- California tech start up Lightmatter
- Chinese autonomous driving tech specialist Horizon Robotics
- UAE retail conglomerate Lulu Retail Holdings
Lightmatter valued at $400m
California tech start up Lightmatter has closed another funding round valued at $400m, a Series D raise that values the photonic tech specialist at a staggering $4.4bn.
Lightmatter has also recently appointed Nvidia’s Simona Jankowski as CFO, sparking speculation that it would seek to IPO in the near future.
CEO Nick Harris has already said the latest private funding round would be the company’s last one. Any Lightmatter IPO will be closely watched, as the company is considered a leader in the manufacture of photonic chips for data centres.
Lightmatter says it sees huge future demand for its area of silicon photonics. The technology can improve the performance of data centres while also cutting down on power consumption.
China stimulus boosts Hong Kong IPO market
Hong Kong has seen its busiest week for IPOs since 2022, thanks in no small part to stimulus measures in China, which are increasing investor confidence. Horizon Robotics, a Chinese autonomous driving tech specialist has started book-building for a Hong Kong IPO valued at US$696m approximately.
Also coming to the market in Hong Kong is China Resources Beverage, which has reportedly raised a respectable US$650m before listing at the end of last week. This was at the top end of its price range.
The two listings are being hailed by bankers in Hong Kong as an encouraging sign that the local IPO market is beginning to wake up again. Part of the driving force has been the big stimulus package China is rolling out, which is having a knock on effect on sentiment in the Hong Kong market.
JPMorgan in Hong Kong said discussions around other potential IPOs in Hong Kong over the next six months have picked up considerably.
Lulu Retail Holdings to list in Abu Dhabi in November
Lulu Retail Holdings confirmed that it would be filing for an IPO in the United Arab Emirates. The retail conglomerate owns and runs around 240 stores in the Gulf states. Book building is expected to begin next week and could make this the biggest IPO to hit the UAE’s financial market in 2024
The IPO will close on 5 November and Lulu Retail is expected to start trading on the Abu Dhabi Securities Exchange on 14 November. Sources close to the deal told Reuters this week that the listing is being valued in the area of US$1.7bn.
Lulu Retail is a fixture in the region’s retail market, having been founded in 1974. It is expected to make a splash next week, as the retail space has been very strong in the Gulf in recent years. CEO Saifee Rupawala said the company was looking at a US$100bn market opportunity, with scope for substantial growth in Saudi Arabia. Local consumers have been shifting to regional Arabic brands which is also creating further opportunity for Lulu Retail.
