Wheels Up Partners Plans IPO

Wheels Up Partners said on Monday it had agreed to go public through a merger with blank-check firm Aspirational Consumer Lifestyle Corp, valuing the private jet charter company at $2.1 billion.

Aspirational Consumer Lifestyle, a special purpose acquisition company (SPAC) led by LVMH executive and veteran private equity investor Ravi Thakran, raised $225 million in an initial public offering (IPO) last year.

The New York-based company is set to receive $790 million in gross proceeds on the transaction, including $550 million from investors such as T. Rowe Price, Fidelity Investments, and Franklin Advisors.

Petco beats IPO share price

Pet retailer Petco Health and Wellness Company Inc. said on Wednesday it sold shares in its initial public offering at $18 apiece, above its target range, to raise about $864 million.

Petco, which is owned by the CPP Investments and private equity firm CVC Capital Partners, had aimed to sell 48 million shares at a target range of $14 to $17 per share.

Founded in 1965 as a mail-order veterinary supplies business, Petco first went public in 1994. In 2000, the PE firms TPG and Leonard Green & Partners acquired Petco, taking it private in a $600 million deal. Petco went public for a second time in 2002. Four years later, in 2006, TPG and Green bought Petco for a second time, again taking it private in a $1.7 billion deal. In early 2016, TPG and Green sold Petco to CVC and CPPIB for $4.6 billion.

InPost Plans IPO on Euronext

Polish parcel locker firm InPost plans an initial public offering in Amsterdam and aims to debut on Euronext as early as February, it said, as it seeks to expand abroad to capitalize on a surge in online shopping.

Reuters reported in December that private equity firm Advent International was preparing an Amsterdam IPO for InPost that would value its equity at 7-8 billion euros ($8.5-$9.85 billion)

The business, widely used in Poland by sellers on online commerce platform Allegro, with equity owners Cinven, Permira among its owners, has benefited from an online boom as the COVID-19 pandemic keeps shoppers in their homes.

Dr. Martens plans to IPO on the London Stock Exchange

Footwear brand Dr. Martens – Airwair International Ltd is planning to sell shares to stock market investors for the first time in its 60-year history. Dr Martens sold in excess of 11 million pairs of shoes last year, generating £672m in the 12 months to 31 March.

Its owner, private equity firm Permira, plans to sell down its stake and list Dr Martens on the London Stock Exchange. The Griggs family sold the Dr Martens brand to Permira for £300m in 2013. By 2020, Dr Martens generated revenues of £318.2m for the six months to September.

Dr Martens runs 130 of its own stores across the globe, while sales from its own online business have grown to represent a fifth of all its revenues.

Driven Brands plans to raise $760 Million in IPO

Driven Brands, Inc., one of the largest U.S. auto services franchisers, is looking to raise as much as $760 million through an initial public offering, which would value the Roark Capital-owned company at about $3.4 billion.

Last year, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, had considered selling it for about $2 billion, according to a Bloomberg LP report.

Driven reported $2.4 billion in sales in the nine months ended Sep. 26, 2020, generating $616 million in revenue, according to the filing.

Nykaa plans 2022 IPO with $3 Billion valuation

App-based Indian cosmetics retailing startup Nykaa plans to go public by early 2022 at a valuation of more than $3 billion according to a person aware of the matter.

Private equity firm TPG-backed Nykaa’s plans for an initial public offering comes after good subscriptions and successful listings such as Everstone Capital-backed Burger King India, and Blackstone-backed Mindspace Business Parks.

Nykaa also counts India’s Hero Enterprise and Fidelity Management, LLC among its backers, according to media reports.

Affirm Inc plans $9 Billion IPO

Affirm, Inc., founded by PayPal co-founder Max Levchin, is aiming for a valuation of over $9 billion in its initial public offering, the lending startup said in a filing on Tuesday.

Affirm’s major investors include Peter Thiel’s Founders Fund, Singaporean sovereign wealth fund GIC, Scottish asset manager Baillie Gifford, investment firm Spark Capital and Fidelity Management, LLC and W Research Company LLC

Companies raised a record $167.63 billion in the United States in 2020. In comparison, $108 billion was raised in 1999, the previous record for capital raised through new issues.

Patria files for NASDAQ IPO

Patria Investments, a Latin America-focused investor that has been partially owned by Blackstone for the past decade, is setting the table for a seldom-seen event: A public offering for a private equity firm.

Patria has filed to go public on the Nasdaq, a move that comes a little more than 10 years after Blackstone acquired a 40% stake in the Brazilian firm for a reported $200 million. Since that 2010 deal, Patria has grown its assets under management from $3.6 billion to $12.7 billion, with $7.2 billion of that current AUM.

Blackstone itself has been publicly traded since 2007, with fellow industry giants KKR & Co. Inc., The Carlyle Group, Apollo Global Management Inc. and Ares Management Corporation among the handful of other firms listed on US stock exchanges.

REE Automotive Considering IPO

REE Automotive, which develops modular platforms for electric vehicles, is in negotiations to go public at a valuation of between $3-4 billion via a SPAC.

Should the merger go ahead, REE is expected to receive access to the SPAC’s funds and to another several hundreds of millions of dollars in PIPE (Private investment in public equity) investments.

Shares of REE have been traded in the secondary market this year at a company valuation of $1.1 billion, far less than it is expected to be valued in the SPAC merger.