IPO Stories
IPO Stories demystifies the IPO process by interviewing executives, founders, advisors, and investors who share their personal experiences. Hosted by Gautier Rousseau and Per Einar Ellefsen of Amundsen Investment Management, the podcast covers the business, human, and financial implications of going public. Each episode provides insights from those who have navigated the IPO journey.
Episodes
The Renk IPO - Defense from Private to Public - Susanne Wiegand and Christian Schulz (IPO Stories, Ep. 42)
In this episode of IPO Stories, we speak with Susanne Wiegand and Christian Schulz, former CEO and CFO of RENK, one of Europe’s most important defense suppliers. RENK, a 150-year-old German industrial company specializing in high-performance transmissions for tanks and naval vessels, listed in Germany in February 2024 and is now valued at over €6 billion, with shares up more than 300% since the IP
IPOs at the world's largest SWF, with Emil Framnes, Global Head of Equity Trading & Transition at NBIM (IPO Stories, Ep. 41)
NBIM manages the Norwegian Sovereign Wealth Fund, the world's largest SWF - $2 trillion, of which $1.4 trillion is invested in public equities, across more than 8000 companies globally. NBIM is also one of the world's most active investors in IPOs, with more than 100 IPO investments in 2024.
Emil Framnes, the fund's Global Head of Equity Trading and Transition, has been with NBIM for almost 20 yea
Sweden's IPO story - Adam Kostyal, President of Nasdaq Stockholm (IPO Stories, Ep. 40)
Sweden has been one of the world's most active IPO markets over the last 10 years, despite a population of only 10 million. The Swedish markets has seen very solid support for IPOs, in large parts thanks to a very successful equity investment ecosystem, with both strong pension funds and retail participation.
With Adam Kostyal, Nasdaq's head of listings for Europe and President of Nasdaq Stockhol
Abu Dhabi's ADNOC IPOs - Klaus Froehlich, ADNOC Group CIO and Jan-Martin Nufer, Borouge CFO (IPO Stories, Ep. 39)
ADNOC, the Abu Dhabi National Oil Company, has been one of the most active IPO sponsors globally, with 6 IPOs of its subsidiaries and JVs, starting with ADNOC Distribution in 2017, followed by ADNOC Drilling and Fertiglobe in 2021, Borouge in 2022, and ADNOC Gas and Logistics in 2023.
In today’s episode we are joined by Klaus Froehlich, the Chief Investment Officer of ADNOC Group, whose team has o
Exosens - Quynh-Boi Demey (IPO Stories, Ep. 38)
In this episode, we sit down with Quynh-Boi Demey, the CFO of Exosens, a French industrial tech company that listed on Euronext Paris in June 2024.
Exosens specializes in advanced imaging and sensing solutions for demanding environments such as aerospace, defense, and scientific research. It is best known as the leading non-US manufacturer of light-enhancing tubes for night vision, but also devel
Academic insights at the private-public interface - Prof. Michelle Lowry (IPO Stories, Ep. 37)
Michelle Lowry is a Professor of Finance at Drexel University, and has dedicated her research agenda to IPOs, corporate governance and retail investing.
With Michelle, we discuss some of the factors behind the drop in the number of listings over the last 20 years, in particular the change in the type of companies that are going public, the optimal corporate governance structures for newly public c
Good governance for long-term success - Caroline Escott, Railpen (IPO Stories, Ep. 36)
In this episode of IPO Stories, we are thrilled to welcome Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, one of the UK's largest pension schemes. With over £34 billion in assets under management, Railpen is a significant player in both public and private markets. Caroline leads Railpen's global investment stewardship efforts, engaging with portfol
Academic IPO insights - Prof. Jay Ritter (IPO Stories, Ep. 35)
Jay Ritter is a Professor of Finance at the University of Florida's Warrington School of Business. He has become known as «Mr IPO» for his substantial work on IPOs through the years, starting with his PhD dissertation about IPOs at the University of Chicago in 1981.
Through his work, Jay Ritter has attempted to provide data-driven insights into the dynamics of IPOs across the world. His work has f
Apollo's IPO Playbook - Michael Shapiro (IPO Stories, Ep. 34)
In this episode we sit down with Michael Shapiro, Apollo's co-head of Capital Markets and Syndicate, to unpack what it really takes to engineer a successful IPO in today’s market. Drawing on Apollo’s deep experience across public and private markets—including recent IPOs like Lottomatica in Italy, Sun Country in the US, and Ventia in Australia —Michael explains how the firm builds IPO readiness fr
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 ada
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 Excha
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
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 emplo
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 potentia
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 sharehol
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-
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 opport
Aker BioMarine - Matts Johansen (IPO Stories, Ep. 25)
Matts Johansen is the CEO of Aker BioMarine, the global leader in krill fishing and production of krill-based products, such as omega 3 supplements and aquaculture feed. Aker BioMarine was founded as part of the Aker conglomerate, and Matts has been the CEO since 2015. In July 2020, they listed the company on Euronext Growth Oslo, in the middle of covid. They then up-listed it to the main exchange
Gas shipping at Flex LNG and Avance Gas - Øystein Kalleklev (IPO Stories, Ep. 24)
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 w
Saudi Arabia's Tadawul IPO(s) - Nayef Al-Athel (IPO Stories, Ep. 23)
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 ha
The IPOs of iZettle and Readly - Maria Hedengren (IPO Stories, Ep. 22)
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 t
The history of direct listings - Dakin Campbell (IPO Stories, Ep. 21)
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 f
The US IPO of Criteo - Edouard Lassalle (IPO Stories, Ep. 20)
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 a
Middle Eastern IPOs - Wassim Al Khatib (IPO Stories, Ep. 19)
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
Equity indices and IPOs - Mark Makepeace (IPO Stories, Ep. 18)
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 mana
The direct listing of Wise - Matt Briers (IPO Stories, Ep. 17)
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
The role of equity research in an IPO - Erik Salz (IPO Stories, Ep. 16)
Erik Salz has more than 15 years experience in equity research, most recently as an equity analyst at JP Morgan, where he particularly focused on IPO research and multi-industry coverage. During that time, he has been involved in more than 60 IPO projects.
With Erik, we wanted to get a better understanding of how sell-side analysts perform their work in relation to an IPO, how it relates to the c
Investor Relations during and after the IPO - Julia Stoetzel (IPO Stories, Ep. 15)
Julia Stoetzel is the founder of Junicorn, an Investor Relations consultancy based in Germany, and host of the podcast Street Tweets. We first met Julia when she was Investor Relations director at DeliveryHero, and then 3 years later when she headed Investor Relations at About You, a Germany ecommerce company, during its IPO in 2021.
With Julia, we discuss her experience in Investor Relations, the
European IPOs on Euronext - Stephane Boujnah (IPO Stories, Ep. 14)
Stéphane Boujnah is the CEO of Euronext, the largest European stock exchange, managing the bourses of Amsterdam, Brussels, Dublin, Lisbon, Oslo, Paris and Milan. Stephane has been the CEO for the last 8 years, leading an M&A drive that saw the company acquiring and integrating the Irish stock exchange in 2018, Oslo stock exchange in 2019 and Borsa Italiana in 2021.
With Stéphane, we go back t
Industrie De Nora - Paolo Dellachà (IPO Stories, Ep. 12)
Paolo Dellachà is the CEO of Industrie De Nora, an Italian industrial company with global presence. It is the world’s leading supplier of electrodes for all major electrochemical processes – and have recently seen tremendous growth in applications for green hydrogen production.
After almost 100 years as a private family-owned company, De Nora listed in June 2022, in a €500mn transaction. With the
Financing the energy transition at EDPR - Miguel Stilwell d’Andrade (IPO Stories, Ep. 11)
EDP is a Portuguese utility with a global footprint. In 2008, EDP listed its subsidiary EDP Renewables, one of the world's leading renewable energy developers and operators. EDPR is the world's 4th largest wind energy producersm with 15 GW of installed capacity, and a very ambitious growth plan.
With Miguel Stilwell d'Andrade, CEO of both EDP and EDP Renewables, we discuss the IPO process and timi
DeliveryHero - Emmanuel Thomassin (IPO Stories, Ep. 10)
Emmanuel Thomassin is the CFO of Delivey Hero, one of the world's leading online food delivery platforms. He has been the CFO since 2014 and led the company through its successful €1bn IPO on the Frankfurt stock exchange in 2017. Since then, Delivery Hero have continued leading the charge in food delivery globally, using the listing as a catalyst to fund important acquisitions and continue growing
What no one tells you about your IPO - Laurence Borde (IPO Stories, Ep. 9)
Laurence Borde is the founder of Mediatree, an agency specializing in accompanying companies in the preparation and implementation of the IPO roadshow.
With Laurence, we discuss the human element of the IPO process: how chief executives should prepare the company, and themselves, for an IPO: from the optimal organizational structure to your personal physical preparation to manage your energy throu
Private Equity IPOs at EQT - Magnus Tornling (IPO Stories, Ep. 8)
EQT, based in Sweden, is one of the world’s largest private equity firms, and an active IPO sponsor, particularly in Europe - where they have listed companies such as Autostore, Suse, Azelis over the last few years - as well as their own management company in 2019. Magnus Tornling is Global Head of Equity Capital Markets at EQT, and has been responsible for all their IPO processes.
With Magnus, we
Privatizing Française des Jeux - Claire Vernet-Garnier (IPO Stories, Ep. 7)
Française des Jeux, coming out of state ownership, was one of the largest and most successful IPOs over the last 5 years, raising $2bn for the French state and helping revive retail interest in IPOs. With Claire Vernet-Garnier, who was Head of the Finance Division at the French Government Shareholding Agency (APE) at the time, we go through the important choices around this successful IPO, and the
Europe’s listing miasma - Craig Coben (IPO Stories, Ep. 6)
Why is there so little innovation in the IPO process? How has the investor landscape changed over the last decades, and how can companies get institutional investors engaged in their IPOs?
Craig Coben was until recently Bank of America's Global Head of Equity Capital Markets, and for many years the bank's Head of EMEA Equity Capital Markets. We draw on his 30 years' experience advising companies o
ESG in IPOs - Marie Freier (IPO Stories, Ep. 5)
ESG investing is becoming increasingly important, both in terms of fund flows and integration in investment decisions. The disclosure requirements for private and public companies are not the same, making the IPO a crucial milestone regarding ESG, in addition to the traditional financial aspects.
Marie Freier is Global Co-Head of Sustainable Investment Banking at Barclays, where she provides advis
Private Equity IPOs at KKR - Eric Han (IPO Stories, Ep. 4)
KKR is one of the world’s largest private equity firms, and also one of the most active private equity sponsors of IPOs, with 3-4 IPOs per year globally. In Europe, they have listed 6 companies over the last 5 years: Trainline, Calisen, Hensoldt, SoftwareOne, Darktrace, and OVHCloud. Eric Han is a Principal within KKR’s Capital Markets team in New York, and has managed all these IPOs from KKR’s si
Family-owned company IPOs - Annika Sigfrid (IPO Stories, Ep. 3)
Annika Sigfrid has been at the center of more IPOs than most of us will ever be. She has 25 years' experience in Equity Capital Markets transactions. In her last role she was Global Head of ECM at Nordea, a leading Nordic investment bank. She is now an independent adviser and board member, working with companies on their governance and preparation of their IPOs.
With Annika we go deeper into the t
OVHCloud - Yann Leca (IPO Stories, Ep. 2)
Yann Leca was the CFO of OVHCloud, a cloud computing company, from 2019 to 2022 and led the company to its IPO in October 2021 - one of the largest and most succesful tech IPOs in Europe in 2021. OVHCloud, founded by Octava Klaba more than 20 years ago, is both founder-led and with two strong private equity backers, KKR and Towerbrook. Yann shares his experience defining the strategy of the compan
Exclusive Networks - Jesper Trolle (IPO Stories, Ep. 1)
In this episode, we discuss the IPO of Exclusive Networks, a global distributor of cybersecurity solutions, with Jesper Trolle, its CEO since September 2020. Jesper was hired to join Exclusive in the middle of covid-19, and led the company to its successful IPO on Euronext Paris a year after joining.
Exclusive Networks was owned by Permira’s private equity fund before the IPO, and we discuss the p
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