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Weekly News of 19th of September

China EV maker Leapmotor launches up to $1 billion Hong Kong IPO

 

Chinese electric vehicle maker Zhejiang Leapmotor Technology is aiming to raise $1.03 billion in a Hong Kong initial public offering (IPO), according to regulatory filings, that would be the largest in the city in 2022, reports Reuters.

The company is selling 130.82 million shares in the deal that will be sold in a price range of HK$48 to HK$62 each, the filings showed.

Leapmotor’s deal comes as China Vanke’s property services group Onewo Space-Tech Service is in the market raising up to $733 million in its IPO that was launched Monday. Onewo had hoped to raise $2 billion but scaled back the size of its IPO.

 

Ingram Micro confidentially files for U.S. IPO even as markets remain dull

 

Electronics distributor Ingram Micro had confidentially filed for a U.S. initial public offering, looking past the tough market conditions due to rate hikes and inflation that have blunted demand for new listings this year, reports Reuters.

The California-based company was valued at about $7.2 billion last year when private equity firm Platinum Equity bought it. Ingram recently sold its commerce and lifecycle services business to French shipping company CMA CGM Group for $3 billion.

It did not give more details about the planned IPO. Companies looking to go public often file confidentially to keep their financial details under wraps for longer.

IPOs in the United States are on track for their worst year in over two decades, according to Dealogic, which has listing data since 1995. So far, companies have raised about $18 billion this year, compared with over $231 billion during the same period last year, according to the data provider.

 

OurCrowd starts $200 mln health technology fund

 

Israeli investment firm OurCrowd launched a $200 million fund focusing on technology that can impact healthcare globally, reports Reuters.

OurCrowd said its Global Health Equity Fund (GHEF) “will fuel innovation and increase investment in the health sector, with the shared goals of delivering competitive returns to investors and ensuring equitable access to medical care.”

The fund was conceived in the wake of the COVID-19 pandemic that stressed health systems across the world. It will focus on healthcare and industries like energy transition and food agriculture that also impact health.

Target portfolio companies will be those looking to improve medical care and working to mitigate global health risks related to climate, fossil fuels, and looming food shortages, it said.

 

KnowBe4 gets $4.22 billion go-private offer from Vista Equity Partners

 

Cybersecurity firm KnowBe4 was offered by Vista Equity Partners to take it private for $4.22 billion in cash, the latest sign of private equity interest in a sector whose valuations have declined in this year’s downturn, reports Reuters.

The offer of $24 per share represents a premium of nearly 39% to KnowBe4’s closing price on Sept. 16. Its shares have lost nearly a quarter of their value this year as of last close.

KnowBe4 provides security awareness training with simulated phishing attacks on its platform. The company’s focus on a growing “must have” category from an enterprise perspective makes it attractive, according to Cowen analysts.

KnowBe4, whose shares surged 25% in the morning hours on Monday, said it had formed a special committee to review the offer.

The bid from Vista comes amid a string of large investments by the Austin, Texas-based fund this year. The firm has struck 21 deals so far including the $16.5-billion acquisition of cloud services firm Citrix Systems in January, according to investments tracker Tracxn.