
try to complete their IPOs after the long delay in the Brexit.
This report is meant to serve as a comprehensive, reference guide
to help clients so that they could get a broad view of the major IPOs
that could get completed next year on a world-wide basis.
D E TA I L
Following some solid clients' interests in our previous report
2020 Major IPOs Pipeline in Korea, we have decided to write
another report but this time, it will focus on the most
anticipated IPOs on a world-wide basis in 2020. We have
expanded the number of companies in this list and have
included the top 100 list of potential global IPOs in 2020.
Among the 100 potential IPOs, they are from more than 12 countries,
including the US, India, China, UK, Thailand, and Malaysia. Most of
the major tech IPOs such as Stripe, Airbnb, and Palantir are based
in the US. In addition, there are many excellent IPOs in India coming
Douglas Kim 152020 IPOs Pipeline Worldwide (Top 100 Companies)
off a solid year of IPOs in 2019. There are also numerous interesting
IPOs in the UK, as these UK based companies try to complete their
IPOs after the long delay in the Brexit.
We estimate that of these 100 companies, more than 60% should be
able to complete their IPOs in 2020. We did not include any Korean
companies since we already provided the top 50 potential IPOs in
Korea in our previous report.
Most of the IPOs in this list have more than $1 billion in market cap.
In terms of timing of these IPOs world-wide, the first 9 months of the
year are likely to be a lot more active than the last 3 months of 2020,
as many companies try to avoid the uncertainty related to the US
Presidential election in November 2020. On a global basis, 2020
appears to be a better year than 2019, especially in 1H 2020.
Next year would represent the 11th consecutive year of business
cycle expansion (global basis, since the last recession in 2008/2009)
and there are some concerns that as we get closer towards the end of
this business cycle, many companies may opt to complete their IPOs
before there are clear evidence of a big downturn in the economy.
The chart below provides the top 100 IPOs world-wide that could get
completed in 2020. Regarding the 100 companies we have included in this
list, 43% are companies based in the US, followed by India (20%), China
(13%), and the UK (7%). The actual amount of capital raised and the number
of IPOs in these countries may differ significantly next year as the
information we have been able to gather are based on publicly available
sources in English. Nonetheless, it is clear that the US will lead the global
IPO market in 2020, especially in the tech sector.
Top 100 IPOs World-wide in 2020 (Geographical Breakdown):
(Source: Our Estimates)
Douglas Kim 162020 IPOs Pipeline Worldwide (Top 100 Companies)
Top 100 IPOs World-wide in 2020 (Sector Breakdown):
(Source: Our Estimates)
This report is meant to serve as a comprehensive, reference guide to help
clients so that they could get a broad view of the major IPOs that could get
completed next year on a world-wide basis.
2020 IPOs Pipeline Worldwide
(Top 100 Companies)
2020 IPOs Pipeline Worldwide (Top 100 Companies)
Company Industry Country* Last Market Valuation
(US$ billion)
Stripe Fintech US 35.0
Airbnb Technology/Hotel& US 31.0
Leisure
Palantir Technology US 26.0
DoorDash Technology/ US 13.0
Delivery
Wish Technology US 11.2
Robinhood Fintech US 8.0
Instacart Technology/ US 8.0
Delivery
Tanium Technology US 6.5
Databricks Technology US 6.2
Douglas Kim 172020 IPOs Pipeline Worldwide (Top 100 Companies)
Unity Technology/ US 6.0
Games
Fanatics Technology/ US 4.5
Consumer
Rackspace Technology US 4.3
McAfee Technology US 4.2
SoFi Fintech US 4.0
Credit Karma Fintech US 4.0
Snowflake Technology US 4.0
Freshworks Technology US 3.5
DraftKings Technology/ US 3.3
Casinos
Procore Technology US 3.0
GitLab Technology US 2.8
Postmates Technology/ US 2.4
Delivery
Roblox Technology/ US 2.4
Games
AppLovin Technology US 2.0
InVision Technology US 1.9
HashiCorp Technology US 1.9
Velodyne Lidar Technology US 1.9
Squarespace Technology US 1.7
ServiceTitan Technology US 1.7
Asana Technology US 1.5
AvidXChange Fintech US 1.4
Glossier Cosmetics US 1.2
Casper Retail US 1.1
Outreach Technology US 1.1
Blend Labs Fintech US 1.0
StockX Technology/ US 1.0
Consumer
Braze Technology US 0.9
Poshmark Technology/ US 0.6
Apparel
Reynolds Consumer Consumer US NA
Products
Broadstone Net Lease Inc REIT US NA
Madewell Apparel US NA
Lemonade Insurance Co Finance US NA
Eaze Technology/ US NA
Consumer
Hemptown USA Agriculture US NA
SBI Cards Finance India NA
Barbeque Nation Consumer India NA
Hospitality
Computer Age Mgmt Finance India NA
Services
UTI Asset Mgmt Finance India NA
Douglas Kim 182020 IPOs Pipeline Worldwide (Top 100 Companies)
Fincare Small Finance Finance India NA
Bank
HDFC Ergo Finance India NA
HDFC Credilia Finance India NA
Equitas Small Finance Finance India NA
Bank
Kotak Mahindra Bank AMC Finance India NA
PNB MetLife India Finance India NA
Reliance Jio Telecom India NA
Reliance Retail Retail India NA
Axis Bank AMC Finance India NA
Aditya Birla AMC Finance India NA
Exide Life Insurance Finance India NA
Company
EaseMyTrip Technology/ India NA
Consumer
Mazagon Dock Shipbuilding/ India NA
Shipbuilders Industrial
Droom Technology/ India NA
Consumer
A commercial real estate REIT India NA
REIT in India
Burger King India F&B India NA
Ant Financial Fintech China 150.0
ByteDance Technology China 78.0
Didi Chuxing Technology/Ride- China 56.0
Hailing
JD Logistics Logistics China 13.5
SDIC Power Industrial China 7.9
ChinData Group Technology China 6.9
Megvii Technology China 4.0
Tujia Technology/Hotel& China 1.5
Leisure
Insta360 Technology China NA
Yeahka Technology China NA
Nongfu Spring Co F&B China NA
I-Mab Biopharma Healthcare China NA
Bitmain Technology China NA
Deliveroo Technology/ UK 2.0
Delivery
ASDA Retail UK NA
Jaguar Land Rover Autos UK NA
O2 Telecom UK NA
TowerCo Telecom UK NA
Neptune Energy Oil & gas UK NA
exploration
Vue International Entertainment UK NA
Central Retail Corp Retail Thailand NA
Thai Beverage Pcl’s brewery F&B Thailand NA
business
Douglas Kim 192020 IPOs Pipeline Worldwide (Top 100 Companies)
Iskandar Waterfront Real Estate Malaysia NA
Holdings Sdn Bhd
U Mobile Telecom Malaysia NA
Mr DIY Group (M) Sdn Bhd Retail Malaysia NA
Loob Holding Sdn Bhd F&B Malaysia NA
Gojek Technology/ Indonesia 10.0
Delivery
Lion Air Transportation Indonesia NA
Wilmar International Agriculture Singpore NA
Property Guru Real Estate Singapore NA
Banque du Caire Finance Egypt NA
e-Finance Fintech Egypt NA
Tigerair Taiwan Transportation Taiwan NA
Tavan Tolgoi Mining/Industrial Mongolia NA
Dangote Cement Cement/Industrial Nigeria 6.6
JDE Peet's F&B Netherlands NA
Orange's Africa/Middle East Telecom Africa/ NA
business Middle East
Note: *Country refers to where the company's headquarter is located as well as where it mainly
operates.
The list below provides a short description of the major IPOs that are
expected to be completed next year on a world-wide basis:
1. Stripe - This fintech startup was last valued at $35 billion. Its software
allows individuals and companies to make and receive payments over
the Internet. One of its smaller competitors is Bill.Com Holdings Inc
(BILL US), which recently completed its IPO in the US with excellent
post IPO performance. See our report on Bill.com: Bill.com Holdings
IPO Preview.
2. Airbnb - This will likely be one of the biggest IPOs in 2020. Its main
business is renting out spare rooms or houses to people on vacation.
Airbnb was valued at $31 billion in its last private market funding in
2017.
3. Palantir - This is a software company that specializes in big data
analytics. It was last seeking valuation worth at least $26 billion.
4. DoorDash - This company's main business is to deliver food. DoorDash
was last valued at about $13 billion. The company is considering a
direct public listing, instead of an IPO.
5. Wish - Wish provides an online e-commerce platform to facilitate
transactions between buyers and sellers. Wish helps to connect
manufacturers in China to customers in the US and other parts of the
world. Wish allows sellers to list their products on its platform and sell
directly to consumers. Wish acts as an intermediary handling payments
but does not stock the products themselves or manage returns. This
company was last valued at $11.2 billion.
6. Robinhood - This is an online brokerage service company that has a
zero fee trade commission policy. Robinhood was last valued at about
$8 billion in private market funding.
Douglas Kim 202020 IPOs Pipeline Worldwide (Top 100 Companies)
7. Instacart - The company provides on-demand grocery delivery services
with a recent private market valuation of $8 billion.
8. Tanium - This company provides cybersecurity and systems
management services. Tanium was last valued at $6.5 billion.
9. Databricks - Databricks cloud helps companies to improve organizing
data into notebooks and make it easier to visualize data through the
use of dashboards. This company is last valued at $6.2 billion.
10. Unity - Unity provides a cross-platform game engine which is used to
develop video games for web plugins, desktop platforms, consoles and
mobile devices. This company was last valued at $6 billion.
11. Fanatics - Fanatics is an online retailer of licensed sportswear, sports
equipment, and merchandise. This company was last valued at $4.5
billion.
12. Rackspace - The company provides managed cloud computing services
helping companies to better manage private and public cloud services.
Rackspace first became public in 2008 but was acquired by Apollo
Global Management in 2016 at a valuation of $4.3 billion. An IPO of
Rackspace could fetch nearly $10 billion in valuation.
13. McAfee - This company which provides computer security software
products, was last valued at $4.2 billion.
14. SoFi - This is a fintech startup valued at more than $4 billion. SoFi is
an online personal finance company that provides student loan
refinancing, mortgages and personal loans.
15. Credit Karma - This is a personal finance company that provides free
credit scores, reports and insights. Its goal is to become the personal
financial assistant. Credit Karma was last valued at $4 billion.
16. Snowflake - Snowflake is a data warehousing cloud service provider.
The company was last valued at $4 billion. Snowflake has been taking
away market share from Teradata and IBM.
17. Freshworks - The company provides software products catering mostly
to SMEs for various services including customer support, asset
management, sales, and CRM. This company was last valued at $3.5
billion.
18. DraftKings - This is an online betting company with a recent private
market valuation of $3.3 billion. DraftKings is expected to complete a
merger with gambling tech firm SBTech and acquisition company
Diamond Eagle Acquisition sometime in the first half of 2020.
19. Procore - This company provides cloud-based construction
management software products. Procore was last valued at $3 billion.
20. GitLab - This company was last valued at $2.8 billion. The company's
products help developers manage and distribute code in a DevOps
environment.
Douglas Kim 212020 IPOs Pipeline Worldwide (Top 100 Companies)
21. Postmates - This company provides on-demand delivery services.
Postmates was valued at $2.4 billion as of September 2019 in its latest
private market funding. Postmates delayed its IPO in 4Q19 due to
concerns at recent comp share prices such as Uber but Postmates is
likely to complete its IPO in 2020.
22. Roblox - This company provides a platform allowing users to design
their own games for massively multiplayer online. It also allows the
users to play many different types of games. Roblox was last valued at
$2.4 billion.
23. AppLovin - The company provides a comprehensive mobile marketing
platform where app developers can connect with their ideal consumers
and get discovered. The company was last valued at $2.0 billion.
24. InVision - This company provides a prototyping tool created for
designers which allows them to quickly and easily create interactive
mockups for their designs. The company was last valued at $1.9
billion.
25. HashiCorp - The company provides software products including open-
source tool and commercial products that allow the businesses to
improve their operations of cloud-computing infrastructure. This
company was last valued at $1.9 billion.
26. Velodyne Lidar - The company provides sensors to mobility industry
cusomers (such as for autonomous vehicles) for testing and commercial
use.The company was last valued at $1.8 billion.
27. Squarespace - This company provides software as a service for website
building and hosting. Squarespace was last valued at $1.7 billion.
28. ServiceTitan - This company provides a software platform for home
services businesses in areas such as air conditioning, plumbing and
electrical repairs. This company was last valued at $1.7 billion.
29. Asana - This company, which provides productivity enhancing
software, was last valued at $1.5 billion. Asana was co-founded by the
Facebook co-founder Dustin Moskovitz.
30. AvidXChange - This is a fintech company that automates business
payments and invoices. One of its main competitors is Bill.com, which
recently completed its IPO. AvidXChange was last valued at $1.4
billion.
31. Glossier - This is a fast growing skincare, cosmetics company in the
US. The company was last valued at $1.2 billion.
32. Casper - This company sells mattresses online. It is one of the major
competitors to Zinus (013890 KS). For further details, see our report,
Zinus IPO Preview - The #1 Player in the Online Mattress Sales in
the U.S. Casper was last valued at $1.1 billion.
33. Outreach - This company provides a sales engagement platform
software that tries to improve the team's communication workflows and
provide various performance insights. This company was last valued at
$1.1 billion.
Douglas Kim 222020 IPOs Pipeline Worldwide (Top 100 Companies)
34. Blend Labs - This is a fintech company that provides a consumer
lending platform. The company was last valued at $1 billion.
35. StockX - This company provides an online marketplace for reselling
clothes and sneakers. This company was last valued at $1.0 billion.
36. Braze - This company provides a customer relationship management
and mobile marketing automation software that businesses use to
manage their mobile applications. This company was last valued at
$0.9 billion.
37. Poshmark - The company provides a social commerce marketplace
where the consumers (mostly in the US) can buy and sell new or used
clothing, shoes, and accessories. The company was last valued at $0.6
billion.
38. Reynolds Consumer Products - The company is the maker of the well-
known Reynolds Wrap aluminum foil and Hefty trash bags. This will be
one of the biggest IPOs in the consumer sector in 2020. The company is
seeking a valuation of about $7 billion.
39. Broadstone Net Lease - This company operates a REIT, investing in
free-standing, single-tenant, and net leased properties in the US.
40. Madewell - This is a fast growing subsidiary of J. Crew. Madewell is
an apparel company with a focus on denim jeans.
41. Lemonade Insurance Co - This is a US based property and casualty
insurance company offering renters and home insurance policies for
homes, apartments, co-ops and condos in the US and Germany. This is
a Softbank backed company and its IPO was delayed in 2019 but is likely
to try to complete the IPO in 2020.
42. Eaze - The company provides a platform which gathers together the
buyers and sellers of cannabis products. It does not produce its own
cannabis products.
43. Hemptown USA - The company is one the largest producers of cannabis
related products in the US.
44. SBI Cards - State Bank of India (SBI) plans to complete the SBI Cards
IPO in 2020. SBI and The Carlye Group owns a 74% and 26% stakes in SBI
Cards, respectively. The SBI Cards IPO would represent one the biggest
exits for a private equity firm in India.
45. Barbeque Nation Hospitality - The company operates one of the
biggest restaurant chains in India. It also operates restaurants in the
UAE, Oman and Malaysia.
46. Computer Age Mgmt Services - This is a company in India which
serves as a mutual fund transfer agency to the Indian Asset Management
companies. The company provides various services including transaction
acceptance and processing, redemption and payout settlement and
entire reconciliations, and record keeping for the mutual fund
companies. Warburg Pincus is the largest shareholder with 43.5% in the
company. Other major investors include Housing Development Finance
Corp (HDFC) and NSE Strategic Investment Corp.
Douglas Kim 232020 IPOs Pipeline Worldwide (Top 100 Companies)
47. UTI Asset Mgmt - This is one of the largest public sector mutual fund
company in India. State Bank of India (SBI), Life Insurance Corporation
(LIC), Bank of Baroda (BoB), and Punjab National Bank (PNB) each
holds an 18.2% stake in UTI Asset Mgmt.
48. Fincare Small Finance Bank - This company provides various banking
and financial services in India. About 80% of Fincare is owned by
TrueNorth, TA Associates, Tata Opportunities Fund and LeapFrog
Investments.
49. HDFC Ergo - This company provides general insurance policies in
India.
50. HDFC Credilia - HDFC Credila is a wholly owned subsidiary of HDFC.
HDFC Credila is a non-banking financial company and provides loans
for higher education in India.
51. Equitas Small Finance Bank - This is a unit of Equitas Holdings based
in India. Equitas Small Finance Bank (ESFB) is a small finance bank
providing microfinance lending services.
52. Kotak Mahindra Bank AMC (Asset Management Company) - This
company was established in 1998 and it has presence in 82 cities in
India. Kotak Mahindra AMC, a wholly owned subsidiary of Kotak
Mahindra Bank Ltd., is the asset manager for Kotak Mahindra Mutual
Fund (KMMF). Established in 1985, Kotak Mahindra Group is one of
India's leading financial services conglomerates.
53. PNB MetLife India - There have been some local expectations that
Punjab National Bank (PNB) is likely to launch an IPO of PNB MetLife
India after the bank completes the proposed merger with United Bank
of India and Oriental Bank of Commerce.
54. Reliance Jio - This is a large telecom company in India, operating a
national LTE network. Reliance Jio is a wholly owned subsidiary of
Reliance Industries.
55. Reliance Retail - This company is the largest retailer in India in terms
of sales. Reliance Retail is a subsidiary of Reliance Industries. The IPO
of Reliance Retail will likely be one of biggest IPOs globally in 2020. A
recent stock swap involving the controlling shareholders has valued
Reliance Retail at about $34 billion. Reliance Retail has 10,901 stores in
India and operates India’s largest chain of supermarkets and consumer
electronics stores.
56. Axis Bank AMC - This is one of the leading asset management
companies in India.
57. Aditya Birla AMC - This is also one of the leading asset management
companies in India.
58. Exide Life Insurance Company - This is a life insurance company in
India. It is 100% owned by Exide Industries.
59. EaseMyTrip - This is one of the largest online travel companies in
India.
60. Mazagon Dock Shipbuilders - The company is one of the largest
military ship builder in India.
Douglas Kim 242020 IPOs Pipeline Worldwide (Top 100 Companies)
61. Droom - This company provides one of the largest online marketplace
to buy and sell new and used automobiles in India.
62. A commercial real estate REIT in India (assets held by Brookfield
Asset Mgmt) - It is expected that this REIT could fetch more than $1
billion.
63. Burger King India - It plans to raise around $150 million in this IPO.
Burger King India Ltd plans to have 325 stores by end of 2020, up from
202 as of June 2019.
64. Ant Financial - This is the highest valued fintech company in the
world with a private market valuation of $150 billion. Ant Financial
Services Group, which was formerly called Alipay, is an affiliate of the
Alibaba Group. In September 2019, Alibaba purchased a 33% stake of
Ant Financial, possibly signaling an IPO in 2020.
65. ByteDance - This Chinese company owns the wildly popular video app
TikTok. ByteDance was last valued at $78 billion, making it one of the
most valuable private companies in the world.
66. Didi Chuxing - This company is the "Uber" of China, providing ride-
hailing services in China. Didi Chuxing was last valued at $56 billion.
67. JD Logistics - This is the logistics unit of China's e-commerce
powerhouse JD.com. JD Logistics is looking to raise about $8 billion to
$10 billion in an IPO. JD Logistics was last valued at $13.5 billion.
However, it may be targeting at a valuation of nearly $30 billion in the
upcoming IPO.
68. SDIC Power - This company provides power generation in China. SDIC
Power plans to launch an offering of global depositary receipts (GDRs)
in London. The company has a market value of about $7.9 billion (£6
billion) and is looking to raise between $600 and $800 million in this
sale.
69. ChinData Group - The company operates large data centers in
China. This company was last valued at $6.9 billion.
70. Megvii - The company designs image recognition and deep-learning
software. This company was last valued at $4 billion. Megvii has
delayed its Hong Kong listing until next year.
71. Tujia - This company is the China version of Airbnb. Tujia was last
valued at $1.5 billion.
72. Insta360 - This is China's version of GoPro. Insta360's specialty is in
making 360-degree cameras. Unlike GoPro, Insta360 has been
profitable since 2017.
73. Yeahka - This company provides various mobile payment services in
China including QR payment methods. It also provides point-of-sale
payment through POS hardware, account management software, and
big data analytics.
Douglas Kim 252020 IPOs Pipeline Worldwide (Top 100 Companies)
74. Nongfu Spring Co - This is one of the largest bottled water and
beverage companies in China. Nongfu Spring, founded in 1996,
produces drinking water, vegetable and fruit juices,tea beverages, and
soft drinks. The company is planning an initial public offering in Hong
Kong that could raise at least $1 billion.
75. I-Mab Biopharma - This is a Chinese immunotherapy biotech firm
seeking an IPO on the NASDAQ market. The company was founded in
2014 and booked $7 million in licensing andcollaboration revenue for
the 12 months ended June 30, 2019.
76. Bitmain - This is the dominant player globally in the designing of
application-specific integrated circuit chips for bitcoin mining. Its
smaller competitor Canaan Creative already completed its IPO a few
weeks ago and Bitmain should be able to complete its IPO next year.
77. Deliveroo - The company provides online food delivery services. It is
based in London, England. It also operates in many other European
countries including the Netherlands, France, Belgium, Ireland, Spain,
and Italy as well as in Australia, Singapore, United Arab Emirates, Hong
Kong, Kuwait, and Taiwan. The company was last valued at $2 billion.
78. Asda - This company operates one of the largest grocery chains in the
U.K. Walmart has been considering on an IPO of Asda which could
value the company at about 8.5 billion pounds ($11 billion).
79. Jaguar Land Rover - Tata Motors has been seriously considering on
the IPO of Jaguar Land Rover on the London Stock Exchange. The UK-
based Jaguar Land Rover Automotive has been burning cash on electric-
vehicle technology so it needs additional capital. Tata Motors, which
acquired JLR in 2008, may be looking to raise additional capital through
the IPO of JLR next year.
80. O2 - This is the second largest mobile service operator in the UK. The
company has postponed its IPO plans after Brexit. It is expected that
O2's valuation could be about £10 billion.
81. TowerCo - Vodafone plans to separate its towers business into a new
organisation, TowerCo, by May 2020, ahead of a potential IPO of the
business within the next 18 months. The TowerCo IPO could be worth
about £17.9bn.
82. Neptune Energy - This is one of the largest independent, oil &
gas exploration and production companies in Europe. It is backed by
private equity firms including the Carlyle Group and CVC Capital
partners. It is expected that the IPO of Neptune Energy could be valued
at about $4 billion.
83. Vue International - Headquartered in London, this company operates
cinemas in many countries including the United Kingdom, the Republic
of Ireland, the Netherlands, Germany, Denmark, Italy, Poland, Latvia,
Lithuania and Taiwan.
84. Central Retail Corp - This is the largest retail company in Thailand.
It plans to raise up to 81.1 billion baht ($2.7 billion) in the IPO. This
would be one of the largest ever IPOs in Thailand. The subscription for
the investors will begin on February 6th, 2020.
Douglas Kim 262020 IPOs Pipeline Worldwide (Top 100 Companies)
85. Thai Beverage Pcl’s brewery business - Thai Beverage Plc is
considering an IPO of its brewery business for a listing in Singapore. This
deal is likely to include ThaiBev’s beer assets in Thailand and Vietnam
and it could be valued at about $10 billion.
86. Iskandar Waterfront Holdings Sdn Bhd - This company is considering
an IPO, partly to help fund the $33.5 billion Bandar Malaysia project.
Iskandar Waterfront Holdings Sdn Bhd could be valued at about 30
billion ringgit ($7.2 billion).
87. U Mobile - This is the fourth largest mobile service operator in Malaysia.
The company is seeking to raise about $500 million in this IPO.
88. Mr DIY Group (M) Sdn Bhd - This is one of the largest home
improvement retailer in Malaysia. It has more than 540 stores in
Malaysia and serves more than seven million customers monthly.It is
expected that the Mr DIY IPO could be valued at about RM10 billion
($2.4 billion).
89. Loob Holding Sdn Bhd - This company, which owns the Tealive bubble
tea brand, is planning a Malaysian initial public offering that could raise
as much as 300 million ringgit ($72 million).
90. Lion Air - Based in Indonesia, this is one of the largest budget carriers in
Asia with about 110 planes. The IPO could raise between $750 million to
$1 billion.
91. Gojek - This could be one of the largest IPOs for an Indonesian company
next year. Gojek provides ride hailing services. The company is
considering an IPO on the Indonesia Stock Exchange as well as on other
global exchanges. Gojek operates in 207 cities across Indonesia, the
Philippines, Singapore, Thailand and Vietnam. The company was last
valued at $10 billion.
92. Wilmar International - Headquartered in Singapore, Wilmar
International is one of the biggest agribusiness groups in Asia. Wilmar is
planning for a China IPO in 2020.
93. Property Guru - This is one of the leading platforms where buyers and
sellers of properties in Southeast Asia come together. The IPO of
Property Guru has been delayed to 2020 due to difficult market
conditions. PropertyGuru is 58 per cent owned by TPG Capital and KKR
& Co.
94. Banque du Caire - Founded in 1952, this is one of the oldest and largest
banks in Egypt with 150 branches in the country.
95. e-Finance - This is one of the largest fintech companies in Egypt. This
company is a pioneer national developer of digital payments
infrastructure in Egypt.
96. Tigerair Taiwan - This is one of the larger budget carriers in Taiwan.
Tiger Air Taiwan is owned by China Airlines (CAL). It is expected that
Tigerair Taiwan shares worth NT$1.8 billion (US$59.4 million) will be
sold in the IPO next year.
Douglas Kim 272020 IPOs Pipeline Worldwide (Top 100 Companies)
97. Tavan Tolgoi - This is one of the largest coal miners in Mongolia.
It is seeking an IPO on the HK Stock Exchange next year aiming to raise
more than $1 billion.
98. Dangote Cement - This is one of the biggest companies in Nigeria. It
plans a secondary market listing in London Stock Exchange sometime
in 2020.
99. JDE Peet's - This is the name of the the company that will merge Peet’s
Coffee (US) and Jacobs Douwe Egberts (Netherlands). JAB Holding
(Germany) is the controlling shareholder of JDE Peet's. JAB Holding
plans to complete an IPO of JDE Peet's. JDE Peet’s, which also owns the
Pickwick, Senseo, Tassimo and L’OR brands, will have operations in 140
countries and combined annual revenue of 7 billion euros. JAB Holding
has yet to specify where the IPO would take place.
100. Orange's Africa/Middle East business - Orange is considering on an
IPO of its Africa/Middle East business. The listing is likely to occur in
either Paris or London.
Sources:
https://finance.yahoo.com/news/2020-ipo-market-193803441.html
https://www.cnbc.com/2019/12/18/tiger-global-and-sequoia-poised-to-cash-in-on-2020-ipos-
cb-insights.html
https://www.businessinsider.com/ipo-pipeline-2020-report-airbnb-unity-snowflake-sequoia-
tiger-global-2019-12#tanium-23
https://www.ig.com/uk/news-and-trade-ideas/upcoming-ipos-191114#eaze
https://www.businesstimes.com.sg/companies-markets/ipos-in-asia-pacific-resilient-this-year-
but-could-slow-down-in-2020
https://asia.nikkei.com/Business/Markets/Investors-remain-upbeat-on-Asian-IPOs
https://www.straitstimes.com/business/companies-markets/singapore-listed-wilmar-eyes-
regulators-nod-for-china-ipo-in-early-2020
https://www.bloomberg.com/news/articles/2019-12-19/bankers-predict-more-big-asia-ipos-
after-best-quarter-since-2010
https://economictimes.indiatimes.com/markets/ipos/fpos/after-50-returns-2020-may-be-even-
better-for-indian-ipos/articleshow/72521764.cms
https://www.bloomberg.com/news/articles/2019-12-10/two-expected-2020-ipos-bring-hope-to-
egypt-s-subdued-market
https://www.fool.com/slideshow/10-companies-might-ipo-2020/?slide=11
https://kr-asia.com/chinese-airbnb-rival-tujia-aims-for-profitability-in-2019-as-it-prepares-for-ipo
https://medium.com/@victorkoch/the-hottest-ipos-expected-in-2020-3f6fd2996eac
http://www.ejinsight.com/20190321-china-s-gopro-rival-insta360-plans-ipo-in-2020/
https://technode.com/2019/12/04/megvii-ai-startup-ipo-delay/
https://www.reuters.com/article/bayport-ipo/africa-focused-lender-bayport-explores-800-mln-
london-listing-sources-idUSL8N2884VD
https://www.fintechfutures.com/2019/11/tencent-backed-yeahka-seeks-300m-in-hong-kong-
ipo/
https://www.casino.org/news/draftkings-ipo-coming-in-2020-after-merger-with-diamond-eagle-
sbtech/
https://www.reuters.com/article/us-usa-ipos/swelling-u-s-ipo-backlog-points-to-
crowded-2020-field-idUSKBN1YD0VR
https://www.glossy.co/beauty/will-glossier-ipo-in-2020
https://www.zeebiz.com/market-news/news-want-to-make-money-in-2020-sbi-card-uti-amc-
reliance-jio-reliance-retail-hdfc-ergo-check-out-ipos-to-watch-in-2020-116126
Douglas Kim 282020 IPOs Pipeline Worldwide (Top 100 Companies)
https://www.cnbctv18.com/market/stocks/four-more-ipos-are-lined-up-before-
march-2020-here-are-the-details-4889861.htm
https://themalaysianreserve.com/2019/12/17/ipo-market-to-remain-lacklustre-in-2020/
https://www.bloomberg.com/news/articles/2019-12-23/jd-logistics-eyes-ipo-to-raise-up-
to-10-billion-reuters-says
https://www.bloomberg.com/news/articles/2019-12-11/goldman-jpmorgan-tapped-for-
broadstone-net-lease-ipo-in-2020
https://vulcanpost.com/684920/propertyguru-ipo-2020-singapore/
https://www.cnbctv18.com/photos/market/stocks/missed-out-on-ipos-this-year-here-
are-16-big-firms-likely-to-be-listed-in-2020-4913251-13.htm
https://www.edgeprop.my/content/1618560/ex-1mdb-project-builder-iwh-considers-ipo-
early-2020
https://www.bizjournals.com/sanjose/news/2019/12/19/here-are-16-bay-area-techcompanies-
in-the-ipo.html#g/465162/1
https://www.oilandgasmiddleeast.com/drilling-production/35675-oman-oil-co-plans-ipo-for-up-
to-25-shares-in-2020
https://www.barrons.com/articles/sofi-ipo-timing-51551200792
https://techcrunch.com/2019/09/17/gitlab-hauls-in-268m-series-e-on-2-768b-valuation/
https://techcrunch.com/2018/03/28/silver-lake-is-buying-a-500m-stake-in-credit-karma-in-a-
massive-secondary-round/
https://www.restaurantdive.com/news/doordash-may-ditch-ipo-plans-for-direct-listing/567666/
https://247wallst.com/investing/2019/12/19/9-top-ipos-to-watch-in-2020-ahk/
https://www.forbes.com/sites/petercohan/2019/08/16/growing-at-237-snowflake-says-its-
taking-business-from-teradata-and-ibm/#ec9198e21864
https://www.redherring.com/north-america/tanium-raises-200m-at-6-5bn-valuation-shelves-ipo/
https://www.businessinsider.com/asana-direct-listing-facebook-dustin-moskovitz-2019-12
https://finance.yahoo.com/news/wish-raises-funds-to-speed-up-delivery-of-chinesemade-
goods-193028701.html
http://focustaiwan.tw/news/aeco/201907040012.aspx
https://www.axios.com/newsletters/axios-pro-rata-ebdd3fdd-
e3f3-46ec-9048-d4407c82d756.html
https://hongkongbusiness.hk/markets-investing/news/hong-kong-tipped-record-160-new-
listings-in-2020
https://www.bizjournals.com/sanjose/news/2019/09/23/palantir-seeks-big-valuation-jump-in-
new-funding.html
https://techcrunch.com/2018/11/14/servicetitan-raises-165m-for-its-home-services-software-
now-valued-at-1-65b/
https://www.pymnts.com/news/partnerships-acquisitions/2019/draftkings-to-merge-ipo-at-
a-3-3b-market-value/
https://www.wsj.com/articles/j-crew-gets-lender-approval-for-madewell-ipo-11575330808
https://www.forbes.com/sites/laurendebter/2019/09/13/madewell-in-split-from-jcrew-files-for-
an-ipo/#1bba71e92262
https://www.bloomberg.com/news/articles/2019-10-22/reynolds-wrap-maker-is-said-to-
target-7-billion-ipo-valuation
https://www.crunchbase.com/organization/eaze-2
https://technical420.com/cannabis-article/hemptown-usa-is-a-leading-hemp-producer-with-
attractive-economics/
https://www.livemint.com/market/ipo/sbi-cards-ipo-may-see-biggest-pe-exit-in-
india-11575227079883.html
https://economictimes.indiatimes.com/markets/ipos/fpos/cams-investors-look-for-partial-exit-
via-ipo/articleshow/72358240.cms?from=mdr
https://www.businesstoday.in/markets/ipo-corner/mutual-fund-house-uti-amc-files-for-ipo-with-
sebi/story/392343.html
Douglas Kim 292020 IPOs Pipeline Worldwide (Top 100 Companies)
https://www.businesstoday.in/markets/ipo-corner/mutual-fund-house-uti-amc-files-for-ipo-with-
sebi/story/392343.html
https://economictimes.indiatimes.com/small-biz/sme-sector/fincare-small-finance-bank-plans-
rs-1200-crore-ipo-hires-bankers/articleshow/70139296.cms
https://www.vccircle.com/equitas-small-finance-bank-files-for-ipo/
https://www.business-standard.com/article/companies/mukesh-ambani-s-retail-reliance-
valued-at-34-billion-in-share-swap-119122600436_1.html
https://www.financialexpress.com/industry/sme/automobile-marketplace-droom-eyes-nasdaq-
listing-in-2020-focus-on-global-expansion/1404151/
https://www.reuters.com/article/us-jd-logistics-ipo/jdcoms-logistics-unit-taps-banks-for-
potential-8-10-billion-ipo-sources-idUSKBN1YR0NC
https://kr-asia.com/bytedances-ipo-might-happen-as-early-as-this-year
https://techcrunch.com/2017/10/10/tujia-raises-300-million/
https://www.thejakartapost.com/news/2019/11/05/gojek-considers-cross-listings-on-worlds-
major-stock-exchanges.html
https://www.straitstimes.com/business/companies-markets/propertyguru-ceo-vows-
comeback-after-australia-ipo-flop
http://focustaiwan.tw/news/aeco/201907040012.aspx
https://www.bloomberg.com/news/articles/2019-11-26/china-bottled-water-giant-said-to-plan-
over-1-billion-h-k-ipo
https://www.bnnbloomberg.ca/china-bottled-water-giant-gets-ready-for-more-than-1-billion-
ipo-1.1353454
https://www.reuters.com/article/nigeria-dangote-cement-ipo/update-1-nigerias-dangote-
cement-says-london-listing-likely-to-be-2020-idUSL5N20O4BS
https://www.nasdaq.com/articles/chinese-immunotherapy-biotech-i-mab-biopharma-files-for-a-
%24100-million-us-ipo-2019-10-29
https://www.reuters.com/article/coffee-jde-peets-ipo-idUSL8N28R4DN
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country from which it is posted
• I/We have not been commissioned to write this insight or hold any specific opinion on the securities referenced therein
• I/We have signed the Insight Provider Agreement and this insight does not violate any of the terms specified therein.
— Douglas Kim (23 Dec 2019)
Douglas Kim 302020 Major IPOs Pipeline in Korea
Kakao Corp | Equity Capital Markets
2020 Major IPOs
Pipeline in Korea
By Douglas Kim | 11 Dec 2019
Douglas Kim
E X E C U T I V E S U M M A RY
Korea, Global Tech,
IPOs, Event-Driven
With only three weeks remaining in 2019, we now look forward to the
major IPOs in Korea in 2020. This is our 5th "Annual Edition of the
Major IPOs Pipeline Preview" already at Smartkarma! In this report,
we have identified 50 companies that are expected to complete their
IPOs in the Korean Stock Market in 2020.
Among the IPOs next year that we think that the following ten
companies could experience strong attention among institutional
investors: SK Biopharm, Smilegate, Hotel Lotte, Kakao Games,
Kyobo Life Insurance, SK Siltron, Blank Corp, CJ Healthcare,
KORAMCO/Hyundai Oilbank Gas Stations REIT, and Hyundai
Card.
Of the 50 IPO candidates, the health care companies are expected
to be 38% of the total, followed by technology (22%), and REIT
(10%). The two things that stand out about the industry breakdown
of the expected IPOs in 2020 is the big representation of the health
care and REIT IPOs next year. The health care sector is expected to
enjoy the biggest ever year for IPOs in 2020 (in terms of amount and
number of IPOs). There will also likely be several sizable REIT IPOs
next year, following the excellent IPO performance of Lotte REIT IPO
in 2019.
D E TA I L
We also want to highlight that we have been able to identify nearly
50 IPO candidates for next year (using public information). This is
much higher than the ones in the past years. We think that a key
reason for this is because there are a lot more health care related
companies that are trying to complete their IPOs in 2020. This is
both positive and negative. This is positive since investors can start
investing in excellent health care companies such as SK Biopharm
and CJ Healthcare. On the other hand, this could result in potential
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