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An IPO is an important milestone for a company and its shareholders, and it has long-term business, human & financial implications. Our purpose is to demystify the IPO process by leveraging the personal experience of company executives, advisors, and other stakeholders. In IPO Stories we interview executives, founders, advisors and investors who share their experience of the IPO process. The podcast is hosted by Gautier Rousseau and Per Einar Ellefsen, the founders of Amundsen Investment Management, a European fund manager based in Paris and Oslo.
Episodes
7 days ago
7 days ago
Øystein Kalleklev is the CEO of not one, but 2 listed companies: Flex LNG and Avance Gas, two leading shipping companies in Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG), both listed on Euronext Oslo.
Øystein shares his experience steering these companies through volatile market conditions and his rationale behind dual listing Flex LNG in the US in 2019. With Øystein, we discuss what being listed means for these companies, the technological evolutions in shipping, the challenges and opportunities of the energy transition, addressing methane emissions, and the broader implications for the shipping industry.
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.
Tuesday Apr 30, 2024
Saudi Arabia's Tadawul IPO(s) - Nayef Al-Athel (IPO Stories, Ep. 23)
Tuesday Apr 30, 2024
Tuesday Apr 30, 2024
Saudi Arabia has evolved from having 4 IPOs per year 10 years ago, to 40 IPOs per year over the last few years. Nayef Al Athel has been in the middle of this evolution, as he headed the listings activity at the Saudi Exchange between 2018 and 2023.
With Nayef, we discuss the policy decisions and incentives that have made Saudi Arabia one of the most active IPO markets globally, how going public has affected the strategy of the Tadawul group, the internationalization of the exchange, and the road ahead for the Saudi capital 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: 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.
Monday Apr 15, 2024
The IPOs of iZettle and Readly - Maria Hedengren (IPO Stories, Ep. 22)
Monday Apr 15, 2024
Monday Apr 15, 2024
Not all IPO processes end up with an IPO. The path is filled with twists and turns, in some cases cancellations, postponements, or even a strategic sale before reaching the stock market. In this episode, we sit down with Maria Hedengren, who led the IPO processes of both iZettle (bought out by Paypal in the final stages) and Readly (listed in Stockholm in 2020).
Through Maria's lens, we explore the critical moments, strategic decisions, and leadership challenges encountered when steering a company towards an IPO. From the decision of listing location to the intricacies of board composition and investor relations, Maria sheds light on the essentials of IPO readiness, the importance of strategic exits, and the impact of these decisions on a company's trajectory
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: 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.
Thursday Apr 04, 2024
The history of direct listings - Dakin Campbell (IPO Stories, Ep. 21)
Thursday Apr 04, 2024
Thursday Apr 04, 2024
In 2018, Spotify was the first company to do a direct listing instead of a regular IPO process – foregoing the usual bookbuilding process in favor of opening the shares directly on the market in an auction. Dakin Campbell is the author of the book Going Public, where he recounts the history and the inside stories of some of the major IPOs in recent memory, starting with the 1956 IPO of Ford, and focusing on the innovations that have occurred through time.
With Dakin, we discuss what led Spotify and others to prefer a direct listing transaction, and some of the pros and cons of a direct listing vs. a traditional IPO.
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.
Wednesday Mar 06, 2024
The US IPO of Criteo - Edouard Lassalle (IPO Stories, Ep. 20)
Wednesday Mar 06, 2024
Wednesday Mar 06, 2024
Criteo, a French adtech company, listed on Nasdaq in 2013. Edouard Lassalle joined in 2012 to prepare the company for the IPO, and later served as head of Investor Relations for the company until 2022.
One of the topics that comes up at an early stage during IPO preparation is the choice of listing location. In earlier episodes, we have heard from tech executives at Wise, DeliveryHero, OVHCloud and Exclusive Networks why they decided to list in Europe.
Today, we look back at the 2013 US IPO of Criteo. Criteo was founded in 2005 and backed by leading VC investors such as Elaia, Index Ventures and Bessemer, with a global customer base. In 2013, the company was listed on Nasdaq, raising $280mn to fund its growth.
Edouard Lassalle joined the company in 2012 to prepare the company for the IPO, and later served as head of Investor Relations for the company until 2022. Edouard shares with us his list of pros and cons of a US vs European listing for a European tech company, as well as considerations around the different characteristics of US and European markets, and the impact is has on the company.
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: 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.
Friday Feb 16, 2024
Middle Eastern IPOs - Wassim Al Khatib (IPO Stories, Ep. 19)
Friday Feb 16, 2024
Friday Feb 16, 2024
Middle Eastern equity capital markets have captured investors' attention the last 2 years, as the only truly active IPO market in the world throughout 2022 and 2023 - with close to 50 IPOs listing each of those years.
To learn more about GCC equity markets, we are joined by Wassim Al Khatib, the CEO of Lazard in MENA. Lazard is an independent financial adviser, advising companies and their owners on all aspects of corporate finance, including organizing the IPO process. Before Lazard, Wassim was the CEO of Citigroup in Saudi Arabia, and before that the Head of Investment Banking at NCB Capital.
With Wassim, we explore the reforms and opening of GCC capital markets to foreign investors, the IPO activity and diversification of the stock exchange beyond oil & gas, and the question of listing location for local, innovative companies.
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: 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.
Thursday Feb 01, 2024
Equity indices and IPOs - Mark Makepeace (IPO Stories, Ep. 18)
Thursday Feb 01, 2024
Thursday Feb 01, 2024
When a company becomes listed, index inclusion is a big deal. Beyond the stamp of approval, it brings in new passive investors, more liquidity, and ultimately more stability as a listed company. Yet, index inclusion rules are very technical, and not always easy to understand.
To open up the topic of equity indices, we have invited Mark Makepeace, the CEO of Wilshire Indexes. Mark built up and managed FTSE Russell from a small group that produced the UK equity benchmark FTSE 100, to one of the top 3 global equity index providers.
With Mark, we discuss what criteria index providers use to include companies, how this relates to the offer size and market capitalization of an IPO, how index rules have evolved to adapt to the market, and the evolution of index providers to also become ESG data providers.
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: 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.
Wednesday Jan 17, 2024
The direct listing of Wise - Matt Briers (IPO Stories, Ep. 17)
Wednesday Jan 17, 2024
Wednesday Jan 17, 2024
Matt Briers has been the CFO of Wise since 2015. In 2021, Matt led the company to a direct listing on the London Stock Exchange, the first major direct listing in Europe.
Wise, founded in the UK in 2011 by Kristo Käärmann and Taavet Hinrikus, has revolutionized cross-border payments for individuals and businesses by making them easier, faster and cheaper. After 10 years as a private company, Wise followed in the footsteps of Spotify and Slack by doing a direct listing instead of a regular IPO, at a valuation of 11 billion dollars.
With Matt, we discuss the rationale and timing to go public for a profitable tech company which doesn’t need to raise money, his experience of the direct listing process, and the considerations around a UK listing rather than US.
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: 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.