Shein's proposed London IPO faces significant challenges due to geopolitical tensions and ESG concerns. The Trump administration's proposed tariffs on Chinese goods could severely impact Shein, which relies heavily on the US market. The company's supply chain issues and accusations of forced labor further complicate its IPO prospects. Despite potential benefits for the London Stock Exchange, investors remain cautious, and Shein may need to adjust its valuation expectations. The outcome of the IPO largely depends on the evolving US-China trade relations and Shein's ability to address ESG issues.

Ebury, a British payments group backed by Banco Santander SA and Vitruvian Partners, is preparing for an IPO in the first half of 2025. The company has invited several banks, including Citi, Santander, Barclays, RBC Capital Markets, and HSBC, to pitch for roles in the IPO process, with Bank of America and Goldman Sachs already acting as global coordinators. Ebury, founded in 2009, specializes in international payments and foreign exchange services for SMEs. The IPO is part of a broader trend of fintech firms, such as Klarna, Raisin, and Revolut, preparing to list in the coming years.

The article discusses the potential impact of Stada's upcoming IPO on healthcare ECM volumes, highlighting a positive outlook for the sector. Despite modest IPO volumes in 2024, overall healthcare ECM volumes reached a record high of USD 20.8bn, driven by multiple selldowns in Haleon. The trend of sponsors using IPO markets for larger assets continues, with non-dilutive solutions like royalty financing becoming more popular. The 2025 healthcare IPO pipeline appears robust, with Stada expected to lead the charge.

Saudi Arabia's IPO market is experiencing a shift from government-led mega listings to a surge in mid-cap and private issuer IPOs. Over the past three years, the number of IPOs on the Tadawul has increased significantly, with 38 in 2022, 35 in 2023, and 31 in 2024 YTD. This trend is driven by strong local and international investor demand, with sectors like healthcare, fintech, and industrials seeing increased activity. The Capital Market Authority's efforts to boost mid-cap issuances have been pivotal, although deal volumes have decreased as state-privatisations decline. The market is expected to remain robust, with potential dual listings from foreign companies, particularly from China.

CVC Capital Partners leads the sponsor league tables in EMEA for 2024 YTD, driven by its IPO of Zabka Group, while EQT emerged as the most active private equity firm in the quieter third quarter. Despite a summer lull, there is a notable increase in sponsor activity in capital markets, with CVC achieving USD 4bn in ECM volumes. Other active sponsors include EQT, GIC, CPP Investment, and Blackstone. The market anticipates a potentially busy end to the year as sponsors seek attractive IPO opportunities.

Investor interest in equity capital markets has surged following the US Federal Reserve's interest rate cut, leading to increased activity in ECM deals. Notable transactions include Springer Nature's IPO and large sell-downs by Haleon and DSV. While the market is buoyant, concerns persist about potential mispricing and the sustainability of demand, especially with macroeconomic uncertainties such as interest rate trajectories and geopolitical tensions. Established investors dominate allocations, but new entrants face challenges in securing stock. The outlook remains cautiously optimistic, with expectations of strong activity in the coming year, contingent on macroeconomic conditions.

The DACH market is highlighted as a key area for European private equity due to its numerous 'hidden champions'. Florian Schick, a managing partner and chairman, emphasizes the significance of this market in the private equity landscape.

Apotea, Sweden's largest online pharmacy, plans to launch an IPO on Nasdaq Stockholm, offering a potential boost to the struggling Nordics IPO market. The region has seen a sluggish year with total IPO volumes at USD 987m in 2024, slightly up from last year but significantly below 2022 levels. Apotea aims to raise between USD 200m and USD 300m, potentially becoming the largest listing of 2024 in the Nordics. Despite some resilience in follow-on volumes, overall ECM volumes in the Nordics are down year-on-year, with concerns about the global economy and US elections affecting market activity.

The EMEA IPO market sees a resurgence with three sponsor-backed businesses, including Springer Nature, Zabka Group, and Europastry, aiming for high-profile exits. Despite market volatility concerns due to the upcoming US presidential election, these IPOs are seen as a positive sign after a period of cancellations. Local investors, with a focus on long-term fundamentals, are deemed crucial for the success of these listings. The IPO of Springer Nature, priced at EUR 22.8 per share, has garnered significant interest from global mutual funds and European investors. However, skepticism remains among buysiders about the overall health of the IPO market, as evidenced by Douglas trading below its offer price.

Private equity ESG strategies face challenges such as accusations of greenwashing, data quality issues, lack of standardized metrics, and reporting frameworks. An exclusive webinar, moderated by Taku Dzimwasha and in partnership with Apex Group, explores whether impact investing can address these challenges.