Deals Flashcards
Northvolt
Northvolt was founded in 2015 by two former Tesla executives with the ambition to build the world’s greenest battery for electric vehicles and “to make oil history.” J.P. Morgan has supported the company for many years, including helping with its latest multibillion convertible bond raise to support factory expansion — the second-largest deal in the climate tech sector in 2023.
A pre-IPO convertible note is a financial instrument used by companies that are planning to go public. This type of note allows investors to provide funding to a company in exchange for the right to convert that investment into shares of the company when it undergoes its initial public offering (IPO). Here are some key aspects of pre-IPO convertible notes:
Deliveryher
Delivery Hero SE to issue convertible bonds and launch a subsequent tender offer for outstanding convertible bonds
LSE - London Stock exchange
On May 17, 2023, a consortium of investors, including Blackstone Inc., Canada Pension Plan Investment Board, and GIC Special Investments Pte. Ltd., sold an aggregate of 33 million voting ordinary shares of LSEG. These shares were priced at 8,050 pence per ordinary share. The placement was conducted via a placing to institutional investors and a separate offer to retail investors. The gross sale proceeds from this secondary placement amounted to approximately £2.7 billion1.
ARM Ipo
ARM Ipo The mammoth float is set to be this year’s largest, with Arm’s valuation seen as a bellwether for the health of global capital markets, which are suffering a drought of sizeable listings since a pandemic deals boom faded.
Birkenstock
Birkenstock Holding Plc and its private equity owner priced shares in the footwear maker’s initial public offering toward the middle of a marketed ranged to raise $1.48 billion.
In a fourth big test of the US IPO market in a month, the German company and L Catterton sold about 32 million shares on Tuesday for $46 each after marketing them for $44 to $49, according to a statement.
At the IPO price, Birkenstock has a market value of $8.64 billion based on its filings with the US Securities and Exchange Commission. Including shares reserved for executives, directors and employees, the company has a diluted value of about $9.33 billion.
Kenvue
Kenvue Inc., the world’s largest pure-play consumer health company by revenue, announced the closing of its initial public offering (IPO) on May 8, 20231. Here are some key details about the IPO:
Kenvue issued 198,734,444 shares of its common stock at a price to the public of $22.00 per share1.
This included the underwriters’ full exercise of their option to purchase 25,921,884 shares to cover over-allotments1.
The shares of Kenvue’s common stock began trading on the New York Stock Exchange under the symbol “KVUE” on May 4, 20231.
As of the closing of the IPO, Johnson & Johnson (NYSE: JNJ) owns approximately 89.6% of the total outstanding shares of Kenvue common stock1.
Johnson & Johnson has publicly stated that it has an intention to dispose of its majority stake in Kenvue common stock in 2023, subject to market conditions1.
The net proceeds from the IPO will be paid to Johnson & Johnson as partial consideration for the consumer health businesses that Johnson & Johnson transferred to Kenvue in connection with the IPO1.
The IPO was managed by several financial institutions, including Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities as joint lead book-running managers1. The offering was made only by means of a prospectus1.
