European Tech IPO Observatory #2 Feb 2021

Update 19th Feb 2021 (updated once a month)

Hello my friends 🖐,

Many of the #TechWatchbySeb (TWS) readers have asked to share the list of Tech companies that are preparing for an #IPO. Well, here it is!

So welcome back for the 2nd edition of this observatory. The past month has been a strong kick-off for 2021 which leaves us expecting a record year of tech IPOs in Europe.

In a nutshell, what’s new since last month :

➡️ NEW EUROPEAN TECH COMPANIES PLANNING AN IPO > $ 1Bn

• Trustly 🇸🇪 #Payment company is targeting a $11Bn IPO around April / May 2021 (Link #TWS)
• AEye 🇮🇪 #AI company is in Talks to Go Public Via a SPAC
• WorldRemit 🇬🇧 #Payment, adds Spotify CFO Vogel to its board to prepare a 2021 IPO
• Truecaller 🇸🇪, #Mobile, the tech scale-up planning for an IPO
• Epidemic Sound 🇸🇪, #Music, considering IPO that could value more than $1,2Bn
• SUSE 🇩🇪, #Cloudcomputing, acquired by a fund for $ 2,5Bn is planning an IPO
• Mister Spex 🇩🇪, #E-Retailer is planning an IPO in 2021 for $4,9Bn
• OVH 🇫🇷, #Cloud, planning an IPO in Q1 2021. No valuation was disclosed to date

➡️ NEW IPO FINALISED (INCL. SPACs & Direct listing)

• Mytheresa, 🇩🇪 #e-retailer has succeeded an IPO valuing the company at 3Bn on the New York SE
• Auto1 🇩🇪 #Fintech — $ 9,5Bn — Feb 2021 — Frankfurt SE 🇪🇺 (Link #TWS)
• Moonpig 🇬🇧 #E-retailer — $ 1,7Bn — 2021 — London SE 🇪🇺 (Link #TWS)
• InPost 🇵🇱 #Transport — $ 3,2Bn — Early 21 — Euronext Amsterdam 🇪🇺 (Link #TWS

LIST OF EUROPEAN TECH LISTED COMPANIES WITH VALUATION > $1BN

Enjoy the full Observatory below followed by interesting stats

To make it efficient, I have split them into 2 categories :

1/ Tech companies that have officially announced an IPO

2/ Tech companies that are now listed

To define the 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.

1– 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)
• Deliveroo 🇬🇧 #Foodtech — $ 7Bn — 2021 — TBD (link TWS)
• Kahoot 🇳🇴 # Edtech : $ 5,7Bn — Q1 2021 — Oslo SE 🇪🇺 (link TWS )
• Arrival 🇬🇧 #Electric cars — $5.4Bn — Q1 2021 — Nasdaq🇺🇸
• Darktrace 🇬🇧 #Cyber — $ 5Bn — 2021 — London SE 🇪🇺
• Believe 🇫🇷 #Music — $ 2,5Bn — 2021 — Euronext Paris or Nasdaq
• Wetransfer 🇳🇱 #Payment — $ 1Bn — TBD — Euronext Amsterdam🇪🇺 (link TWS)
• Trustpilot 🇬🇧 #Apps — $ 1Bn — HY 1 2021 — London SE 🇪🇺
• About You 🇩🇪 #Ecommerce — TBD — Q1 2021 — Frankfurt SE 🇪🇺
• Trustly 🇸🇪 #Payment — $11Bn IPO —Q2 2021 — ??? (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 🇪🇺

Some other companies to track that have vaguely announced an IPO :

• Checkout.com 🇬🇧 #Payment — last round valuation: $15bn (Link TWS)
• Klarna 🇸🇪 #Payment — last round valuation: $10bn
• UiPath 🇷🇴 #HR — last round valuation: $ 10bn
• TransferWise 🇬🇧 #Payment — last round valuation: $5bn
• 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

2– Tech companies that are now listed (>$1Bn)

Format: Name Company — Date IPO — Stock Exchange — IPO Market Cap — IPO price action

2021 Listings

• Mytheresa, 🇩🇪 #E-retailer — Jan 2021 — New York SE 🇺🇸 — $ 3Bn
• Auto1 🇩🇪 #Fintech — Feb 2021 — Frankfurt SE 🇪🇺 — $ 9,5Bn (#TWS)
• Moonpig 🇬🇧 #E-retailer — Feb 2021 — London SE 🇪🇺 — $ 1,7Bn (#TWS)
• InPost 🇵🇱 #Transport — Jan 21 — Euronext Amsterdam 🇪🇺 — $ 3,2Bn (#TWS)

2020 Listings

• 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

• 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

• 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

3- Some statistics to conclude

133% level of newly listed companies in 2021 after 2 months (4 companies) 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 banks are BNP Paribas, Barclays, Deutsche Bank, UBS and Credit Suisse, which have been involved each in 2 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.

35% of the newly listed companies are operating in E-Commerce. The 2nd trend we see is the #Fintech 23% with a strong inclination to Payment solutions since 2018.

30% :We can clearly see the dominance of the Uk, both for companies that are listed (30% are from the UK) or to be listed (50% 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.

13European Tech Companies have already officially announced that they are going to be listed in 2021 (This figure doesn’t include the 4 companies that went public in Jan and Feb 2021). So we can expect 17 companies in 2021 🚀

2companies have completed their IPO with a market cap above $10Bn. It was Spotify and Allegro. The first one was listed on the NASDAQ and the second one on the Warsaw SE.

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