More Wiggle Room (ListingTrack Daily)

Good afternoon!

In today’s letter: Bumble’s CEO is out after a highly publicized 2021 IPO catapulted her to billionaire status, Klarna is taking baby steps to an eventual IPO, and Birkenstock’s IPO was not priced to perfection.

Let’s get started.

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 🗞️ IPO & Other Listing News ($1B+ / Prominent)

IPO/ Other Listing Plans & Rumors

• Klarna studies ‘eventual IPO’ after first profit in 4 years (listing timing and location undecided) — FT

  • Snippet: Klarna is taking what it calls an “early step on a journey towards an eventual IPO” by establishing a UK holding company to go along with its Swedish banking license. It has not yet decided on the location or timing of any listing.

    The once high-flying payment group was forced to slash its valuation by 85 per cent to $6.7bn last year and cut a tenth of its workforce after reporting heavy losses in the wake of rising interest rates.

• E-Commerce Startup Udaan to Trim Costs Ahead of 2025 IPO (listing location undecided) — Bloomberg

General IPO Commentary & Post-IPO Coverage

• Birkenstock ($BIRK) Post-IPO Coverage:

  • Wall Street starts Birkenstock with top rating, flags limited upside — Reuters

  • Birkenstock IPO Was Too High, Say Some Banks That Took It Public — Bloomberg

• Bumble ($BMBL) shares drop as founder Wolfe Herd to relinquish CEO role — Reuters

  • The stock is down roughly 69% from its 2021 IPO price.

📈 2023 IPO Trading Stats

Daily Moves of the $5B+ IPO Clan

IPO Performance YTD — Top 5 & Bottom 5 (By Return from IPO Price among YTD IPOs with a $1B+ Market Cap)

👀 Upcoming Action

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Deal Announcements / Terminations / Closings

Closings

• Newmont ($NEM) closes its ~$15B acquisition of Newcrest Mining (Delisted: NCMGY) — PR

  • Newmont Prepares to Sell Mines as Newcrest Acquisition Closes — Bloomberg

🗞️ News

Talks / Rumors and Other Potential Deals

• Starz to lay off more than 10% of employees ahead of Lionsgate ($LGF) spinoff (spinoff planned for Q1 next year) — CNBC

• India's Byju's in talks to sell unit Epic for $400 mln to PE fund Joffre, per Bloomberg — Reuters

Deal Coverage and Updates

• Ratcliffe to invest extra $300 million on top of 25% stake in Manchester United ($MANU) — Reuters

📈 Live Merger Trading Stats

Daily Gainers & Losers — By Daily % Chg. among the parties (Targets/Acquirers) of active mergers valued at $5B+

SPAC Action

Completions

• Twin Ridge Capital (TRCA) closed its merger with Carbon Revolution and began trading under the new ticker, $CREV. — SF

Terminations/ Liquidations

• Starton Therapeutics terminated its merger with Healthwell Acquisition Corp. I ($HWEL) — PR

🗞️ News

De-SPAC Updates

• Astra ($ASTR) defaults on debt agreement, warns it may not be able to raise needed cash — CNBC

📈 De-SPAC Trading Stats

Daily De-SPAC Gainers & Losers — Top 3 & Bottom 3 (By Daily % Chg. among 2019- De-SPACs)

Notable Delistings, Bankruptcies

Delistings/ Suspensions

• WeWork ($WE) Stock Halted; Coworking Giant Had Been Preparing Bankruptcy Filing — WSJ

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