Hello my friends 🖐,
Welcome back for the 3rd edition of this observatory. The first quarter has been a strong kick-off for 2021 which leaves us expecting a record year of tech IPOs in Europe. The second quarter has been also incredibly dynamic as you can read in this article.
UPDATE SINCE LAST QUARTER
Before entering into the full detail of the observatory, in this first section you can see the recent evolutions during the second quarter:
➡️ NEW EUROPEAN TECH COMPANIES PLANNING AN IPO > $ 1Bn
Cazoo 🇬🇧 #e-retailer company is targeting an $8Bn public listing through a SPAC around Q3 2021 (Link #TWS)
Lilium🇩🇪 #Transport company is targeting an $3.3Bn public listing through a SPAC around Q3 2021
Arqit 🇬🇧 #e-retailer company is targeting an $1.4Bn public listing through a SPAC around Q3 2021 (Link #TWS)
➡️ NEW IPO FINALISED (INCL. SPACs & Direct listing)
Cint 🇸🇪 #bigdata has succeeded in an IPO valuing the company at $1.5Bn on the Nasdaq Stockholm
Deliveroo 🇬🇧 #Foodtech went public through IPO on the London Stock Exchange for $ 10Bn (Link #TWS)
Allfunds 🇪🇸 #Bank went public through IPO on the Amsterdam Stock Exchange for $ 8.7Bn
Arrival 🇬🇧 #Electric cars went public through a SPAC on the Nasdaq, valuing the company $13.6Bn (Link #TWS)
eToro🇬🇧 #Fintech went public through a SPAC on the Nasdaq, valuing the company $10.4Bn (Link #TWS)
UiPath 🇷🇴 #Software has succeeded its IPO valuing the company at $29.1Bn on the NYSE
Trustpilot 🇩🇰 #Apps has succeeded its IPO valuing the company at $1.5Bn on the London Stock Exchange
Darktrace 🇬🇧 #Cyber has succeeded its IPO valuing the company at $2.4Bn on the London Stock Exchange
TECH IPO OBSERVATORY
Enjoy the full Observatory below followed by interesting stats
1 - Methodology and Summary
To make it efficient, I have split them into 2 categories:
Tech companies that have officially announced an IPO
Tech companies that are now listed
In term of Scope, I’m only looking for companies falling into those criteria:
Using Technology to deliver core products or services
Hyper Growth is shown for some years
Not owned by another company
Valuation > $ 1Bn
Headquartered in Europe 🇪🇺
And for the most curious, I share with you some statistics at the end of the article.
2- European Tech companies that have officially announced an IPO
Format: Name Company — Targeted Market Cap — Targeted Period — Targeted Stock Exchange
Paysafe🇬🇧 #Payment : $ 9Bn — Early 2021 — NYSE 🇺🇸 (link TWS)
Kahoot 🇳🇴 #Edtech : $ 5,7Bn — Q1 2021 — Oslo SE 🇪🇺 (link TWS )
Believe 🇫🇷 #Music — $ 2,5Bn — 2021 — Euronext Paris or Nasdaq
Wetransfer 🇳🇱 #Payment — $ 1Bn — TBD — Euronext Amsterdam🇪🇺 (link TWS)
About You 🇩🇪 #Ecommerce — TBD — Q2 2021 — Frankfurt SE 🇪🇺
Trustly 🇸🇪 #Payment — $11Bn IPO — Q2 2021 — Nasdaq Stockholm (Link #TWS)
WorldRemit 🇬🇧 #Payment — $1 Bn — 2021 — TBD
Mister Spex 🇩🇪, #E-Retailer — $4,9Bn — 2021 — Frankfurt SE 🇪🇺
OVH 🇫🇷, #Cloud — not disclosed — Q1 2021 — Euronext Paris 🇪🇺
Cazoo 🇬🇧 #E-retailer — $8Bn — Q3 2021 — or IPO on LSE / SPAC on NYSE (Link #TWS)
Lilium 🇩🇪 #Transport — $3.3Bn — Q3 2021 — SPAC NYSE
TransferWise 🇬🇧 #Payment — $6bn — May 2021 — LSE
Some other companies that have vaguely announced an IPO :
Checkout.com 🇬🇧 #Payment — last round valuation: $15bn (Link TWS)
Klarna 🇸🇪 #Payment — last round valuation: $10bn
Hopin🇬🇧 #Communication — last round valuation: $2bn (Link TWS)
SUSE 🇩🇪, #Cloudcomputing — expected valuation $ 6Bn
Epidemic Sound 🇸🇪 #Music — expected valuation $1,2Bn
Truecaller 🇸🇪 #Mobile — expected valuation $ 1Bn
AEye 🇮🇪 #AI — expected to be listed through a SPAC
3- Tech companies that are now listed (>$1Bn)
Format: Name Company — Date IPO — Stock Exchange — IPO Market Cap — IPO price action
2021 Listings (12)
Mytheresa 🇩🇪 #E-retailer — Jan 2021 — New York SE 🇺🇸 — $ 3Bn
InPost 🇵🇱 #Transport — Jan 21 — Euronext Amsterdam 🇪🇺 — $ 3,2Bn (#TWS)
Cint 🇸🇪 #bigdata — Feb 21 — Nasdaq Stockholm — $1.5Bn (# TWS)
Moonpig 🇬🇧 #E-retailer — Feb 2021 — London SE — $ 1,7Bn (#TWS)
Auto1 🇩🇪 #Fintech — Feb 2021 — Frankfurt SE 🇪🇺 — $ 9,5Bn (#TWS)
Trustpilot 🇬🇧 #Apps — March 21 — London SE — $ 1,5Bn (# TWS)
Deliveroo 🇬🇧 #Foodtech — March 21 —London SE — $ 10,5Bn (# TWS)
Arrival 🇬🇧 #Electric cars — March 21 — Nasdaq — $13Bn (# TWS)
Darktrace🇬🇧 #Cybersecurity — April 21 — London SE — $2.4Bn (#TWS)
Allfunds 🇪🇸 #Bank — April 21 — Euronext Amsterdam — $ 8.7Bn (# TWS)
eToro 🇬🇧 #Fintech — April 21 — Nasdaq — $10.4Bn (#TWS)
UiPath 🇷🇴 #HR — April 21 — Nasdaq — $29,1Bn (# TWS)
2020 Listings (3)
Allegro 🇵🇱 #E-Commerce — Oct 2020 — Warsaw SE 🇪🇺 — $19 Bn
The Hut Group 🇬🇧 #E-Commerce — Sept 2020 — London SE 🇪🇺 — $7Bn
Link Mobility 🇳🇴 #Communication — Oct 2020 — Oslo SE 🇪🇺 — $1,5bn
2019 Listings (4)
Nexi 🇮🇹 #Payment — April 2019 — Milan Borsa🇪🇺 — $7bn
Adevinta🇳🇴 #Bigdata — April 2019 — Oslo SE🇪🇺 — $6,7bn
TeamViewer 🇩🇪 #SAAS — Sept 2019 — Frankfurt SE 🇪🇺 — $6,4bn
Trainline 🇬🇧 #E-commerce — June 2019 — London SE 🇪🇺 — $2bn
2018 Listings (6)
Farfetch🇬🇧 #E-commerce — Sept 2018 — NYSE🇺🇸 — $5,8bn
Elastic 🇳🇱 #Bigdata — Sept 2018 — NYSE🇺🇸 — $5bn
Funding Circle 🇬🇧 #Fintech — Sept 2018 — London SE 🇪🇺 — $2bn
Adyen 🇳🇱 #Payment — June 2018 — Amsterdam SE 🇪🇺 — $8.3Bn
Avast Technology 🇨🇿 #Cyber — May 2018 — London SE 🇪🇺 — $3bn
Spotify 🇸🇪 #Music — April 2018 — NYSE 🇺🇸 — $ 26Bn
Some statistics to conclude
366%
level of newly listed companies in 2021 after 5 months (10 companies listed) compared to 2020 (3 companies).
70%
of the Banks playing as Global Coordinators are from the US. We can see a strong dominance of Goldman Sachs and JP Morgan, both involved in 53% of the deals. Closely followed by Morgan Stanley (41%) and Citigroup (30%). The first European bank is BNP Paribas involved in 3 deals out of the 18 operations between 2018 and 2021.
64%
of the IPOs happened in the country of residence of the company. For the rest, the vast majority decided to get listed in the US and only 2 decided to get listed on another European Stock Exchange (London & Amsterdam) since 2018.
28%
of the newly listed companies are operating in E-Commerce. The 2nd trend we see is the #Fintech 24% with a strong inclination to Payment solutions since 2018.
40%
We can clearly see the dominance of the Uk, both for companies that are listed (40% are from the UK) or to be listed (33% are from the UK), but also as a place to attract important IPOs with the LSE that has hosted 30% of the IPOs mentioned above between 2018 and 2021.
23
European Tech Companies to be listed in 2021. We can expect this level by projecting the 10 companies already listed + companies that have announced officially to get listed in 2021 🚀
6
Companies have completed their IPO with a market cap above $10Bn. It was Spotify, Allegro, Deliveroo, Arrival, eToro, Uipath. 4 of them being listed in the US.
Want a refresh of the previous editions?
So, that’s it for this update, wishing you all the best🖐
Stay safe ❤️