I IPOs To Watch Out For In 2023

Markets

IPOs To Watch Out For In 2023

Mounting macroeconomic challenges, market uncertainties, and increasing volatility contributed to a drought of IPOs in 2022 in the U.S. and Europe, according to PwC. IPO activity in Asia and the Middle East, however, remained resilient. Here are four companies expected to list in 2023.

Plenitude

Italian energy firm Eni could make a fresh attempt to list its multi-billion dollar renewables division Plenitude in 2023. The company had been looking to spin off Plenitude in 2022 but decided to postpone it and wait until market conditions were better to attempt a fresh IPO. The company said in June 2022 that it would continue to monitor the uncertainties affecting the markets. Eni expects the listing to attract new capital, maximize the value of Plenitude and the stake owned by Eni, and unlock new resources to be allocated for the energy transition path.

Plenitude, formed in 2017 from the combination of Eni’s retail gas and power activities, supplies natural gas and energy to around 10 million customers and has a portfolio of around 1.4 gigawatts (GW) of installed renewable energy capacity in operation.

Abu Dhabi National Oil Company (ADNOC) Gas

The ADNOC sent a request to a select number of investment banks in early December to pitch for roles or act as joint global coordinators and bookrunners in the IPO of its gas business for 2023, Reuters reported, citing sources familiar with the matter. The Abu Dhabiheadquartered energy firm said in November 2022 that it is combining its gas processing business and its liquefied natural gas subsidiary into a single new unit to be listed on the Abu Dhabi Securities Exchange and has engaged Goldman Sachs on the deal.

ADNOC Gas will be one of the largest gas-processing entities across the globe with a capacity of 10 billion cubic feet a day across eight onshore and offshore sites.

Galderma

Investment firm EQT said it wanted to list Galderma, a skincare business that it acquired as part of a consortium from Nestlé in 2019. But in May, the company said it was delaying its listing plans for the firm as market volatility and recession fears in Europe cool investor appetite, Reuters reported. The listing, which was expected to take place in Zurich, could happen in 2023 depending on market conditions, the report further stated, adding that if successful, Galderma’s IPO could rank as Switzerland’s biggest listing since at least 2000.

The Swiss pharmaceutical firm, which specializes in dermatological treatments and skincare products, counts the Abu Dhabi Investment Authority and Singapore’s GIC as some of its minority shareholders.

Discord

Gaming platform Discord could list in 2023, Bloomberg reported. Discord, which allows users to communicate via text, audio, and video, is popular with the video gaming and crypto communities. The company generates revenue through premium subscriptions for added functionality. In September 2021, the U.S.based company raised $500 million at $15 billion valuation.