IPO Stories

Passive investors and IPOs - Prof. Marco Sammon (IPO Stories, Ep. 33)

Marco Sammon is an assistant professor in the Finance Unit at Harvard Business School. He and his co-authors have researched on how indexing interacts with IPOs, particularly relating to fast-track additions to equity indices in the US, and the behaviour of firms in response to equity index rebalancing.

With Marco, we try to draw some conclusions for investors and management teams about how to adapt to the growing share of passive ownership in equity markets – which can be both frustrating at times, and beneficial to companies going public.

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.

The Raspberry Pi IPO with Eben Upton (CEO) and Aditi Venkatram (Jefferies) (IPO Stories, Ep. 32)

In this episode we sit down with Eben Upton, CEO and Founder of Raspberry Pi - a UK-based technology company known for its single-board computers, initially founded to promote programming education and growing into a global leader in embedded computing. We are joined by Aditi Venkatram, Managing Director at Jefferies, one of the bankers advising on the IPO of Raspberry Pi on the London Stock Exchange in June 2024.

We deep dive into the key strategic and operational considerations for a successful Tech IPO outside of the US boundary, discuss the rationale for the Raspberry Pi listing, how to balance demand from both institutional and retail investors, and building long-term success post-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.

 

Strategic Investor Relations at AD Ports - Marc Hammoud (IPO Stories, Ep. 31)

 

In this episode, we sit down with Marc Hammoud, VP of Investor Relations at ADPorts Group, to discuss the pivotal role investor relations plays in the success of publicly listed companies.

With over 15 years in MENA capital markets, Marc shares his expertise on how IR functions as a bridge between a company and the financial community, ensuring transparency, effective communication, and optimal shareholder engagement. He highlights the key functions of IR, from managing investor expectations to shaping company strategy, and explains why IR should be a core component of a company’s journey—ideally even before an IPO.

The discussion also covers liquidity challenges and solutions for newly listed companies. Marc explains why stock liquidity is essential for valuation and how companies can proactively enhance it by broadening shareholder diversity, engaging with the right investors, and ensuring market visibility. He shares insights into how capital markets work, how companies can leverage IR to drive long-term shareholder value, and the importance of investor education in preparing for capital-raising events or shareholder divestments.

Disclaimer: This discussion is for informational purposes only and does not constitute financial advice, investment recommendations, or solicitation to buy or sell financial instruments. The views expressed are those of the participants and do not necessarily reflect those of Amundsen Investment Management. Neither Amundsen Investment Management nor the podcast guests take responsibility for investment decisions made based on this discussion. The participants in this podcast and Amundsen IM may hold positions in the companies mentioned.

Norconsult - Dag Fladby (IPO Stories, ep. 30)

In this episode we tell the story of the IPO of Norconsult with CFO Dag Fladby. Norconsult is a Norwegian engineering architecture & urban planning consultancy company, owned exclusively by its employees before the IPO, and which to become the best performing European IPO of 2023 two years down the line (+140%).

With Dag, we trace back the journey from the IPO decision, involving all the employees in the process, to managing the company post listing.

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.

 

 

The Syensqo spin-off from Solvay - Ilham Kadri (IPO Stories, Ep. 29)

Our guest in this episode is Dr. Ilham Kadri, the CEO of Syensqo, a global speciality chemicals company listed in Brussels. In 2023, Ilham led the spin-off of Syensqo from Solvay, the 160-year old Belgian chemicals conglomerate.

In this interview, Ilham discusses the strategic rationale behind the decision to split Solvay into two separate entities, highlighting the aim to unlock the full potential of both companies. She explains how Solvay, a historic leader in commodity chemicals, and Syensqo, a new entity focused on specialty chemicals, were positioned to pursue their unique growth strategies. The conversation delves into the meticulous planning and execution required for the separation, emphasizing the importance of stakeholder engagement and maintaining operational continuity during a volatile global environment.

She highlights Syensqo's focus on innovation and sustainability, detailing its ambitious goals for carbon neutrality and its role in advancing technological solutions. The episode also touches on the broader implications of the spin-off, including the strategic benefits of being a publicly listed company and the impact on stakeholders, from employees to investors. Dr. Kadri's leadership and vision provide a comprehensive view of the complexities involved in creating two independent champions from a long-standing conglomerate.

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.

Untangling IPO dynamics with Fidelity's Anne Ross (IPO Stories, Ep. 28)

In this episode we welcome Anne Ross, EMEA Equity Syndicate Manager at Fidelity Management and Research, our first guest from the buy-side. With her background at JP Morgan and now on the buy-side, Anne provides invaluable insights into the IPO process, from the role of bookrunners and strategic selection of banks, to the importance of understanding investor types and maintaining a strong shareholder base post-IPO, offering her view of what it takes to successfully navigate the public markets.

Anne also delves into the evolving nature of IPOs, highlighting the impact of market trends and the necessity of aligning management incentives with shareholder interests. She emphasizes the significance of timing and strategic planning, advising companies to be well-prepared and adaptable. Whether you're a company considering going public or an investor seeking to understand the IPO landscape better, this episode is packed with practical advice and expert insights that are sure to enhance your understanding of the IPO journey.

 

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 Fidelity Management & Research or Amundsen Investment Management.

Norva24 - Henrik Damgaard (IPO Stories, Ep. 27)

Norva24 is a leader in underground infrastructure maintenance services in Northern Europe – that is the maintenance of all the infrastructure related to sewage and waste water. It is a Norwegian company, that has grown through the acquisition of smaller players over the years. In 2021, Henrik Damgaard, the company's CEO at the time, led Norva24 to an IPO in Stockholm, joining a number of other so-called ‘M&A compounders’ listed there – but all in different industries.

With Henrik, we discuss all the specificities of the Norva24 IPO, such as his experience of managing an IPO in a new industry to investors, listing a Norwegian company in Sweden, with a Danish CEO, and the specificities of listing an M&A compounder.

Disclaimer: this discussion 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 have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

Taaleem - Alan Williamson (IPO Stories, Ep. 26)

In this episode, we explore the journey of Taaleem, a leading operator of international private schools in the UAE, and its path to becoming one of the few listed education providers globally. Alan Williamson, the CEO of Taaleem, shares his experience taking Taaleem public in Dubai in November 2022.

With Alan, we delve into the role of private education in the UAE, the unique challenges and opportunities of listing in a sector with few listed peers globally, and the positive impacts of raising capital for Taaleem's growth. We also discuss Alan's outlook for the education sector in the UAE and the broader GCC region.

Disclaimer: this discussion 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 have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.