European Tech IPO Observatory #2 Feb 2021

Update 19th Feb 2021 (updated once a month)

Hello my friends ๐Ÿ–,

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, whatโ€™s new since last month :

โžก๏ธ NEW EUROPEAN TECH COMPANIES PLANNING AN IPO > $ 1Bn

  • Trustly ๐Ÿ‡ธ๐Ÿ‡ช #Payment company is targeting a $11Bn IPO around April / May 2021 (Link #TWS)
  • AEye ๐Ÿ‡ฎ๐Ÿ‡ช #AI company is in Talks to Go Public Via a SPAC
  • WorldRemit ๐Ÿ‡ฌ๐Ÿ‡ง #Payment, adds Spotify CFO Vogel to its board to prepare a 2021 IPO
  • Truecaller ๐Ÿ‡ธ๐Ÿ‡ช, #Mobile, the tech scale-up planning for an IPO
  • Epidemic Sound ๐Ÿ‡ธ๐Ÿ‡ช, #Music, considering IPO that could value more than $1,2Bn
  • SUSE ๐Ÿ‡ฉ๐Ÿ‡ช, #Cloudcomputing, acquired by a fund for $ 2,5Bn is planning an IPO
  • Mister Spex ๐Ÿ‡ฉ๐Ÿ‡ช, #E-Retailer is planning an IPO in 2021 for $4,9Bn
  • OVH ๐Ÿ‡ซ๐Ÿ‡ท, #Cloud, planning an IPO in Q1 2021. No valuation was disclosed to date

โžก๏ธ NEW IPO FINALISED (INCL. SPACs & Direct listing)

  • Mytheresa, ๐Ÿ‡ฉ๐Ÿ‡ช #e-retailer has succeeded an IPO valuing the company at 3Bn on the New York SE
  • Auto1 ๐Ÿ‡ฉ๐Ÿ‡ช #Fintech โ€” $ 9,5Bn โ€” Feb 2021 โ€” Frankfurt SE ๐Ÿ‡ช๐Ÿ‡บ (Link #TWS)
  • Moonpig ๐Ÿ‡ฌ๐Ÿ‡ง #E-retailer โ€” $ 1,7Bn โ€” 2021 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ (Link #TWS)
  • InPost ๐Ÿ‡ต๐Ÿ‡ฑ #Transport โ€” $ 3,2Bn โ€” Early 21 โ€” Euronext Amsterdam ๐Ÿ‡ช๐Ÿ‡บ (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, Iโ€™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 ๐Ÿ‡ช๐Ÿ‡บ

And for the most curious, I share with you some statistics at the end of the article.

1โ€“ European Tech companies that have officially announced an IPO

Format: Name Company โ€” Targeted Market Cap โ€” Targeted Period โ€” Targeted Stock Exchange

  • Paysafe ๐Ÿ‡ฌ๐Ÿ‡ง #Payment : $ 9Bn โ€” Early 2021 โ€” NYSE ๐Ÿ‡บ๐Ÿ‡ธ (link TWS)
  • Deliveroo ๐Ÿ‡ฌ๐Ÿ‡ง #Foodtech โ€” $ 7Bn โ€” 2021 โ€” TBD (link TWS)
  • Kahoot ๐Ÿ‡ณ๐Ÿ‡ด # Edtech : $ 5,7Bn โ€” Q1 2021 โ€” Oslo SE ๐Ÿ‡ช๐Ÿ‡บ (link TWS )
  • Arrival ๐Ÿ‡ฌ๐Ÿ‡ง #Electric cars โ€” $5.4Bn โ€” Q1 2021 โ€” Nasdaq๐Ÿ‡บ๐Ÿ‡ธ
  • Darktrace ๐Ÿ‡ฌ๐Ÿ‡ง #Cyber โ€” $ 5Bn โ€” 2021 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ
  • Believe ๐Ÿ‡ซ๐Ÿ‡ท #Music โ€” $ 2,5Bn โ€” 2021 โ€” Euronext Paris or Nasdaq
  • Wetransfer ๐Ÿ‡ณ๐Ÿ‡ฑ #Payment โ€” $ 1Bn โ€” TBD โ€” Euronext Amsterdam๐Ÿ‡ช๐Ÿ‡บ (link TWS)
  • Trustpilot ๐Ÿ‡ฌ๐Ÿ‡ง #Apps โ€” $ 1Bn โ€” HY 1 2021 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ
  • About You ๐Ÿ‡ฉ๐Ÿ‡ช #Ecommerce โ€” TBD โ€” Q1 2021 โ€” Frankfurt SE ๐Ÿ‡ช๐Ÿ‡บ
  • Trustly ๐Ÿ‡ธ๐Ÿ‡ช #Payment โ€” $11Bn IPO โ€”Q2 2021 โ€” ??? (Link #TWS)
  • WorldRemit ๐Ÿ‡ฌ๐Ÿ‡ง #Payment โ€” $1 Bn โ€” 2021 โ€” TBD
  • Mister Spex ๐Ÿ‡ฉ๐Ÿ‡ช, #E-Retailer โ€” $4,9Bn โ€” 2021 โ€” Frankfurt SE ๐Ÿ‡ช๐Ÿ‡บ
  • OVH ๐Ÿ‡ซ๐Ÿ‡ท, #Cloud โ€” not disclosed โ€” Q1 2021 โ€” Euronext Paris ๐Ÿ‡ช๐Ÿ‡บ

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

  • Checkout.com ๐Ÿ‡ฌ๐Ÿ‡ง #Payment โ€” last round valuation: $15bn (Link TWS)
  • Klarna ๐Ÿ‡ธ๐Ÿ‡ช #Payment โ€” last round valuation: $10bn
  • UiPath ๐Ÿ‡ท๐Ÿ‡ด #HR โ€” last round valuation: $ 10bn
  • TransferWise ๐Ÿ‡ฌ๐Ÿ‡ง #Payment โ€” last round valuation: $5bn
  • Hopin๐Ÿ‡ฌ๐Ÿ‡ง #Communication โ€” last round valuation: $2bn (Link TWS)
  • SUSE ๐Ÿ‡ฉ๐Ÿ‡ช, #Cloudcomputing โ€” expected valuation $ 6Bn
  • Epidemic Sound ๐Ÿ‡ธ๐Ÿ‡ช #Music โ€” expected valuation $1,2Bn
  • Truecaller ๐Ÿ‡ธ๐Ÿ‡ช #Mobile โ€” expected valuation $ 1Bn
  • AEye ๐Ÿ‡ฎ๐Ÿ‡ช #AI โ€” expected to be listed through a SPAC

2โ€“ Tech companies that are now listed (>$1Bn)

Format: Name Company โ€” Date IPO โ€” Stock Exchange โ€” IPO Market Cap โ€” IPO price action

2021 Listings

  • Mytheresa, ๐Ÿ‡ฉ๐Ÿ‡ช #E-retailer โ€” Jan 2021 โ€” New York SE ๐Ÿ‡บ๐Ÿ‡ธ โ€” $ 3Bn
  • Auto1 ๐Ÿ‡ฉ๐Ÿ‡ช #Fintech โ€” Feb 2021 โ€” Frankfurt SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $ 9,5Bn (#TWS)
  • Moonpig ๐Ÿ‡ฌ๐Ÿ‡ง #E-retailer โ€” Feb 2021 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $ 1,7Bn (#TWS)
  • InPost ๐Ÿ‡ต๐Ÿ‡ฑ #Transport โ€” Jan 21 โ€” Euronext Amsterdam ๐Ÿ‡ช๐Ÿ‡บ โ€” $ 3,2Bn (#TWS)

2020 Listings

  • Allegro ๐Ÿ‡ต๐Ÿ‡ฑ #E-Commerce โ€” Oct 2020 โ€” Warsaw SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $19 Bn
  • The Hut Group ๐Ÿ‡ฌ๐Ÿ‡ง #E-Commerce โ€” Sept 2020 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $7Bn
  • Link Mobility ๐Ÿ‡ณ๐Ÿ‡ด #Communication โ€” Oct 2020 โ€” Oslo SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $1,5bn

2019 Listings

  • Nexi ๐Ÿ‡ฎ๐Ÿ‡น #Payment โ€” April 2019 โ€” Milan Borsa๐Ÿ‡ช๐Ÿ‡บ โ€” $7bn
  • Adevinta๐Ÿ‡ณ๐Ÿ‡ด #Bigdata โ€” April 2019 โ€” Oslo SE๐Ÿ‡ช๐Ÿ‡บ โ€” $6,7bn
  • TeamViewer ๐Ÿ‡ฉ๐Ÿ‡ช #SAAS โ€” Sept 2019 โ€” Frankfurt SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $6,4bn
  • Trainline ๐Ÿ‡ฌ๐Ÿ‡ง #E-commerce โ€” June 2019 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $2bn

2018 Listings

  • Farfetch๐Ÿ‡ฌ๐Ÿ‡ง #E-commerce โ€” Sept 2018 โ€” NYSE๐Ÿ‡บ๐Ÿ‡ธ โ€” $5,8bn
  • Elastic ๐Ÿ‡ณ๐Ÿ‡ฑ #Bigdata โ€” Sept 2018 โ€” NYSE๐Ÿ‡บ๐Ÿ‡ธ โ€” $5bn
  • Funding Circle ๐Ÿ‡ฌ๐Ÿ‡ง #Fintech โ€” Sept 2018 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $2bn
  • Adyen ๐Ÿ‡ณ๐Ÿ‡ฑ #Payment โ€” June 2018 โ€” Amsterdam SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $8.3Bn
  • Avast Technology ๐Ÿ‡จ๐Ÿ‡ฟ #Cyber โ€” May 2018 โ€” London SE ๐Ÿ‡ช๐Ÿ‡บ โ€” $3bn
  • Spotify ๐Ÿ‡ธ๐Ÿ‡ช #Music โ€” April 2018 โ€” NYSE ๐Ÿ‡บ๐Ÿ‡ธ โ€” $ 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.

Sector of European Tech Companies that went IPO between 2018 and 2021

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 doesnโ€™t include the 4 companies that went public in Jan and Feb 2021). So we can expect 17 companies in 2021 ๐Ÿš€

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.

โ€” โ€” โ€” โ€”

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Founder & CEO @earlymetrics #1 rating agency for tech companies! Proudly European & Open to the world. #TechWatchbySeb & European Tech IPO Observatory

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Sebastien Paillet

Sebastien Paillet

Founder & CEO @earlymetrics #1 rating agency for tech companies! Proudly European & Open to the world. #TechWatchbySeb & European Tech IPO Observatory

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