IPO Stories

The Renk IPO - Defense from Private to Public - Susanne Wiegand and Christian Schulz (IPO Stories, Ep. 42)

In this episode of IPO Stories, we speak with Susanne Wiegand and Christian Schulz, former CEO and CFO of RENK, one of Europe’s most important defense suppliers. RENK, a 150-year-old German industrial company specializing in high-performance transmissions for tanks and naval vessels, listed in Germany in February 2024 and is now valued at over €6 billion, with shares up more than 300% since the IPO. The listing came at a moment when Europe’s security environment — and investor perception of defense — was undergoing a profound shift.

Susanne and Christian describe how geopolitics fundamentally reshaped RENK’s strategy, investor base, and capital structure. Defense was no longer a niche or cyclical business, but a long-term structural growth market. Independence mattered. Speed mattered. And access to public equity became essential to scale capacity, invest ahead of demand, and remain a neutral supplier to all major primes. The episode offers a rare inside view into how leadership teams must sometimes move faster — and think more clearly — than both advisers and markets.

Beyond the transaction itself, this conversation is about judgment under pressure. How do you educate investors when sentiment lags reality? How do you build conviction in a misunderstood sector? And what does it really take — culturally, operationally, and personally — to lead a company into public markets when history is moving faster than capital markets? This is an episode about leadership, credibility, and why Europe’s defense industry is entering a fundamentally new chapter.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

IPOs at the world's largest SWF, with Emil Framnes, Global Head of Equity Trading & Transition at NBIM (IPO Stories, Ep. 41)

NBIM manages the Norwegian Sovereign Wealth Fund, the world's largest SWF - $2 trillion, of which $1.4 trillion is invested in public equities, across more than 8000 companies globally. NBIM is also one of the world's most active investors in IPOs, with more than 100 IPO investments in 2024.

Emil Framnes, the fund's Global Head of Equity Trading and Transition, has been with NBIM for almost 20 years and oversees all the fund's trading in equities, ensuring that the fund can efficiently deploy and adjust capital at massive scale. With an investment horizon measured in decades, NBIM approaches new listings and secondary offerings differently from many other market participants, making Emil's perspective particularly interesting for companies considering an IPO.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

Sweden's IPO story - Adam Kostyal, President of Nasdaq Stockholm (IPO Stories, Ep. 40)

Sweden has been one of the world's most active IPO markets over the last 10 years, despite a population of only 10 million. The Swedish markets has seen very solid support for IPOs, in large parts thanks to a very successful equity investment ecosystem, with both strong pension funds and retail participation. 

With Adam Kostyal, Nasdaq's head of listings for Europe and President of Nasdaq Stockholm, we delve into the background for this successful growth of Sweden's capital markets, and the lessons that can be learnt from it for other countries.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management. 

Abu Dhabi's ADNOC IPOs - Klaus Froehlich, ADNOC Group CIO and Jan-Martin Nufer, Borouge CFO (IPO Stories, Ep. 39)

ADNOC, the Abu Dhabi National Oil Company, has been one of the most active IPO sponsors globally, with 6 IPOs of its subsidiaries and JVs, starting with ADNOC Distribution in 2017, followed by ADNOC Drilling and Fertiglobe in 2021, Borouge in 2022, and ADNOC Gas and Logistics in 2023.

In today’s episode we are joined by Klaus Froehlich, the Chief Investment Officer of ADNOC Group, whose team has overseen these listings, all done on the Abu Dhabi stock exchange, ADX. We are also joined by Jan Martin Nufer, the CFO of Borouge, to share the story of this petrochemical company, and the announced merger of the company with Borealis to form a global petrochemicals leader, Borouge Group International.

If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

 

Exosens - Quynh-Boi Demey (IPO Stories, Ep. 38)

In this episode, we sit down with Quynh-Boi Demey, the CFO of Exosens, a French industrial tech company that listed on Euronext Paris in June 2024. 

Exosens specializes in advanced imaging and sensing solutions for demanding environments such as aerospace, defense, and scientific research. It is best known as the leading non-US manufacturer of light-enhancing tubes for night vision, but also develops a broad range of complementary technologies, including high-performance photodetectors, infrared sensors, and scientific imaging systems used in industrial inspection, medical diagnostics, and space exploration.

With Quynh-Boi, we go through the timing and preparation of the IPO, the transition from being owned by a Private Equity firm to being listed, the importance of meeting, or beating, the IPO guidance, and the benefits of being publicly listed.

If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

 

Academic insights at the private-public interface - Prof. Michelle Lowry (IPO Stories, Ep. 37)

Michelle Lowry is a Professor of Finance at Drexel University, and has dedicated her research agenda to IPOs, corporate governance and retail investing.

With Michelle, we discuss some of the factors behind the drop in the number of listings over the last 20 years, in particular the change in the type of companies that are going public, the optimal corporate governance structures for newly public companies, in particular how it differs from that of mature public companies, and how the occurrence of IPOs are an important stimulation for retail participation in the stock market.

If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

 

Good governance for long-term success - Caroline Escott, Railpen (IPO Stories, Ep. 36)

In this episode of IPO Stories, we are thrilled to welcome Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, one of the UK's largest pension schemes. With over £34 billion in assets under management, Railpen is a significant player in both public and private markets. Caroline leads Railpen's global investment stewardship efforts, engaging with portfolio companies on governance and strategy, and voting at annual general meetings.

Caroline shares insights into how companies should approach governance as they consider going public, drawing from Railpen's experience as an active investor in pre-IPO and IPO situations, and long-term ownership of a global portfolio of equities.

Caroline discusses the importance of good governance for long-term value creation and how Railpen's stewardship team actively engages with companies to ensure they are well-prepared for public listing. She highlights the role of governance in managing risks and opportunities, emphasizing that well-run companies are better positioned to thrive over the long term. Caroline also shares Railpen's approach to pre-IPO investments, where they work closely with companies to support their growth journey and prepare them for the heightened expectations of public markets.

If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

Academic IPO insights - Prof. Jay Ritter (IPO Stories, Ep. 35)

Jay Ritter is a Professor of Finance at the University of Florida's Warrington School of Business. He has become known as «Mr IPO» for his substantial work on IPOs through the years, starting with his PhD dissertation about IPOs at the University of Chicago in 1981.

Through his work, Jay Ritter has attempted to provide data-driven insights into the dynamics of IPOs across the world. His work has focused on the underpricing, or day 1 performance, of IPOs, as well as the long-term performance of those IPOs versus the market. Jay has also focused on making his data and analysis public, and maintains a trove of IPO-related data on his website.

With Jay, we discuss the critical importance of valuation for IPO success, the differences between institutional and retail-focused IPOs, the takeaways for management teams, and innovations in the IPO process.

Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.