Over $50 billion

SpaceX: The space division of the Elon Musk galaxy is something of a wild card IPO for 2024. There have been recurring rumors of this, but Musk himself has denied it. However, based on the latest financing rounds, the deal could be worth $180 billion. This would make it the biggest American deal of the year, and perhaps even of the decade, surpassed only by Saudi Aramco and Alibaba on a global scale.

Contemporary Amperex Technology: The world's largest manufacturer of batteries for electric vehicles by far is already listed on the Shenzhen stock exchange. But it has its sights set on more outward-looking markets. Earlier this year, a project to list certificates in Switzerland failed after administrative problems. Beijing takes a dim view of Western listings, which take precedence over A-share trading on the Shanghai and Shenzhen stock exchanges. CATL therefore turned to Hong Kong to gain access to international investors. CATL is currently worth the equivalent of just over $90 billion on its domestic market.

Shein: Shein is a Chinese e-commerce company specializing in fashion, which has captured the hearts of fashionistas the world over by drowning them in a heap of low-priced clothing. The group has already filed a pre-proposal for an IPO in the United States, which could make it one of the largest Chinese companies in terms of capitalization listed in New York. Shein has yet to determine its valuation, but Bloomberg reported in early November that the group hoped to be valued at up to $90 billion, having achieved a price of $66 billion in a round of financing carried out last May.

Syngenta(Sinochem): Syngenta is a leading agrochemicals and seeds company, originally from Switzerland. The company has postponed an operation planned for this year in Shanghai, which could have valued it at $60 billion. Its intention remains to return to the stock market, having left it when it was bought by ChemChina in 2017 for $43bn. Subsequently, the former joint venture between AstraZeneca and Novartis was integrated into the giant Sinochem. The latter wishes to retain a majority stake in Syngenta post-IPO.

Between $10 and $20 billion

Sanofi Consumer Products(Sanofi): Sanofi Grand Public is the consumer healthcare division of the French laboratory. Like others (GSK with Haleon, for example), Sanofi is giving in to the siren calls of demerger for an activity that is showing weak growth and lower margins than its core business. Even so, the division could be worth 20 billion euros. The IPO, entrusted to Rothschild, could take place in 2024.

Intel PSG(Intel): The U.S. processor giant plans to spin off its Programmable Solutions Group (PSG) before its IPO. While the demerger is due to be finalized in January 2024, the IPO may not take place until two or three years later. Intel acquired this business when it bought Altera in 2015, but it has regained interest (and growth) thanks to its exposure to certain applications in the field of artificial intelligence. Some analysts have put forward a valuation of $15-20 billion, but nothing official has yet been released.

Reddit: Reddit is a social media platform where users can discuss almost anything, from politics to cat memes. It's a meeting place for curious minds and lively debates. Twenty years ago, it was still called a forum. The group had filed for its first IPO in 2021, but had given up. This time, the IPO could take place as early as the first quarter of 2024, subject to market conditions. A valuation of $15 billion has been suggested.

Zeekr(Geely): Another high-end electric vehicle manufacturer and subsidiary of China's Geely. Nio's competitor published its IPO document on Wall Street in the autumn, but things don't seem to have gone as smoothly as expected. It is rumoured that the operation was postponed because of a discrepancy between what Geely had hoped forGeely was hoping for ($13 billion, i.e. the valuation retained during a financing round at the beginning of 2023) and what the market was prepared to accept in terms of price. Little known in the West, Zeekr is a major player, with revenues for the first nine months of 2023 reaching $4.9 billion.

CVC Capital Partners: CVC is a European private equity firm that ranks among the world's elite, with EUR 160 billion in assets under management. A few weeks ago, it postponed its planned IPO in the absence of a sufficiently buoyant market. The operation had already been postponed to 2022. CVC planned to raise around 1 billion euros, for a valuation of 10 to 15 billion euros.

Between 5 and 10 billion dollars

Waystar: Another US software company, this time specializing in healthcare. Last summer, rumors had it that Waystar had an enterprise value of $8 billion (enterprise value includes debt). The company had advanced its IPO process, discreetly filing for an IPO in August, before making the project public in October. However, it postponed its project until 2024, perhaps because of the slow start made by Instacart and ARM Holdings.

Boots(Walgreens Boots): The drugstore chain, present mainly in the USA (84%), Germany (8%) and the UK (6.5%), has made no secret of its intention to spin off Boots, its UK division. The rumor circulates regularly, but made a comeback at the end of 2023. Bloomberg reported preliminary discussions on how to split the company. A demerger followed by an IPO of Boots in London, based on a valuation of around 7 billion pounds (8.1 billion euros), is said to be the preferred option.

Ampere(Renault): This new company is to be spun off from French carmaker Renault to house the automaker's electric vehicle division. Initially planned for late 2023, the IPO could take place in the spring, but only if conditions are sufficiently favorable, warned the group's new strongman, Luca de Meo. Sufficiently favorable means in line with the idea of a valuation of 8 to 10 billion euros, even if some analysts think Ampere is worth less.

Plenitude(ENI): This subsidiary of the Italian oil group should have gone public in 2022, but market conditions were too deteriorated. A valuation of EUR 7-8 bn was recently mentioned during negotiations with Energy Infrastructure Partners for a stake in the company. A few months ago, the division's CEO reiterated plans for an IPO, but nothing concrete has emerged of late.

Meesho: The Indian e-commerce startup, which has just posted its first profit, is aiming for an IPO next year, or even in 2025. Defined as a local competitor to Amazon and Flipkart (Walmart), it has made its mark by targeting small towns with unbranded products. It would be valued at around $7 billion, which is still high compared with revenues of $400 million in 2022. But the Indian company's rapid growth, backed by Softbank, is the main argument in favor of the valuation, with revenues expected to reach $800m this year.

Pluxee(Sodexo): French group Sodexo will do with Pluxee what Accor did with Edenred some time ago. The foodservices group is to spin off its meal voucher and gift voucher subsidiary, which it describes as a "global leader in employee engagement and benefits". The listing is scheduled for February 1, 2024, after being approved by a Sodexo general meeting on January 30, 2024. Prior to this, Pluxee will hold an investor presentation day on January 10, 2024. The subsidiary generated revenues of EUR 1.05 billion for the year ended August 31, with recurring operating income of EUR 280 million and net income of EUR 81 million.

Less than $5 billion

Apex Fintech: The company, which provides clearing and custody services to financial platforms such as SoFi and eToro, has filed for US registration in December 2023. It had sought to go public in 2021 via a merger with a SPAC, but the deal fell through. At the time, a valuation of $4.7 billion was envisaged.

Rubrik: The cybersecurity company, which counts Microsoft among its backers, was valued at $4 billion, but that was in 2021. In the middle of the year, rumors circulated about a planned IPO, which could materialize in 2024. Goldman Sachs, Barclays and Citigroup are working on the deal. Rubrik, with its ransomware protection and data backup software, has over 5,000 corporate customers, including big names such as Nvidia and The Home Depot.

Aspen Insurance: The British health insurer has also chosen New York over London. Well, British, I should say, since it is based in Bermuda and belongs to the American fund Apollo, which has every interest in targeting the United States if it wants to maximize the deal. We're talking about a valuation of $4 billion. The transaction could take place in the first half of 2024.

Skims: The underwear brand created by Kim Kardashian was valued at $4 billion in July, as part of a financing round. An IPO was mooted several times during the year. Skims, launched in 2019, has reportedly generated sales of $500 million by 2022, with a positive margin. Several prestigious funds, including Lone Pine Capital, are among the shareholders.

Golden Goose: The Italian luxury sneaker brand, owned by the Permira fund, is gearing up for an IPO in Milan in 2024. It hopes to raise EUR 1 bn, with a valuation of EUR 3 to 4 m. Golden Goose, with its sneakers priced at a minimum of EUR 400, generated sales of EUR 501 million last year. In the first six months of 2023, sales reached 276 MEUR and the profit margin 34.6%.

Bergé Auto: The Spanish logistics group has hired Morgan Stanley, BNP Paribas and HSBC as advisors to introduce shares in its Astara automotive unit (formerly Bergé Automoción) on the Spanish market next year, according to the Madrid business press in October. Astra is present in 19 countries in Europe, Latin America and Asia, with Mitsubishi, Subaru and SsangYong dealerships. Mitsubishi owns 25% of the division. Expansion reported a valuation of EUR 2 bn.

Marex: The British commodities broker filed for a US IPO in December. A valuation of just under $2 billion was suggested. Marex operates under the Marex Spectron, CSC Commodities, StarSupply, Eagle, Arfinco, Tangent Trading and GMN brands. The company generated sales of $702 million in 2022, with over 9,000 customers.

Valuation to be determined

Tendam: The Spanish fashion retailer has made no secret of its intention to go public next year. Long owned by CVC Capital Partners and PAI Partners, the IPO would be a way for investors to start exiting capital. In 2017, Tendam was valued at €1 billion. The company posted sales of EUR 606 M in the 1st half of the year. It owns the Cortefiel and Pedro del Hierro brands.

General Atlantic: The US private equity firm also filed a confidential application for a US IPO in mid-December. The last major private equity firm to go public in the US was TPG Inc in January 2022. General Atlantic, whose portfolio is worth $77 billion, is notably invested in the capital of Shein, having made money on Facebook and Airbnb in the past.

Spinneys Dubai: The supermarket chain's franchisee in the United Arab Emirates and Oman is planning an IPO for the company in the second quarter of 2024 in Dubai. The owner, Albwardy Investment, has hired Rothschild to advise it. This echoes the IPO plans of Lulu Group, an operator of hypermarkets and shopping malls, which also plans to go public in the first half of 2024.